Latest in Mortgage News: Newton Launches Rate Search Engine “Discovery” + MORE Oct 13th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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Information vs advice. Why is it free? Oct 19th

The internet is great for researching infomation, ratings and even advice. With so much available data, it’s hard to decide which is accurate, reliable or even truthful. Take this site for example. If this is your first visit then you may not be aware of all my credentials nor how accurate .... More »

Technology’s Role in Canada’s Evolving Mortgage Industry May 29th

COVID-19 has dramatically changed the course of many industries and threatened the physical, mental and financial wellness of millions of Canadians. In the housing sector, real estate sales volumes have dropped significantly and rapid increases in unemployment have added uncertainty to many transact.... More »
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My advice is simple: Over 50? Get a secured line of credit while you can qualify. + MORE Nov 15th

Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money. The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend.... More »
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Mortgage Lenders Provide COVID-19 Update – Part 2 + MORE Apr 16th

In a recent series of panel discussions put on by Mortgage Professionals Canada, a cross-section of some of the country’s top lenders and insurers provided updates on how the COVID-19 pandemic has impacted operations and shaped their outlook. Similar to the previous sessions, the overwhelming mess.... More »

Latest in Mortgage News: Homeownership Becoming a “Pipe Dream” for Millennials Dec 9th

A growing number of millennials are resigning themselves to the fact that homeownership may be out of reach for them, according to a new poll. Nearly three quarters (72%) of millennials say they have a goal of owning a home, but nearly half (46%) admit that goal is a “pipe dream,” accord.... More »
Part 2 of 2….  In Part 1, we examined rental properties and how they can be a great way to reduce your taxes, build net worth and create an income stream.  Part 2 looks at Interest payments.  Interest payments are a big part of our personal expenses.  Here are a few suggestions on how to reduce your interest costs.

INTEREST PAYMENT REDUCTION TIPS

It is estimated there is over $2.21 trillion worth of personal debt outstanding in Canada.   $1.44 trillion of this is mortgage debt and $769 billion is credit card and other debts.   Interest rates can vary from 2.60% for a Variable rate mortgage to 20% for a credit card.  Banks make an obscene amount of profit from these interest rates.  Let’s reduce the amount we contribute to their coffers…

Consolidate your debts. There is no reason to carry credit card balances if you qualify or have access to a line of credit. Interest rates for unsecured lines of credit are around Prime plus 3%… that’s 7% today.  ($20,000 in credit cards could cost you around $4,000 in interest annually… a line of credit cost around $1,200 per year… a savings of $2,800 per year)…

Continue Reading On canadamortgagenews.ca »

Newton Connectivity Systems this week launched its new broker rate search engine, Discovery. The system, which also serves as a rate distributor for lenders, promises to improve efficiency and the quality of service brokers can provide to their clients, Kevin Dear, VP of Broker Experience at Newton, told CMT. He noted that most brokers are […]

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