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

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Bank of Canada Raises Overnight Rate to 1.75%; Cites New Trade Policy and Growing Economy Oct 25th

Bank of Canada Governor Stephen Poloz at a press conference following an interest rate announcement in April.  After months of speculation, indeed, the Bank of Canada decided to raise its benchmark interest rate by 25 basis points this morning. This quarter-point hike brings the target for the ov.... More »

CMHC’s Evan Siddall Addresses B-20 at National Mortgage Conference Oct 31st

In what must have felt like walking into the lion’s den, CMHC head Evan Siddall addressed concerns about recent regulatory changes in front of a crowd of over 1,000 mortgage professionals on Monday. Siddall attended Mortgage Professionals Canada’s annual conference in Montreal, answering questio.... More »

The Latest in Mortgage News – Economic Growth & Housing Affordability Dec 3rd

The latest data released over the past couple of weeks are helping to provide a reading on how different jurisdictions in the country are faring when it comes to economic growth and housing affordability. The Conference Board of Canada’s latest Metropolitan Outlook, for example, breaks down re.... More »

Kerzner: Your Involvement is Vital to the Mortgage Industry Dec 6th

We are all learners; as parents, as students, as leaders, as employees. An important part of learning, for me, is reflection. We can only really grow and improve when we take a good, hard look at what’s working and what’s not.  My time has ended as Director of Ontario, and Executive Member of t.... More »
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Self-Employed but Need a Loan? 7 Things You Need to Know + MORE Aug 25th

Being self-employed has its pros and cons: you may have a more flexible schedule, but you also have a lot more responsibility, especially when it comes to managing your own finances. According to Statistics Canada, 2.8 million people were self-employed in 2017. And with the swelling ranks of the se.... 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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