Why mortgage brokers should know prepayment penalty calculations inside and out Mar 20th
The latest in mortgage news: uninsured posted rates at decade-highs + MORE Mar 11th
Mortgage debt taking up a record share of income Mar 17th
State of the mortgage market: Canadians anxious about their finances, but still see housing as a good investment + MORE Mar 8th
Some Things Never Change: What We Can Learn From the Past
– canadamortgagenews.ca
I started CanadaMortgageNews.ca 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…
RBC saw a 40% decline in mortgage originations in Q1
– canadianmortgagetrends.com
BMO: 20% of variable-rate mortgage clients have increased payments
– canadianmortgagetrends.com
What happens to your debt when you die
– moneysense.ca
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…
