Royal Bank cuts 5-year fixed mortgage rate, others likely to follow suit + MORE Jan 17th

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Locked Out of the Market: How the Mortgage Stress Test Could Be Hurting Homebuyers Mar 12th

It was created with the intention of saving Canadians from becoming over-burdened with their mortgages, but some critics of the Canadian government’s mortgage stress test say it is slamming the door on first-time homebuyers who would otherwise be able to break into the market. In a recent opi.... More »
 Canada mortgage

What You Should Know About Collateral Charge Mortgages + MORE Aug 7th

I recently had clients who were refinancing their mortgage completely reject a very attractive offering from one of the big chartered banks. Their reasoning? All of this bank’s mortgages are registered as collateral charges, and all of their online research into this topic spooked them complet.... More »
 loan

Mortgage Amortization: Should You Go Long or Short? + MORE Aug 31st

If you’re in the market for a new home you probably understand the different mortgage options. But what about amortization? Should you go short or long on your amortization, and what impact does it have on your finances? The most common amortization is 25 years. If you have at least a 20 percent .... More »

Siddall Launches Latest Volley in War of Words with the Mortgage Industry Jun 14th

For anyone who has been following the saga, it should be plainly obvious where Evan Siddall, head of the CMHC, stands on the mortgage stress test. In a recent editorial, we took an in-depth look at Siddall’s at-times passionate defence of stricter mortgage qualification rules. Part of that include.... More »
The Best Credit Cards for Students in 2019
If you’re a student in college or university, you understand that every penny counts. Tuition is high, textbooks are expensive, and it’s hard to maintain healthy eating habits while living off-campus when all you can afford are those packets of Sidekicks pasta for $1.
This is where a good rewards credit card can come in handy. Not only can you earn points, merchandise or cash-back for you purchases, but you’re also given the opportunity to start building your credit. And this is important if you’re a young adult who doesn’t have any credit to your name. If used responsibly, having a credit card will start you off on the right foot so you are eligible for other types of credit in the future, like personal loans or a mortgage. And there’s a great chance you’ll need one of these things eventually.
Rewards cards generally offer different amounts of points or cash-back for particular spending categories (gas, grocery, pharmacy purchases, etc.). Whether it’s rebating you in points, a statement credit, or cash-back in your bank account, a good rewards card maximizes on your everyday purchases and ultimately helps you save, and if you’re a student, you’re likely looking for a card with little-to-no annual fee…

Continue Reading On ratesupermarket.ca »

Remember when I said rates could go down, not up?!
If you’re a regular reader of this site, you’ll know I’ve been very skeptical and critical of the Bank of Canada (BoC) for continuing to increase interest rates. It just hasn’t made sense.
The BoC raised rates FIVE TIMES between July 2017 and October 2018. That’s a 1.25% increase. For anyone with a $300,000 mortgage, your payment increased by $189 per month. Or, to put it another way, for every $100,000 of mortgage, your payment went up by around $63 per month.
Yet, we kept hearing that the BoC wanted to raise rates further. Economists and other experts were saying we should expect more rate increases by the end of 2018! Wow!

Well, I just couldn’t believe it. It didn’t make sense to me. How could anyone believe the average person could absorb a mortgage payment increase to this extent? If the forecasts were correct, we could have seen mortgage payments increase by $300-500 per month… and maybe more if you had a larger mortgage!
No, this didn’t make sense…

Continue Reading On canadamortgagenews.ca »

Canada’s biggest bank has cut its five-year fixed-term mortgage rate, a move other banks are likely to try to match in short order.

Continue Reading On cbc.ca »

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