Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Deferring Your Mortgage Could Cost You More Down the Road + MORE Jun 4th
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 »
Mortgage growth has slowed… so why are BANKS winning & CONSUMERS losing? + MORE Feb 13th
I reviewed some recent stats that explain how overall mortgage growth has fallen to its lowest level in the past 17 years!
Overall, mortgages outstanding across Canada total more than $1.5 trillion. And, while this total continues to increase year over year, the rate of growth has decreased. We sho.... More »
Community Trust at 50: A golden anniversary built on broker partnerships + MORE Oct 19th
Reflecting on five decades of alternative lending, national growth, and an unwavering commitment to the Canadian mortgage broker community..... More »
Mortgage renewal calculator + MORE Aug 18th
When it’s time to renew your mortgage, you can either stay with your current lender or shop around for a new one that offers a lower interest rate or different . Using a mortgage renewal calculator can help you pick the best mortgage offer available to you at the time of renewal.
.... More »
What Impact will the Stress Test have when Renewing Your Mortgage? Feb 28th
So, your mortgage is coming up for renewal this year. You’ve probably been in your mortgage for at least three years – but likely closer to five, as this is the most common term.
Does the mortgage stress test affect you? Absolutely! And, here’s how…
SCENARIO 1: Your current.... More »
New Study: Blended Families Say They Face Financial Challenges
– ratesupermarket.ca
Merging families is never easy, but if you plan on sharing a home with a new partner, stepchild or even your great aunt, you need to be prepared for the potential financial challenges you may face. As more and more families blend together, having the ability to talk openly about the household’s finances is vital. Who will pay for bills, groceries, mortgage payments, or minor fixes around the house? This should all be discussed from early on to avoid the common challenges that come with sharing a home.
And according to a recent TD survey, there will be challenges: 40 per cent of Canadians who consider themselves a part of a blended family say they didn’t discuss finances before moving in together, and 66 per cent say they now face financial hurdles as a result.
The top challenges faced by blended families include determining who pays for ongoing household expenses (25 per cent), conflicting opinions on how to manage the household budget (23 per cent), and deciding on household saving priorities (21 per cent)…
Paying down an income property
– moneysense.ca
Q: My husband and I are teachers and we will be retired and collecting pensions in approximately 8 – 10 years. We have been mortgage-free since 2008, have RSPs, some TFSAs and we are approaching maximum contributions allowed in our children’s RESPs.
In 2015, we purchased an investment property. I’m wondering whether it would be wise to cash in our RSPs and use the after-tax amounts to pay down the mortgage on our investment property, which is substantial right now (and I’m concerned about interest rates going up).
I’m also starting to wonder whether we’ll be making too much money in our retirement and therefore will likely be paying a lot in tax for our RSP withdrawals. I stopped contributing years ago for this reason (my husband still does). We could use that RSP money right now, not in the future. We’ll also be inheriting two other properties from my parents in the coming years so we’ll also have those two rentals bringing in income for us as well. Any suggestions on what we could do?
—Rosey
A: Before you consider shifting assets to pay down your current mortgage do some analysis on your current investment property…
Self-Employed but Need a Loan? 7 Things You Need to Know
– ratesupermarket.ca
Being self-employed has its pros and cons: you may have a more flexible schedule, but you also have a lot more responsibility, especially when it comes to managing your own finances.
According to Statistics Canada, 2.76 million people were self-employed in 2016. And with the swelling ranks of the self-employed, you’ll likely find many lenders are weary of handing out money to those who don’t fit their idea of the “perfect borrower” with a steady, predictable income. Banks and lenders are not always too fond of risk, so as a self-employed borrower, you’re going to have to convince them that lending to you isn’t as risky as it seems, and that you can pay your debts on time.
Maybe you’re looking to refinance credit card debt with a personal loan or trying to get a mortgage – here are some things you should know about qualifying for a loan when you’re self-employed.
1. Apply before you quit your day job
First and foremost, if you still have a 9-to-5 job, you may want to apply for refinancing or that personal loan or that auto loan or that mortgage before leaving your current position…
