Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Where to find a home under $1 million in Canada + MORE Sep 4th
If you figured you’d never be able to buy a home in Canada, we have some good news: home prices have been stalled or falling in most of the country’s major markets over the past two years. Mortgage rates are higher than they were five years ago, which affects the size of monthly payments, but th.... More »
Are Toronto House Prices Headed Back to 2016 Levels? + MORE Feb 13th
Concern is growing that Canada’s largest housing market may be about to experience a new round of froth, similar to that seen in 2016. Back then, red-hot housing markets in the Greater Vancouver and Toronto Areas ultimately forced the federal government to introduce the 2016 and 2018 mortgage stre.... More »
Mortgage Digest: Arrears rise to highest level since 2020, but remain low overall + MORE Jan 23rd
Canada’s mortgage arrears rate edged higher again in October, rising to 0.25% of all residential mortgages, the highest level since 2020, according to the Canadian Bankers Association..... More »
The Latest in Mortgage News: CMHC to Review Investment Property Down Payments + MORE Jan 13th
It's no secret that the federal government is eyeing reforms to investment properties in an effort to help reel in runaway house prices..... More »
The importance of effective listening to your success as a broker + MORE Dec 16th
As mortgage brokers look for ways to stand out in a competitive industry landscape, it’s increasingly important to consider the impact that clear and concise communication can have on service levels..... More »
The (Hidden) Costs of Moving in Canada
– ratesupermarket.ca
We here at RateSupermarket.ca talk a lot about budgeting and finding the best mortgage rate when it comes to buying a home, but when it comes to actually uprooting your life, packing your belongings, and moving into a new abode, other expenses need to be considered as well.
According research done by RateSupermarket.ca, the cost of getting ready to move comes in at about $1,648. This number considers the cost of packing supplies from boxes to protective coverings for your furniture, cleaning supplies, and a one-day moving truck rental.
Notably, the bulk of moving preparation costs come from miscellaneous living expenses. As you know, moving to a new residence is not easy and the packing/unpacking period can span days – even weeks. Therefore, as you’re settling into your new home, it’s normal to incur living expenses such as travel costs while running errands or ordering takeout for the family if you don’t have the time or set-up to cook your meals.
And though the process can be simplified by hiring professional packers and movers, using these services comes with a hefty price tag…
Looking to boost Cash Flow? New Flexible Mortgage could be a game-changer!
– canadamortgagenews.ca
There’s a great new flexible interest-only mortgage product that could prove beneficial for a number of borrowers, including first-timers, real estate investors, professionals, seasonal workers and others looking for lower monthly mortgage payments.Designed to help borrowers increase monthly cash flow by providing maximum flexibility, this product can be used for both purchases and refinances.
I recently tried this product out and was really impressed!
My client was a newly-separated single mother who needed a break on monthly mortgage payments. I was able to improve her monthly cash flow on a $354K mortgage from $1,470 down to $1,261 – a savings of $209 per month/$2,508 annually!
This savings was possible thanks to the ability to place 50% of the mortgage as an adjustable rate mortgage (ARM) and 50% as interest only.
Product Highlights
Interest-only available up to 65% loan to value (LTV) or 2 components of interest-only and amortizing payments up to 80% LTV
Interest-only portion must consist of at least 50% of total mortgage amount
Fixed and adjustable rate options available
Applicable mortgage amounts range from $200,000 to $2 million
Qualification based on 30-year amortization for interest-only portion
20% prepayment privileges, convertible and portable
If you’re looking to free up more monthly cash flow, this new product may be a great solution…
