Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Your credit report summarizes your credit history and helps lenders weigh your credit risk. Often your credit report is initiated when you apply for your first credit card. Over time it can help you reach your larger financial goals such as obtaining a rental agreement or mortgage. When you apply f.... More »
It’s official, Canada’s prime rate will fall to 2.45% following the Bank of Canada’s emergency rate cut on Friday. RBC once again led the way by confirming it would match the BoC’s 50-bps rate cut by dropping its prime rate to 2.45%. Scotiabank, TD, BMO and CIBC then followed in quick succes.... More »
The COVID-19 pandemic has swept many Canadians into unanticipated financial uncertainty. Mass temporary layoffs and job losses have left hundreds of thousands of people wondering how they are going to pay their rent and credit card bills in the coming months. While the federal government is taking .... More »
Well over 700,000 Canadian homeowners have now taken advantage of various mortgage payment deferral programs offered by most mortgage lenders. It’s no wonder there’s been so much demand, considering more than three million jobs have been lost across the country since the start of March when the.... More »
People are finding new ways to run errands and complete daily tasks while the COVID-19 emergency orders are in place. Although these are challenging times, quite a few services can be ordered straight to your doorstep. Shopping is still at our fingertips and seemingly more accessible than ever. For.... More »
Minding Your Mortgage Myths Quiz: How Much Do You Know About Down Payments, Mortgage Rates, and More?
Your finances are in order and you’re pretty sure you can qualify for a mortgage. Congratulations, this is the first step on the road to homeownership. But can you pass our mortgage myths test?
If you’re a newbie homebuyer, making your way through the maze of mortgage terms, types, and down payment requirements is tough. According to a recent study, 92% of Canadians see at least one barrier to homeownership standing in their way and is causing concern. Two of their top worries are related to the mortgage process, with more than half of Canadians seeing their ability to qualify for a mortgage as an obstacle.
While we can’t control rising interest rates, we can help you become better informed about the mortgage process. We invite you to take our quiz and debunk some popular (but false) mortgage myths along the way.
The post Minding Your Mortgage Myths Quiz: How Much Do You Know About Down Payments, Mortgage Rates, and More? appeared first on MoneyWise.
Fears over the COVID-19 pandemic and plummeting oil prices have caused mortgage rates to plummet to multi-year lows over the past couple of weeks. But now some lenders are actually starting to raise rates. Fixed rates on certain terms have been creeping back up, while some of the big banks have been quietly cutting their discounts on prime rate (which affects floating rates). Scotiabank, for example, raised its published 5-year closed variable rate 60 percentage points on Saturday, from 3.45% […]