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!
Latest News

Important week for mortgage rates could cost or save you thousands. Oct 31st

Mortgage rates fell by about 1% since January of this year. That rate drop has created a surge in real estate sales across Canada, with September and October seeing a greater than average number of real estate transactions.  We also saw consumers taking advantage of these low rates by refinancing .... More »
 bank mortgage

Buying a home? Here’s how to decide how much to put down Oct 22nd

Should you put the minimum down, leaving you more for moving expenses or the maximum to reduce your mortgage payments?.... More »
 home equity

The Mortgage Stress Test: What It Means If You’re Buying a Home Nov 3rd

It’s been almost a couple of years since the mortgage stress test came into effect. So, we thought it was the perfect time to revisit it and clear up any confusion. The mortgage stress test took effect January 1, 2018, affecting how much mortgage money Canadians are able to borrow towards.... More »
 home

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 »
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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