Nesto eyes controlling stake in CMLS Financial, media report suggests + MORE Jun 2nd

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Making sense of the markets this week: June 23, 2024 + MORE Jun 23rd

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. We’re building more houses—and prices are down! On Monday, the Canada Mortgage and Housing Corporation announce.... More »
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EQB sees impaired loans double in Q2, but expects improvement ahead + MORE Jun 5th

Alternative mortgage lender EQB saw a rise in gross impaired loans in the second quarter compared to a year ago, but highlighted recent improvements and expects losses to stabilize going forward..... More »

Fixed mortgages are falling. Experts explain why and weigh in on fixed vs. variable Jun 11th

Both existing homeowners and new homebuyers are benefiting from a drop in interest rates see over the past week..... More »

How much income do I need to qualify for a mortgage in Canada? + MORE Jun 20th

The Bank of Canada made a long-awaited rate cut on June 5, but the effects of lower mortgage rates have yet to trickle down into housing market data. That was evident in May, as real estate affordability continued to worsen for would-be home buyers. The latest monthly affordability report from Ra.... More »
Choosing a mortgage broker or a bank for your home loan will likely influence which mortgage you end up with. On top of that, there are pluses and minuses to both, as we detail in the table below. Before we dive into which may best suit your financial situation, let’s look at the differences between mortgage brokers and banks.

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.

Mortgage brokers and banks: What’s the difference?

FeaturesMortgage brokersBanksMortgagesCan show you a range of mortgages, but know that not all lenders go through brokersLimited to its own mortgagesCommunicationRepresents your interests during the application process with lendersYou deal with the lender directlyFeesBrokers sometimes charge a client feeNo broker feesApproval processA good broker can look for mortgages based on your income and credit score, so the lender is more likely to approve your mortgageLarge banks can be picky when deciding whether to lend to you

When to get a mortgage from a bank or from a broker

The decision is really up to you…

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Online mortgage lender Nesto Inc. is currently in talks to purchase a controlling stake in CMLS Financial Inc.,

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