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
Could a line of credit impact my mortgage application? Nov 16th
Prospective house hunters and those looking to refinance an existing mortgage should consider the impacts of their lines of credit on their mortgage application. That’s because lenders take non-mortgage debt, including line of credit payments, into account when determining how much you can afford .... More »
Why Do I Get Different Credit Scores from Different Websites in Canada? + MORE Dec 6th
Have you received a different credit score from a credit monitoring website than you did when applying for a car loan or mortgage? This isn’t just surprising for you: it’s a likely result. Canadians can use several free credit report sites to monitor their credit; they can also pay for .... More »
How to protect your investments if the inflation genie sparks interest rate hikes Jan 19th
Now is a good time to prepare your finances for rising interest rates as they affect everything from the makeup of your portfolio to your mortgage.... More »
Siddall Launches Latest Volley in War of Words with the Mortgage Industry Jun 14th
For anyone who has been following the saga, it should be plainly obvious where Evan Siddall, head of the CMHC, stands on the mortgage stress test. In a recent editorial, we took an in-depth look at Siddall’s at-times passionate defence of stricter mortgage qualification rules. Part of that include.... More »
Tax Free Savings Accounts should be 2nd on your list Sep 4th
There are over 10million TFSA accounts in Canada according to this article in the Financial Post. Wow, it’s great to see that level of savings…. But hold on…..is this the right strategy for those of us with a mortgage? Well, if you have a mortgage on your principal reside.... 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…
