Some Things Never Change: What We Can Learn From the Past + MORE Mar 5th

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

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 »

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 »

Mortgage debt taking up a record share of income Mar 17th

Borrowers are now spending roughly $1 out of every $13 of their disposable income on servicing their mortgages. That’s according to Statistics Canada’s fourth-quarter national balance sheet and financial flow accounts. The data shows Canadians are spending 7.66% of their household dispos.... More »

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 »
Some Things Never Change: What We Can Learn From the PastI started in 2009 with one goal: to dispel misinformation. A lot of mortgage “experts” were coming onto the scene at the time with outrageous claims and getting quoted by media outlets. They were all great writers, no doubt. The problem was a lot of what they were saying just wasn’t adding up. 

The world has changed a lot since 2009. But right now we’re facing a lot of the same challenges we were facing then. A turbulent housing market. Tough economic circumstances. And gross amounts of misinformation – perhaps more than ever. 

I may not have a smooth writing style or flashy branding like some of those guys who popped up in 2009, but I have always spoken from the heart. Right now is no exception. Here’s what I think you should know.

Market Corrections Are Inevitable

A lot of people like to talk about the rich getting richer and the poor getting poorer. Crazy inflation tends to spark those debates – but unfortunately, those debates don’t get us anywhere when it comes to discussing our personal finances…

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Canada’s largest bank saw a 40% decline in mortgage originations in the first quarter, it revealed in its first-quarter earnings call.

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Mortgage amortization periods continue to grow at BMO due to rising interest rates, but the bank said about a fifth of its variable-rate clients have preemptively increased payments.

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Ask MoneySense
I carry a lot of credit card debt and haven’t made a dent in my mortgage. I’m in my 60s, and I’m starting to think about next steps for my family. After I die, will my family inherit my debt?—Terry

Thanks for your question, Terry. You’re definitely not alone in worrying about how your loved ones will be affected if you die with outstanding loans or while carrying a balance on your credit card.

We’ll walk through exactly what happens to your debts when you die, including credit card debt, mortgages and co-borrowed debt. Then we’ll explore ways to mitigate the burden these debts might have on you and your family.

Who’s responsible for debt after death?

Is debt passed on to family members like real estate or heirlooms? The answer depends on a few factors, like the amount of debt you have, who’s listed on the accounts, and your insurance coverage.

After death, debts generally fall to the estate. If you have a will, your executor will create an inventory of your assets (cash, investments, real estate, etc…

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