Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
What New Year’s credit deals promise—and why you should be wary Jan 17th
January is for fresh starts, but too many Canadians are held back by last year’s overspending. Lenders know about new year’s debt-hangovers, so you may be seeing more credit offers in your inbox—but be wary. Used incorrectly, that deal on a balance transfer or sign-up bonus could get you into .... More »
How much income do you need to buy a home in Canada? A look at housing affordability in November 2025 + MORE Dec 24th
For a while there, it appeared Canada’s housing market was seeing shoots of improvement – but buyers retreated back to the sidelines in November, further dousing price growth and leading to overall improved affordability conditions. As reported by the Canadian Real Estate Association, home sales.... More »
DLC Takeover Bid Collapses Dec 21st
Unexpected drama is unfolding with one of Canada’s leading mortgage brokerages. Back in September we reported how DLC was making a play to retake control of itself from Founders Advantage Capital Corp (FA). The deal was to lead to increased investments in broker technology and new acquisitions of .... More »
The mortgage pro’s guide to AI: What to use, when, and why it matters + MORE Jul 8th
From writing emails and analyzing client data to brainstorming marketing ideas, mortgage professionals are embracing AI to work more efficiently. But knowing which tools to use—and how to use them wisely—can make all the difference..... More »
Should you get a fixed-rate or variable mortgage? In these strange times, fixed has a rare edge Nov 23rd
With rates this low, the usual advantages of renewing with a variable mortgage are diminished or gone, writes David Aston..... More »
(Non-traditionally) Regulated Lenders Grow
– canadianmortgagetrends.com
The Globe and Mail reports that “unregulated lenders” now own a 15% share of Canada’s mortgage market, according to a Finance Department memo it obtained. That sounds somewhat concerning as a layperson, doesn’t it? It sounds like Canada has some drunken, unrestrained Wild West lending going on. You can hear Joe Public thinking, “These yahoos must be selling those insidious teaser rates and doling out those NINJA (no income, no job, no assets) mortgages that sunk the U.S. market in 2008.” That’s unfortunate…because it’s not true. Right off the bat, let’s dispense with the term “unregulated” as it applies to prime mortgage lending. It’s READ MORE
How Interest Rate Changes Affect Your Variable Rate Mortgage
– ratesupermarket.ca
When it comes to mortgages, there are two basic options for homeowners to consider: fixed rate and variable rate mortgages. A fixed rate mortgage is pretty straightforward. You negotiate the interest rate you’ll pay your financial institution and it’s locked in for the duration of the mortgage period – typically five years. If interest rates go up or down, your mortgage payment stays the same. But what happens to your payments if you have a variable rate mortgage and interest rates change?
The Short Answer: It Depends
Every time you make a bi-weekly or monthly mortgage payment, a portion of the money goes towards paying down the principal and a portion is taken off as interest. At the beginning of your mortgage amortization period, the majority of the payment goes towards interest. As you pay off the principal owed over time, the ratio skews to less interest and a higher percentage towards principal, as shown using a mortgage calculator.
With a closed variable rate mortgage, your regular payment remains the same regardless of whether or not interest rates change…
Home Values & Mortgage Sizes
– canadianmortgagetrends.com
With home prices rocketing into new galaxies, one might think that loan-to-values are surging. After all, we’re bombarded with headlines about under-capitalized homebuyers struggling to get into the market. In fact, loan-to-values have held steady for at least nine years running. From March 2007—as far back as our mortgage balance data goes—to spring this year, Canada’s average home price jumped 70% to $508,567. (Source: CREA) In that same time-frame, the average residential mortgage surged by a similar percentage: 71%, to $181,000. (Sources: RBC, 2007; Manulife, 2016) Looking at this another way, the mean equity in a Canadian home nine years ago READ MORE
Mortgage Career: Verico Homeguard Funding Ltd.
– canadianmortgagetrends.com
Company: Verico Homeguard Funding Ltd. Position: Mortgage Underwriter Location: Newmarket, ON Apply to: info@homeguardfunding.com Mortgage Underwriter (Full time, salaried) Experience Required: 2 years+ Licences Required: No Licence or designation required Homeguard Funding Ltd. is a very well established and respected mortgage brokerage with over 30 years in business. We are looking for an experienced full-time mortgage underwriter to join our growing team to assist with a very large book of business. The underwriter will be responsible for packaging applications originated by brokers and agents to our lender partners. Experience with prime and alternative business is a must and experience READ MORE
Forget The 'Canadian' Housing Market - It Doesn't Exist
– walletpop.ca
Written by Wayne Karl
A few months ago, we wrote about why 2016 was a good year to buy a home in the Canadian market. In fact, we listed five reasons:
Low interest rates
Lower prices in some markets meant opportunity
The hot markets were getting hotter
History, as in price growth, was in your favour, and
The busy spring market was about to begin
Now, here we are in August… is that still the case? The latest data from the Canadian Real Estate Association (CREA) may lead you to believe otherwise. The headline of CREA’s release this week read Canadian home sales post third consecutive decline in July.
Not exactly the most positive news.
View average prices in your province and city using CREA’s National Average Price Map
The headline of our own article here, Forget The ‘Canadian’ Housing Market – It Doesn’t Exist, does not suggest you actually not buy in Canada.
It means — and we can’t stress this enough — real estate is local. Forget the “Canadian” market. There actually is no such thing, though national agencies such as CREA and Canada Mortgage and Housing Corp…
