Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Canada's big banks cut credit card interest rates to ease coronavirus impact - CBC.ca + MORE Apr 4th
Canada's big banks cut credit card interest rates to ease coronavirus impact CBC.caBig Six banks cut credit card interest rates to ease COVID-19 impact CanoeCanadian banks pause payments on 10% of mortgages as they field 500,000 requests for deferrals Financial PostI.... More »
Should you get a fixed-rate or variable mortgage? In these strange times, fixed has a rare edge Nov 23rd
With rates this low, the usual advantages of renewing with a variable mortgage are diminished or gone, writes David Aston..... More »
The best 5-year fixed mortgage rates in Canada + MORE Aug 29th
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance .... More »
New Rule Targets HELOC Holders Seeking a Second Mortgage + MORE Nov 9th
The word is out on a little-known policy used to qualify anyone with a HELOC who is applying for additional financing. Several of the Big Six banks have already adopted the policy, which requires applicants to prove they can afford the theoretical monthly HELOC payment based on the limit of that HEL.... More »
Latest in Mortgage News: OSFI leaves stress test rate unchanged + MORE Dec 13th
Canada’s banking regulator confirmed today it will leave the mortgage stress test for uninsured mortgages unchanged..... More »
The wrong way to pay off debt
– moneysense.ca
I’ve always believed that anyone substantially mired in debt has no business fantasizing about retirement. For me, this extends even to a home mortgage, which is why I often say “the foundation of financial independence is a paid-for home.”
Sadly, however, it’s a fact that many Canadian seniors ARE attempting to retire, despite onerous credit-card debt and sometimes even those notorious wealth killers called payday loans. Compared to paying out annual interest approaching 20% (in the case of ordinary credit cards) and much more than that for payday loans, would it not make sense to liquidate some of your RRSP to discharge those high-interest obligations, or at least cut them down to a manageable size?
This question comes up periodically here at MoneySense.ca. For example, financial planner Janet Gray tackled it in March in a Q&A. A recently retired reader wanted to pay off a $96,000 debt in four years by tapping into her $423,000 in RRSPs. Gray replied that this was ambitious and raised multiple questions…
LenderSpotlight Launches New Services Following Acquisition
– canadianmortgagetrends.com
LenderSpotlight has become one of the most popular rate search engines for mortgage brokers. And now, just a month after completing its first acquisition, it’s launching expanded premium services. LenderSpotlight, run by the folks behind DocAssist, recently acquired Niche Sheet, an app-based service out of Alberta. Like LenderSpotlight, Niche Sheet helps pair mortgage brokers and […]
