Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Is the COVID-19 emergency over? An economists prosepective. + MORE Sep 14th
I recently participated in a conference call with Scotiabank’s Chief Economist & SVP, Jean-Francois Perrault and John Webster President & CEO Scotia Mortgage Corporation. It was good to hear real financial experts make sense of what has happened and what will most likely hap.... More »
The Latest in Mortgage News: iA Exits the Residential Mortgage Market Sep 18th
After nearly 50 years of providing residential mortgages to Canadians, Industrial Alliance Financial Group announced its exit from the space this month. “This is a result of our decision to focus on investments in key sectors for the Group,” iA spokesperson Pierre Picard told CMT. “.... More »
Mortgage Brokers Get TD’s HELOC, At Last Oct 8th
After well over a decade in the market, TD is finally bringing its popular marquee product to brokers: the TD Home Equity FlexLine HELOC. Mortgage brokers have been bugging TD business development managers for this product for years. Until now, the bank has reserved HELOCs for its proprietary sales .... More »
Not all rate hikes are created equal + MORE Nov 18th
(Getty Images / Nigel Carse)
Shopping for a mortgage, these days, is a lot like shooting those tin ducks at the carnival.
The game looks easy enough. Just aim, focus on the duck you want, then squeeze the trigger and…miss. Getting a locked-in, guaranteed, pre-approval rate also looks easy; tur.... More »
News Flash! BMO and TD’s 2.79% is great but it ISN’T the lowest rate!
– canadamortgagenews.ca
It’s become an annual tradition. Every year around this time, BMO announces, what appears to be a great mortgage for a 5 year fixed rate. Last week, BMO announced they were lowering their 5 yr Fixed rate to 2.79%. TD jumped in and did the same thing. Wow! That’s the lowest advertised rate by […]
Promoting Consumer Choice in Ottawa
– canadianmortgagetrends.com
The Canadian Association of Accredited Mortgage Professionals (CAAMP) was in Ottawa twice these past four weeks. Its missions: to share mortgage market data with policy-makers, support consumer access to more mortgage options and keep issues facing mortgage brokers front and centre. CAAMP President & CEO Jim Murphy, along with Government Relations Chair Eddy Cocciollo and Chief Economist Will Dunning, met with both the Financial Consumer Agency of Canada (FCAC) and the Conservative Housing Caucus, where CAAMP presented its latest research and housing numbers to 20 MPs. The presentation’s message was to maintain current housing economics by avoiding further mortgage restrictions. CAAMP’s latest March 25th visit to Ottawa was READ MORE
Is It The Right Time to Buy a Home?
– ratesupermarket.ca
We’ve entered the busiest time of the year to buy a home – sales listings are popping up like daisies, and prospective buyers pack Saturday open houses. It seems everyone is on the house hunt these days – and record low mortgage rates stoke the demand even higher. But is it the right time for you to enter the market?
This week, we’re looking at your home buying options. Read on for the full story.
The Lowest 5-Year Fixed Rate Ever – 2.44%
The snow may be sticking around, but this spring buying season is set to be one of the hottest yet – this week, a new historical low ever was set for five-year fixed mortgage rates at 2.44%. What could you save with this rate? And how does your bank stack up? Read on for our breakdown.
Read Penelope’s Blog | The Lowest 5-Year Fixed Rate Ever
NEW: Your Ultimate First Time Home Buyer’s Guide
Thinking about buying your first home? Feeling a bit… overwhelmed? You’re not alone! Taking the plunge into property ownership can be a complex process…
Using a RRIF to pay down the mortgage
– moneysense.ca
Should you raid your RRIF to pay down your mortgage? (Getty Images / David Frank)Q: I have apprxoximatley $440,000 in a Canadian RRIF. I have a mortgage of about $268,000 and pay about $2,000 a month against that mortgage. Does it make more sense to sacrifice the RRIF, pay the tax, to pay off the mortgage or continue to pay the monthly payments? The property value is about $400,000. We are planning to downsize in the near future.—John
QA: John, your question is a common one perhaps because the closer a person gets to retirement the less they want to worry about debt. However, getting rid of debt isn’t always a prudent step. But seeing as this question is not just about real estate, I asked MoneySense contributor and Certified Financial Planner, Jason Heath, to weigh in.
His advice was simple: No. Using a one-time withdrawal from your RRIF to pay off your mortgage doesn’t make sense primarily because this action would attract a lot of tax. As soon as you withdraw any money from you RRIP this sum would be added to your other sources of income and would likely be taxed at 50% or more if you take into account the potential clawback of your Old Age Security pension, explains Heath…
