Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Mortgage payments are easing overall, but many face renewal stress, TD says + MORE Jul 11th
High-rate renewals are squeezing budgets, but rate cuts and short-term mortgage resets are easing the burden in aggregate, TD Economics says.... More »
Proof of down payment: The biggest hurdle for mortgage professionals + MORE Aug 4th
For mortgage professionals, verifying a client's down payment sources can be one of the most challenging aspects of the mortgage approval process..... More »
Mortgage arrears have yet to peak, but unlikely to reach long-term norm: BMO + MORE Aug 1st
Despite a gradual rise, Canadian mortgage arrears are expected to remain manageable due to the economic recovery and the mortgage stress test.... More »
The best credit cards for newcomers to Canada for 2024 + MORE Jul 29th
Credit Cards
The best credit cards for newcomers to Canada for 2024
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.
.... More »
Thinking of a private mortgage? Here’s what lenders want to see + MORE May 9th
Private mortgages continue to play an important role in today’s Canadian housing market, especially as traditional lending guidelines tighten. Yet many borrowers are surprised to learn that private lenders don’t simply look at one or two factors — they assess a wide range of details that can m.... More »
U.S. inflation eased in June: Good news for Canadian mortgage shoppers
– canadianmortgagetrends.com
U.S. financial markets got a boost today with a lower-than-expected inflation reading, marking the lowest level since May 2020.
Weekly mortgage digest: Which big banks just dropped fixed rates?
– canadianmortgagetrends.com
After a spike in bond yields last week prompted some mortgage lenders to increase certain rates, fixed mortgage rates are again trending downward.
6 things to consider before borrowing from the Bank of Mom and Dad for your first home
– moneysense.ca
As homes remain unaffordable to many Canadians, more and more young adults are turning to the Bank of Mom and Dad to help with a down payment or with mortgage payments. A recent CIBC survey showed that 31% of first-time home buyers in Canada received financial help from their parents or a relative, with the average gift being $115,000. While mom and dad’s money can certainly boost your down payment, borrowing from family does come with some financial and relationship considerations.
Before locking into a familial loan, both parties must assess whether they are on the same page and are in a position to take on this type of agreement—along with knowing the power and relationship dynamics that could come with it. Here are six key considerations when borrowing from the Bank of Mom and Dad for your first home.
The complete guide for first-time home buyers
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1. Is it a gift or is it a loan?
Determine if the financial help you’re discussing with your family is a gift or a loan…
