Should I pay off a loan using my RRIF? + MORE May 15th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Mortgage Career: Jayman Financial + MORE Jun 11th

Company: Jayman Financial Position: Mortgage Associate Location: Calgary, AB Apply to: careers@jayman.com Mortgage Associate Jayman Financial is a high volume fully licensed brokerage house established in 2001. We are a division of the Jayman BUILT Group of companies with offices in both Edmonton an.... More »

Broker Lender Market Share – Q1 2018 Jun 11th

Credit unions saw their slice of the broker pie shrink in Q1. That comes despite OSFI’s January 1 stress test, which played right into their hands given they are provincially regulated. Broker market share for CUs fell 0.6% versus Q1 2017. Less competitive pricing was a key reason. In particul.... More »
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Stress Test Impacts Measured + MORE Jul 26th

The government’s latest mortgage rule changes have caused an imbalance between supply and demand in almost every region of the country, and will result in an estimated 200,000 fewer jobs being created over the next three years. Those are among the findings of Mortgage Professionals Canada’s .... More »

Can a first-time home buyer have a mortgage co-signer? + MORE Sep 17th

If you’re in the market for your first home but need help coming up with the financing, you do have some options, including asking someone to co-sign the mortgage. Involving a third party is probably not what you envisioned for home ownership, but recent interest rate hikes and rising real estate .... More »

Mortgage Marketing: Starting on a Shoestring Budget + MORE Jun 5th

By Jackson Middleton, Special to CMT If you’re just getting started as a mortgage broker, I hope I’m not the first to tell you that this is one tough business. Success doesn’t come easy and it’s a long way to the rainbow’s pot of gold.  Successful brokers are very wel.... More »
Q: I’m retired and used a line of credit to do repairs on my house. Should I draw from my RRIF to pay it off or just keep paying down the line of credit gradually?
—Marlene Crew, via email
A: Math and mindset: This debt repayment question requires you look at both. For instance, does the outstanding debt from the line of credit keep you up at night? If it does, there is a greater benefit to paying it off in full. If you can still sleep without doing Nyquil shots, the math supports a plan to pay it off gradually. According to Allan Norman, a CFP with Atlantis Financial in Barrie, Ont., you should “draw enough to move your taxable income to just below the next marginal tax rate and use that money to pay down your line of credit.” Just avoid moving up to a new rate as you’ll pay more income tax and, at the same time, risk reducing the Guaranteed Income Supplement or other benefits you currently receive. One last thought: Shop around for the lowest rate on your line of credit. You can often lower the rate if you secure the loan against an asset, such as your house…

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FCF Capital Buys 60% of DLC

– canadianmortgagetrends.com

When it comes to mortgage origination volume, the most successful brokerage operation in Canada—hands down—is Dominion Lending Centres (DLC). In 10 years the company has gone from zero to 5,000+ agents, 650 locations and more than 40% market share in the broker space. FCF Capital Inc. (FCF) saw that success and decided it wanted a piece of it. So it bought 60% of DLC for almost $74 million. That pegs the entire enterprise value of the company, if you include assumed debt, at roughly $139 million according to co-founder Gary Mauris. We spoke with Gary and FCF CEO Stephen Reid READ MORE

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A line of credit is derailing my mortgage applicationIn our April 2016 issue of MoneySense, we introduced you to Lindsay Tithecott, a 29-year-old who is trying to pay down debt, build up savings and buy a larger condo. Throughout the year we’ll be giving her a financial challenge every two weeks to help her get her finances in tip top shape. She’s already been challenged to cut her fitness expenses as well as to determine if she should prioritize debt-repayment over saving. Lindsay’s third challenge was all about condo-buying and the various aspects associated with that process.
Challenge No. 3 — An update

Over the last couple of weeks, Lindsay has done some legwork and gone to a competitor bank to find out how large of a mortgage she’d need to purchase a two-bedroom condo in Kamloops, B.C. She’s also learned about the costs of CMHC mortgage insurance as well as large a mortgage she’d be eligible for.
Lindsay talked about her experience in the video below and then we had experts give her some clarification and advice…

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