Q2 2020 Bank Earnings – All About Provisions and Mortgage Deferrals + MORE Jun 19th

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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Mortgage Rates Keep Setting New Record Lows Jul 1st

While mortgage rates have been tumbling steadily over the last couple of months, many are now in record-setting territory, with certain 1- to 5-year fixed rates now available for under 2.00% from discount brokers. Concerns over a second wave of COVID-19 have caused Canada’s 5-year bond yield t.... More »
 loan

Latest in Mortgage News: Newton to Provide Free TransUnion Access to its 6,000+ Velocity Users + MORE Jun 28th

Starting today, the more than 6,000 mortgage brokers who use the Velocity mortgage operating system will gain free access to TransUnion credit reports for the remainder of the year. The offer is part of a campaign by Newton Connectivity Systems, which operates Velocity, to encourage greater diversif.... More »
 secure line of credit

Prospective home buyers feel the heat over new mortgage rules, but all hope is not lost, industry leaders say Jul 7th

Mortgage default insurance is mandatory on down payments between five and 19.99 per cent, and as of July 1 it will be even harder to qualify through the national housing agency. But don’t panic just yet..... More »
 loan

Latest in Mortgage News: June Data Indicates a Housing Rebound. But Will it Last? + MORE Jul 13th

Home prices, sales and new starts are all rebounding, according to the latest June data. But some, including the Canada Mortgage and Housing Corporation (CMHC), say risks remain. This week, a slew of housing data was released from local real estate boards and the CMHC showing overall improvements in.... More »

9 Ways to Keep Your Credit Score as High as Possible (Part II) Jul 10th

In our previous post, we spoke about the fact that there are so many credit score providers out there, all providing different results, and chances are none of those results are the credit score lenders see when you apply for a loan product such as a mortgage, credit card or car loan. How are you su.... More »
For the second-quarter earnings season, all eyes were on the Big 6 banks’ credit loss provisions and mortgage payment deferral programs. With the onslaught of COVID-19, the banks granted payment deferrals to more than 700,000 Canadians to help prevent a wave of defaults. In their second-quarter earnings calls, the banks provided all additional details about their deferral programs, along with their forecasts for how they see the eventual recovery playing out. All of the banks also set aside record credit […]

Continue Reading On canadianmortgagetrends.com »

If you’ve been thinking about buying a house, you may be wondering how you’ll know when it’s “the right time.” If you don’t have a 20% down payment saved up, is it still OK to consider buying? If you can’t afford your forever home, should you still jump into ownership now? And does the COVID-19 pandemic change the rules for first-time home buyers? 
Smart people who consider those questions—and more—every day respond with these six pieces of practical advice. 
1. Get a real pre-approval
Too many buyers are out there shopping, armed with only a cursory pre-approval from an online calculator that provides a top-level estimate of what you might qualify for, says mortgage broker Ron Butler, who services clients in the Greater Toronto Area, Ottawa, Vancouver and Calgary. “But a true pre-approval is actually a sophisticated process, requiring the detailed attention of a potential lender,” he adds, “that will depend on your credit score, a thorough analysis of your income, and the nature of your down payment, among other factors…

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