Mortgage renewal calculator + MORE Jan 25th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Scotiabank “intentionally slowing” its mortgage portfolio + MORE Mar 2nd

With its new CEO now at the helm, Scotiabank has laid out its plans for a shift in focus in terms of how its funds its loan book..... More »

Mortgage brokers rated their lenders, and these are the results + MORE Apr 16th

If you want to know how mortgage lenders are performing in today’s volatile market, who better to ask than a mortgage broker?.... More »

Reverse mortgages are booming amid Canada’s turbulent rate environment + MORE Jan 31st

High rates haven't stopped Canadians from tapping their home equity by way of reverse mortgages..... More »
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Home Prices Heat Up Despite High Interest Rates + MORE May 1st

Some weird stuff is happening in the world of real estate. As you likely know, the Bank of Canada has steadily raised interest rates over the past year in hopes of cooling inflation. This was also supposed to cool the housing market. Conventional wisdom dictates that higher rates would result in mor.... More »
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Some Things Never Change: What We Can Learn From the Past + MORE Mar 5th

I started in 2009 with one goal: to dispel misinformation. A lot of mortgage “experts” were coming onto the scene at the time with outrageous claims and getting quoted by media outlets. They were all great writers, no doubt. The problem was a lot of what they were saying ju.... More »
I’m 62. Where would you advise that I invest $50,000 for retirement and savings?—Ty

Where to invest a large sum of money when you’re in or nearing retirement

Congratulations on having $50,000 available to invest, Ty. You do not say how you came into that money or describe your current financial situation. For some, it could be considered quite a windfall. Let’s consider a few different situations first and then move on to possible recommendations.

Do you have debts?

Investing a lump sum of $50,000 sounds great. However, receiving an investment return of 5% is not going to do much for you if you are carrying a balance on a credit card that is charging you 20% interest. Paying off high-interest debt will provide you with a greater net return than you are likely to receive from any long-term investment.

What about mortgage debt? A year or two ago, with some mortgage rates available below 2%, I might have advised that you invest rather than aggressively pay down any amounts owing, but with advertised rates at greater than 5%, if your mortgage is up for renewal this year, you would do well to consider reducing the amount you owe…

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Canada’s national arrears rate ticked up from its all-time low in October, according to data from the Canadian Bankers Association.

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Mortgage renewal calculator


Thee are a lot of decisions to make when it comes to renewing your mortgage, including whether or not to stick with your current lender. A mortgage renewal calculator can simplify the process and help you pick the best mortgage offer available to you at the time of renewal. 

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

To use the mortgage renewal calculator above, click or tap on the “renewal or refinance” tab. The tool allows you to compare the cost of different mortgage offers, based on a specified mortgage balance, amortization period and location. To help you find a competitive mortgage rate, this calculator generates the best mortgage rates currently offered by a variety of lenders across the country. It then shows you the cost of your regular mortgage payment, based on the payment frequency and interest rate of your choice…

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I’m about to retire and still have a mortgage. Am I in trouble?If you have decent savings and only a year or two to go on your mortgage, you should be fine. If you have 10 or more years, then you may have to consider options, including downsizing

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