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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How can an extra $100 boost your mortgage? + MORE Mar 28th

When it comes to mortgages, $100 isn’t going to get you very far. But what if you paid an extra $100 a month towards your mortgage? It’s not a lot of money these days, but it can add up to some solid savings over time. Let’s look at a $300,000 mortgage with a 2.89% rate and a 25-y.... More »

New Mortgage Rules Improving Credit Quality, BoC Says + MORE Nov 18th

Mortgage rules implemented over the past two years, along with rising interest rates, have worked to improve credit quality and reduce the number of highly indebted borrowers in the market. That’s according to a Bank of Canada research paper released this week and co-authored by bank staffers Olga.... More »
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Mortgage up for renewal? Read this first + MORE May 9th

New mortgage rules and higher interest rates may make it more difficult for you to renew your mortgage..... More »
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Housing slump? Recession? Not so fast… Nov 24th

Remember all those pessimists who were calling for a housing bubble or collapse? If you listened to them and rented for the past eight years, how much would you have lost? How much would your rent have increased since then? And would you still be able to rent that condo or house… or would you.... More »

Stress Test Causing National Housing Slump: CREA May 21st

The Canadian Real Estate Association (CREA) blames the mortgage stress test introduced in January for slow activity across the nation in April. The housing market has cooled in all respects from April of last year, when the market peaked: the average sale price declined by 11.3 per cent to $495,000,.... 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…

Continue Reading On ratesupermarket.ca »

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…

Continue Reading On canadianbusiness.com »

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.

Continue Reading On cbc.ca »

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