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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B.C. home sales to fall as interest rates rise, but prices stay strong: BCREA + MORE Mar 10th

VANCOUVER _ Real estate experts in British Columbia predict residential home sales will dip this year but remain well above the province’s 10-year average, although they warn rising interest rates could leave some B.C. households “vulnerable.” The British Columbia Real Estate Assoc.... 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 »

Should You Be Paying Your Mortgage Down Aggressively? May 12th

Last year a third of mortgage holders in Canada chose to pay their mortgages aggressively, which is to say they paid more than the amount required. And the numbers were higher for those who bought their properties after 2013. Instinctively it would make sense to pay off your mortgage as quickly as y.... More »
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Looking Beyond the Big Banks: How Playing the Mortgage Field Could Save You Thousands Mar 3rd

When it comes to your mortgage, there’s no need to settle for the most obvious options. When the time comes to buy a house, most Canadians rely on only the ‘big six’ banks to find a competitive interest rate. An HSBC study from last year shows Canadians are among the least likel.... More »
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The Latest in Mortgage News – Home Prices and Rate Hikes + MORE Oct 4th

Interest rates, and more specifically the growing certainty of higher rates to come, have been dominating headlines following the announcement of a new trade agreement between Canada, the U.S. and Mexico. With the expectation of rising interest rates, many eyes are also on the developments in the re.... 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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