Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Despite quickly rising home prices and the uncertainty unleashed by the COVID-19 pandemic, a majority (80%) of Canadians still believe home ownership is a good investment.... More »
Q. Is it typical to pay a mortgage broker fee in advance, and before closing? My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash. –Adil A. A mortgage broker can obt.... More »
For many Canadians approaching retirement, their home is by far their largest asset. With detached homes in major cities selling for well above $1 million, it’s not surprising that owners expect to tap into that equity to help fund their golden years, prompting the common refrain: “My home is my.... More »
Canadian bond yields hit their highest level since April in recent days, and a number of lenders have responded by starting to raise some of their mortgage rates. CMLS, MCAP and First National were among the non-bank lenders to increase at least some of their rates, with their broker rates rising 10.... More »
Despite a nearly 50-year history in Canada, Mortgage Investment Corporations—or MICS—still remain relatively unknown among many brokers and borrowers alike. But for the past several years, Mortgage Professionals Canada and the Ontario Mortgage Investment Companies Association (ONMICA) have partnered to try and change that. They jointly host the annual MIC Trade Show and Seminar, which brings together brokers and several dozen exhibitors and speakers to increase awareness about MICS and the products they offer for today’s borrowers. The way MICs […]