Learn more about Canadian mortgage rates, rules and the latest news – read on!
The Canada Mortgage and Housing Corporation held an official announcement yesterday to release details of its First-Time Home Buyer Incentive (FTHBI). While officials reiterated how this shared-equity program will help young middle-class Canadian buyers, there were scant new details beyond what has .... More »
A significant number of Canadian households reported being late on a debt payment or missing it entirely, according to a new report from Statistics Canada. The 2016 data from the agency’s Survey of Financial Security shows that more than 1-in-10 Canadians (11%) with some form of debt reported skip.... More »
Thinking about owning a home in Canada? It was only a few years ago that Toronto and Montreal were ranked among the best places to live with the cost of living as a contributing factor. But the cost of ownership has now skyrocketed. In cities like Vancouver, Toronto and Montreal, only those in the .... More »
The benchmark posted 5-year fixed rate, which is used for stress-testing Canadian mortgages, fell yesterday in its first move since May 2018. The Bank of Canada announced the mortgage qualifying rate drop to 5.19% from 5.34%. This marks the first reduction in the rate since September 2016. The rate .... More »
The big news of the week was the Federal Reserve’s interest rate cut, the first one since the financial crisis more than 10 years ago. Despite a strong domestic economy, Federal Reserve Chairman Jerome Powell said the cut was a pre-emptive move to brace against “downside risks.” .... More »
RateSupermarket.ca aims to make financial decision-making easier for the consumer by acknowledging the best credit cards and banking products in Canada at its annual Best of Finance Awards.
The credit card, loan, bank account, or mortgage you choose can affect how the future of your money, how investors and lenders look at your portfolio, potential job offers, the type of house you can rent or buy, and even the type of cell phone plan you get (pro tip: good credit may mean better deals!).
That being said, the world of personal finance, credit and investing can be a daunting one to navigate. Everyone has a unique lifestyle and budget which may lead them to choose a specific credit card or banking product over another. And it’s imperative to do your research before signing on the dotted line. With so many options available, choosing the best product can be difficult.
That’s why we at RateSupermarket.ca annually audit Canadian credit cards and banking accounts to see how they stack up against each other…
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…
Your credit score is a crucial factor that banks and other lenders consider before they lend you any money. Banks want to know you’re financially responsible and capable of repaying your debts before they hand you any funds. Thus, looming debt can be destructive to your credit score, affecting your ability to get an approval on a mortgage, student loan, or financing for a car.
So, if you’ve found yourself in a financial predicament, your best bet would be to pay off as much debt as possible, apply for new credit, and use it responsibly. But if you’re not able to qualify for a credit card because of the current state of your credit score, consider getting a secured credit card or a card specifically designed for rebuilding credit.
With these types of card, you may be required to put down a deposit before you get approved. For example, if you want a $500 credit limit, you would need to provide a $500 deposit. After you’ve rebuilt your credit score with a secured card, you should be able to get your deposit back and qualify for a regular credit card…