Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
State of the mortgage market: Canadians anxious about their finances, but still see housing as a good investment + MORE Mar 8th
Canadian homeowners may be feeling more anxious about their finances these days, but an overwhelming majority continue to believe real estate is a good long-term investment..... More »
The latest in mortgage news: uninsured posted rates at decade-highs + MORE Mar 11th
Uninsured posted rates from Canada's Big 6 banks have skyrocketed over the past year, according to data from the Bank of Canada..... More »
How retired parents can use the FHSA to help their adult children + MORE Mar 26th
If you’re a retiree or close to retiring, you probably have a paid-off principal residence, or should be close to having one. However, many retirees—including me—have grown children struggling to get onto the first rung of the real estate ladder. Coming up with a down payment is still diffi.... More »
Why mortgage brokers should know prepayment penalty calculations inside and out Mar 20th
All mortgage brokers should have a comfortable working knowledge of how prepayment penalties are calculated and applied. .... More »
Nearly three-quarters of CIBC’s variable-rate clients have reached their trigger rate
Over 70% of CIBC’s variable-rate customers are seeing all of their mortgage payments go towards servicing interest costs.
Reverse mortgages: A financial solution made for today
The CHIP Reverse Mortgage from HomeEquity Bank allows Canadian homeowners age 55+ to access up to 55% of their home’s value and turn it into tax-free cash without having to move or sell.
Fixed mortgage rates back on the rise
Fixed mortgage rates in Canada surged last week thanks to a fresh run-up in bond yields.
Scotiabank “intentionally slowing” its mortgage portfolio
With its new CEO now at the helm, Scotiabank has laid out its plans for a shift in focus in terms of how its funds its loan book.
Problem & Solution: I Bought A New Home, But Haven’t Sold My Old One
Higher interest rates are causing a lot of problems for homeowners. Not just in terms of being able to purchase a home – but also in terms of being able to sell the existing one. Unfortunately, this is a problem I’ve been getting far too many calls about these days. Finding a new home is really only half the battle. Selling your current home to complete the transaction is the real challenge, especially in this market.
It’s easy to feel stuck when you’re in this situation. Luckily, with the right people and the right guidance, there’s always a solution. Here’s an example of a client we were able to get out of a pretty tight corner.
The borrower, our client, owned a condo worth about $500k and had an outstanding mortgage balance of roughly $200k. He bought a new condo for $550k with the expectation that he could use the equity in his existing condo towards the down payment. Sounds like a reasonable expectation, right?
Very few people can afford to carry two mortgages at once…