Refinancing your mortgage? These tips will save you big money + MORE Sep 4th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
 mortgage buyout

Why I started this site… 400+ articles later Feb 4th

I’m often asked why I started this site. It’s simple: I was tired of reading misinformation and twisted truths about mortgage brokering in Canada. Back in 2009 when I created the site, there were some new blogs reporting on mortgage trends and offering ‘expert’ advice. (I use the term ‘e.... More »
 home loans

How Early Should You Get Pre-Approved for a Mortgage? + MORE Feb 28th

Pre-approval is a standard step that prospective homeowners must complete before they go house hunting. This stage lets you know how much a bank is willing to lend you. Getting pre-approved is a detailed process that requires extensive documentation. In addition, your mortgage rate has an expiratio.... More »
 home equity

Are Toronto House Prices Headed Back to 2016 Levels? + MORE Feb 13th

Concern is growing that Canada’s largest housing market may be about to experience a new round of froth, similar to that seen in 2016. Back then, red-hot housing markets in the Greater Vancouver and Toronto Areas ultimately forced the federal government to introduce the 2016 and 2018 mortgage stre.... More »
 property

How much credit card debt does the average Canadian have? + MORE Jan 18th

As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these .... More »

Locking in your mortgage could save you money, but it depends on your plans + MORE Oct 19th

Homeowners with variable mortgage rates have seen their rates rise over the past year as the Bank of Canada has raised its key interest rate target four times..... More »
Q: I have been posted to a new location where housing is expensive. I still have a $50,000 mortgage on my home in the old location as well as some smaller payments to other creditors. Here’s the problem. In my new location, either renting a place or buying a property are both very expensive and I don’t have the cash to make a down payment. And I’m still making my mortgage and other payments for my house in the old location. Problem is, my salary is not enough to cover both (mortgage/renting a new property + mortgage on the old).
As well, due to the bad housing market where the home I own is, I haven’t been able to sell it.  So I can do one of two things: lower the price and sell the home I own OR reduce my mortgage payments on this house. Is it possible to reduce my mortgage payments and how would I do this? Also, do you think this would be the best option, as I’d like to eventually have my family here in the new location with me. Any advice?
– Brennan T.
A: Hi, Brennan. Yes! I do have some advice…

Continue Reading On moneysense.ca »

Most people get it wrong when it comes to refinancing their mortgage. Here are some tips to get it right

Continue Reading On theglobeandmail.com »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!