Looking to boost Cash Flow? New Flexible Mortgage could be a game-changer! + MORE Aug 1st

Interested in learning more about property mortgages in Canada? Look no further!
Latest News

The Latest in Mortgage News – Is the Housing Market Turning a Corner? Aug 10th

While Vancouver area home sales are still posting year-over-year declines, signs are appearing in the Greater Toronto Area that the worst of the housing correction is now over. Experts say that likely won’t be enough to stave off a slowdown in national GDP growth, however, which in part will b.... More »

Reaction to CMHC’s Clampdown on Mortgage Fraud Aug 13th

Last month the Canadian Mortgage and Housing Corporation (CMHC) formally asked the Canada Revenue Agency to take a more active role in verifying income claimed on mortgage applications in an effort to clamp down on mortgage fraud. The CMHC says the move is necessary given that “the industry’.... More »
 home equity

Report: New Mortgage Stress Test Cutting 18% of Home Buyers Out of the Market Aug 7th

According to a new report by the Mortgage Professionals of Canada (MPC), new stricter mortgage rules are leaving 18 per cent of home buyers out of the market. The MPC report found that while many Canadian home buyers could afford to make monthly payments at the bank’s contract rate, the higher ba.... More »
The (Hidden) Costs of Moving in Canada
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…

Continue Reading On ratesupermarket.ca »

Looking to boost Cash Flow? New Flexible Mortgage could be a game-changer!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…

Continue Reading On canadamortgagenews.ca »


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