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Latest News
Canada’s best credit cards for people with bad credit 2021 Jan 10th
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. But if you want to improve your credit score, you’ll have to show you can handle credit responsibly—and the only way to do that is (you guessed it) to have a credit card. When used properl.... More »
Chartered Banks Saw a Surge in Uninsured Mortgage Origination in Q3: CMHC Jan 28th
Chartered banks saw mortgage originations grow by 11% in the third quarter, a growing percentage of which were uninsured mortgages. Comparatively, non-bank lenders, including mortgage finance companies, trusts and insurance companies, saw mortgage activity rise 4%, according to the Canada Mortgage a.... More »
Bond Yields are up… will Fixed Mortgage rates follow? + MORE May 16th
Fixed mortgage rates are tied closely to the Govt of Cda bond yields. And bond yields are up… Since mid April, the 5 yr Gov of Cda bond yield has gone from 0.75% to 1.07%. That’s a 0.32% jump. Normally, we would see fixed mortgage rates go up. So far, no increase. […].... More »
Mortgage expert alert: Will the Iran War and rising inflation offer a buying opportunity in 2026? + MORE Apr 9th
Escalating tensions in the Middle East have erupted into war between the US and Iran. Spiking oil prices from Strait of Hormuz blockages are already having an immediate, aggressive impact on your wallet, your household expenses, and crucially, your mortgage.
Historically, moments of extreme globa.... More »
Can I get mortgage insurance if I’m on long-term disability? + MORE Jul 11th
Q: I just went on long-term disability but I’m worried. I didn’t get mortgage insurance, can I still get this type of insurance?
— D. Evans, Ontario
Steve Garganis, mortgage broker and editor of CanadaMortgageNews.ca:
The answer is probably not. However, to be sure, check with your ins.... More »
A Surprise for Your Savings
– ratesupermarket.ca
What an eventful week! The Bank of Canada has changed the name of the economic game with an unanticipated rate cut – with implications for YOUR mortgage and YOUR savings! Meanwhile, mobile banking apps take centre stage with consumers – lenders who aren’t up to snuff are getting passed by for those who make banking on the go a breeze.
Get the full story below.
The Bank of Canada Cuts Interest Rate to 0.75%
Talk about a shakeup! The Bank of Canada surprised economists and markets this week by cutting their central interest rate for the first time since 2010. This means variable mortgage holders and savers alike will see a reduction in their interest rates. Read on to see how this will affect you, your mortgage, and the Canadian economy.
Read Penelope’s Blog | The Bank of Canada Cuts Interest Rate to 0.75%
Turning an RSP Into Income: My Mom’s Story
So you’ve been dutifully contributing to that RSP over the years – now it’s time to turn that nest egg into your day-to-day income…
Poles take to the streets to demand govt help after their Swiss-franc mortgage payments soar
– canadianbusiness.com
WARSAW, Poland – Poles who have taken out mortgages in Swiss francs are protesting in a number of cities, demanding government help after the franc soared in recent weeks, making their monthly payments significantly higher.
It’s a pressing issue in Poland, where there’s more than 500,000 outstanding Swiss-franc loans in this nation of 38 million people. It threatens to become a serious problem for the government ahead of parliamentary elections later this year.
About 200 people gathered in front of the presidential palace in Warsaw on Saturday, and similar protests were also held in Krakow, Lodz, Gdansk and Wroclaw.
Many Poles took out such loans several years ago, lured by Swiss interest rates that were much lower than those on Polish zloty loans. After the financial crisis, the Swiss-franc loans were virtually banned.
The post Poles take to the streets to demand govt help after their Swiss-franc mortgage payments soar appeared first on Canadian Business.
It’s a pressing issue in Poland, where there’s more than 500,000 outstanding Swiss-franc loans in this nation of 38 million people. It threatens to become a serious problem for the government ahead of parliamentary elections later this year.
About 200 people gathered in front of the presidential palace in Warsaw on Saturday, and similar protests were also held in Krakow, Lodz, Gdansk and Wroclaw.
Many Poles took out such loans several years ago, lured by Swiss interest rates that were much lower than those on Polish zloty loans. After the financial crisis, the Swiss-franc loans were virtually banned.
The post Poles take to the streets to demand govt help after their Swiss-franc mortgage payments soar appeared first on Canadian Business.
Ocwen Financial to pay $2.5 million, submit to audit to keep California mortgage license
– canadianbusiness.com
SACRAMENTO, Calif. – Ocwen Financial Corp. is paying a $2.5 million penalty and submitting to a review by an independent auditor to avoid losing its license to make and service mortgages in California.
The settlement announced late Friday by California’s Department of Business Oversight stems from Ocwen’s refusal to turn over records sought by state regulators as part of an examination of its lending practices.
The standoff prompted California to initiate proceedings to suspend Ocwen’s license, an action that now will be dropped as part of the agreement.
Ocwen won’t be able to take on any new customers in California until state regulators are satisfied the Atlanta company will promptly respond to future demands for business records.
Ocwen didn’t immediately respond to a Saturday request for comment about the settlement.
The post Ocwen Financial to pay $2.5 million, submit to audit to keep California mortgage license appeared first on Canadian Business.
The settlement announced late Friday by California’s Department of Business Oversight stems from Ocwen’s refusal to turn over records sought by state regulators as part of an examination of its lending practices.
The standoff prompted California to initiate proceedings to suspend Ocwen’s license, an action that now will be dropped as part of the agreement.
Ocwen won’t be able to take on any new customers in California until state regulators are satisfied the Atlanta company will promptly respond to future demands for business records.
Ocwen didn’t immediately respond to a Saturday request for comment about the settlement.
The post Ocwen Financial to pay $2.5 million, submit to audit to keep California mortgage license appeared first on Canadian Business.
