They’re both 25 and make $262,000. This couple wants to pay off their mortgages and spend more on travel. How do they start? Feb 4th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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 loan

Fixed or Variable? Floating-Rate Mortgages Losing Their Lustre + MORE Aug 6th

It can be one of the most difficult choices for mortgage borrowers—fixed rate or variable? Thanks to historically low spreads between the two, that choice is becoming easier for many. “If you’re in the trenches shopping for a new mortgage, I’m going to tell you something I’ve rarely to.... More »
 mortgage penalties

BoC Drops Key Rate 0.50%-Pts. Will Prime Rate Follow? + MORE Mar 5th

The coronavirus contagion left the Bank of Canada little option today. It cut Canada’s key interest rate amid fears of a deepening economic downturn. It was the bank’s first rate cut in nearly five years and likely won’t be its last this year. The move brings Canada’s overnight target rate .... More »
 home loans

Big Banks Announce Mortgage Deferral Relief for Homeowners + MORE Mar 20th

Canada’s big banks announced this week that those struggling due to the COVID-19 crisis will be able to defer their mortgage payments for up to six months. The coordinated announcement came from the Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank, and will b.... More »

Department of Finance Announces New Qualifying Rate for Insured Stress Test Feb 19th

The federal government announced on Tuesday it will be changing the benchmark qualifying rate used for Canada’s insured mortgage stress test. The change, which will take effect April 6, 2020, means borrowers with insured mortgages (typically those with less than 20% equity) will need to prove they.... More »
 secure line of credit

Top Canadian Credit Card Issuers Cut Interest Rates and Pause Planned Hikes Apr 13th

The COVID-19 pandemic has swept many Canadians into unanticipated financial uncertainty. Mass temporary layoffs and job losses have left hundreds of thousands of people wondering how they are going to pay their rent and credit card bills in the coming months. While the federal government is taking .... More »
They’re both 25 and make $262,000. This couple wants to pay off their mortgages and spend more on travel. How do they start?Ace and Ada know they make a lot money for people their age, but it came out of “sweat and tears” and following in the footsteps of immigrant parents. Now they want to know how to spend it.

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