Laurentian Bank’s review of problematic mortgages to finish in Q2 + MORE Mar 1st

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Vancouver Feb. home sales fall amid mortgage, interest rate changes + MORE Mar 4th

VANCOUVER _ Home sales in Metro Vancouver fell more than 14 per cent below the 10-year average in February as buyers contended with stricter mortgage rules and higher interest rates, according to statistics released Thursday. The Real Estate Board of Greater Vancouver’s data showed that 2,207 .... More »
 home equity

Opinion: S&P Overstates Broker Fraud Driver + MORE Mar 22nd

A few weeks ago, S&P said Canadian bank risk was rising, and it blamed mortgage brokers in the process. The rating agency wrote: “…The growing share of residential mortgages originated via brokers, compound the risks of high household debt and house prices…As brokers do not bear credit ri.... More »
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Credit counselling, Consumer proposal or Bankruptcy… Which option is most favourable? + MORE Mar 16th

A couple in their 30s contacts me for a mortgage. They want to buy a new home. She’s a high school teacher and he’s a computer firm manager. Incomes are good. I check their credit. Let’s stop here for a minute… If they have good credit, an approval is simple and we can provi.... More »
 mortgage penalties

How a young couple can kill $142,000 in debt and start investing + MORE Mar 19th

iStock Julie and David live in Calgary with their two daughters, ages 10 and 7. David, 40, is a cable technician earning $150,000 annually while Julie, 37, works part-time at a retail store near home earning $6,000 annually. In 2014, their lives changed when David fell on the job and injured his lef.... More »

Canadian household debt hits $1.8T as report warns of domestic risk + MORE Mar 13th

TORONTO _ Canadians’ collective household debt has climbed to $1.8 trillion as an international financial group sounds an early warning that the country’s banking system is at risk from rising debt levels. Equifax Canada said in a new report Monday Canadian consumers now owe $1.821 trill.... More »
What is the Difference Between Fixed and Variable Rate Loans?
It’s no secret that acquiring debt can cause grief and anxiety. But whether it’s for an unplanned financial emergency, an upcoming renovation or a needed major purchase, there are some situations when taking out a personal loan makes sense.
A personal loan can be easier to apply for in comparison to other types of financing such as credit cards, or a personal line of credit from your bank. There are also no restrictions in how you spend a personal loan.
However, borrowing money from a lender or bank means you’re legally committed to paying the money back within a certain time frame. So when applying, simply guessing if your budget can afford the timely payments is a bad idea.
First, you need to understand how interest rates will affect your payments, and you basically have two ways to go — fixed rates or variable rates.
Fixed-rate loan – the “set it and forget it” choice
With a fixed-rate loan, the loan rate and payment you make each month will stay constant for the term of your loan, no matter how much the market fluctuates…

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MONTREAL _ Laurentian Bank expects to complete its review of problematic loans sold to an unnamed lender by the fiscal second quarter, and will fix or repurchase any remaining mortgages that failed to meet the proper criteria.
The Montreal-based lender _ which said late last year it discovered mortgages that did not meet documentation and eligibility requirements _ is implementing enhanced processes to avoid similar problems going forward, its chief executive said.
“We are increasing governance across the board,” Laurentian’s chief executive Francois Desjardins told a conference call discussing the bank’s fiscal first-quarter results on Wednesday.
“So that all new business is subject to enhanced quality control. So we will be paying more attention to the business overall, as loans renew and new business comes in.”
These stricter controls come after Laurentian said in December that an audit found mortgages sold to an unnamed third-party purchaser that did not meet documentation and eligibility requirements, and would need to repurchase as much as $304 million in mortgages…

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Laurentian Bank says it expects to finish its review of problematic loans sold to an unnamed lender by the fiscal second quarter, and will fix or repurchase any mortgages that failed to meet the proper criteria.

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