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.
Latest News
Managing debt to build wealth + MORE Aug 23rd
It’s an eyebrow-raising trend: non-mortgage delinquencies have reached levels not seen since 2009, according to a report by Equifax, one of the three largest consumer credit reporting agencies. Specifically, 1.4 million people in Canada have recently missed a credit payment.
But it’s no.... More »
My mortgage payments are approaching my trigger rate. How will this affect my mortgage and what should I do? Nov 7th
Experts say the key is to be proactive and prepare your finances well before your entire mortgage payment is going towards paying just the interest..... More »
Low Rates Helping Borrowers Pay Off Mortgages at Record Pace Jun 25th
Home prices may be astronomical in certain parts of the country, but historically low mortgage rates are allowing borrowers pay off their mortgages faster than ever..... More »
Celebrating excellence: New inductees join the Mortgage Hall of Fame + MORE Oct 20th
Canada’s mortgage industry came together on Monday night to honour this year’s three newest inductees into the Mortgage Hall of Fame..... More »
Deferring Your Mortgage Could Cost You More Down the Road + MORE Jun 4th
Well over 700,000 Canadian homeowners have now taken advantage of various mortgage payment deferral programs offered by most mortgage lenders.
It’s no wonder there’s been so much demand, considering more than three million jobs have been lost across the country since the start of March when the.... More »
Report: New Mortgage Stress Test Cutting 18% of Home Buyers Out of the Market
– ratesupermarket.ca
According to a new report by the Mortgage Professionals of Canada (MPC), new stricter mortgage rules are leaving 18 per cent of home buyers out of the market. The MPC report found that while many Canadian home buyers could afford to make monthly payments at the bank’s contract rate, the higher bar set for qualification meant they would have to settle for a smaller mortgage.
Prior to Jan. 1, 2018, the stress test only applied to people with a down payment of less than 20 per cent. However, it now it applies to everyone buying a home, regardless of down payment size. In order to get a mortgage, financial institutions now require all borrowers to qualify at the greater of two options: either the five-year benchmark rate published by the Bank of Canada (currently 5.34 per cent), or the contractual mortgage rate plus two percentage points.
“The stress tests mean that many prospective buyers will have to borrow less than they planned to, and which they can afford,” says MPC Chief Economist Will Dunning, who prepared the report…
