Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Interest rates rise at weekly auction of US Treasury bills Aug 23rd
WASHINGTON – Interest rates on short-term Treasury bills rose in Monday’s auction, with rates on six-month bills climbing to their highest level since late May.
The Treasury Department auctioned $40 billion in three-month bills at a discount rate of 0.310 per cent, up from 0.300 per cent.... More »
Latest in Mortgage News – Industry Announcements Nov 26th
There’s been a number of big mortgage industry announcements in recent weeks, ranging from reverse mortgage offerings to a new broker tech partnership and a key appointment at one of the country’s top brokerages. Here’s a look at each… Equitable Raises Allowable Equity Takeou.... More »
Making sense of the markets this week: June 9, 2024 + MORE Jun 8th
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.
“The Big Cut”
While The Big Short film is a riveting watch, “The Big Cut” may be even more enthralling.&nbs.... More »
Bank CEOs weigh in on “vulnerable” mortgage clients + MORE Jan 12th
Canada's Big-Bank CEOs weighed this week in on the current state of their mortgage clients, including those they consider "vulnerable" in the event of a recession..... More »
Loanova prepares to launch Canada’s first fractional mortgage platform + MORE Nov 27th
The tech-driven startup plans to let everyday investors buy small stakes in syndicated mortgages, while helping borrowers who don’t qualify for traditional bank financing..... More »
It was a lot easier to rent an apartment in the oil-producing provinces of Alberta and Saskatchewan in April, the Canada Mortgage and Housing Corporation reported Monday.
How unused credit impacts your credit rating
– moneysense.ca
Q: Can having an unused line of credit for 20 years negatively affect your credit rating? —Don Sutton, Victoria
A: Decoding the human genome is a Grade 6 science fair project compared to decoding the credit rating algorithm. There are many variables that go into it but the first one that matters in your case is credit history: From this perspective it can be a positive that you’ve had a line of credit for such a long time. You haven’t used it, but you also haven’t abused it, so that’s good. The second variable is credit utilization—the ratio of your debt to your available credit. This line of credit shows that you have access to credit but aren’t too close to using it all up, which is also positive. That said, lenders always look at the total picture, says Clifton O’Neal from TransUnion. “There is no history to demonstrate responsible management of this line of credit. If you are maxed out on your other lines of credit, this unused line could be seen as a liability.” What I would do is order your credit report from either TransUnion or Equifax…
A: Decoding the human genome is a Grade 6 science fair project compared to decoding the credit rating algorithm. There are many variables that go into it but the first one that matters in your case is credit history: From this perspective it can be a positive that you’ve had a line of credit for such a long time. You haven’t used it, but you also haven’t abused it, so that’s good. The second variable is credit utilization—the ratio of your debt to your available credit. This line of credit shows that you have access to credit but aren’t too close to using it all up, which is also positive. That said, lenders always look at the total picture, says Clifton O’Neal from TransUnion. “There is no history to demonstrate responsible management of this line of credit. If you are maxed out on your other lines of credit, this unused line could be seen as a liability.” What I would do is order your credit report from either TransUnion or Equifax…
