Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Is the COVID-19 emergency over? An economists prosepective. + MORE Sep 14th
I recently participated in a conference call with Scotiabank’s Chief Economist & SVP, Jean-Francois Perrault and John Webster President & CEO Scotia Mortgage Corporation. It was good to hear real financial experts make sense of what has happened and what will most likely hap.... More »
Latest in Mortgage News – Industry Announcements Nov 26th
There’s been a number of big mortgage industry announcements in recent weeks, ranging from reverse mortgage offerings to a new broker tech partnership and a key appointment at one of the country’s top brokerages. Here’s a look at each… Equitable Raises Allowable Equity Takeou.... More »
Variable-rate mortgages regain popularity as Morningstar flags rising risks + MORE Feb 1st
Morningstar DBRS says mortgage portfolios should hold up in 2026 despite a soft housing market, while warning that rising variable-rate use and Alt-A exposure are key areas to watch..... More »
How can an extra $100 boost your mortgage? + MORE Mar 28th
When it comes to mortgages, $100 isn’t going to get you very far. But what if you paid an extra $100 a month towards your mortgage? It’s not a lot of money these days, but it can add up to some solid savings over time.
Let’s look at a $300,000 mortgage with a 2.89% rate and a 25-y.... More »
1.4 million Canadians missed a credit payment in second quarter + MORE Aug 20th
There’s a deepening divide among consumers, even as the rate of missed credit payments dipped, a new Equifax Canada report shows.
It shows 1.4 million Canadians missed a credit payment in the second quarter. While that’s up by 118,000 compared with the same time last year, it’s down sligh.... More »
What happens when the mortgage co-signer dies?
– moneysense.ca
Q: My grandfather passed away and he was my mortgage co-signer. My loan is current. I have made all payments. My grandfather has assets, estate. A good amount. Will my home be included in any of that or be paid from any of that? If they went after his assets and the home was paid, would it still be my home?
— Blake, Mission, B.C.
Robert McLister is an independent mortgage planner at intelliMortgage and founder of RateSpy.com:
First off, depending on the lender, you may or may not be able to simply continue making payments as usual. Lenders typically require you to notify them if a co-applicant dies. Some lenders will allow you to keep paying the mortgage yourself. Others will re-qualify you to see if you can afford the payments on your own. If you can’t, the mortgage will have to be paid out or you’ll need to get another co-signor.
How to get a mortgage (when you’re not the ideal borrower) »
Further to your question, if a home is owned in “joint tenancy,” the deceased party’s interest simply passes to the other owner…
