Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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Restricted Mortgages. The Rate Sells. + MORE May 19th
One basis point (“bps”) equals one one-hundredth of a percentage point (0.01%). On a $300,000 mortgage, a rate that is one bps higher boosts the payment by a scant $1.49 a month. From the way some folks select a mortgage, however, it might as well be $149 a month. Many consumers simply.... More »
Beyond financial planning: How to achieve the lifestyle you want May 27th
Q. I have just turned 40, am single, and earn $86,000 a year. I also have zero debt. I just finished paying off my house, worth $315,000, and I would like to continue to put away my mortgage payment of $1,000 every two weeks as savings.
Because all money went to debt repayment, I’ve never really i.... More »
Top Performers: Collin Bruce + MORE May 27th
By Vanessa Chris, Special to CMT Collin Bruce attributes his success in the mortgage brokering industry to one simple element: necessity. When he first started out—following a career in commercial lending, two failed Subway franchises and a stint in house-flipping—he was up to his eyeballs in de.... More »
This millennial couple makes $130,000 combined. With a baby on the way, a mortgage and car debt, how can they prepare? + MORE Sep 8th
Matt and Elicia’s monthly take-home pay is $6,100. While that may be enough for a couple, they know that they’ll have to prepare to save more for child-care costs soon..... More »
Inflation holds steady at 1.7% in May Jun 26th
May inflation figures showed marginal improvements in some of the Bank of Canada’s closely watched price figures—a step in the right direction, some economists say, but likely not enough to convince the central bank to cut interest rates.
The annual pace of inflation held steady at 1.7% in Ma.... More »
What To Do When Your Rental Tenant Leaves
– ratesupermarket.ca
With home prices reaching new heights in many of Canada’s biggest cities, homeowners are increasingly considering their rental income options as a means to manage their home affordability. It was a decision I made upon becoming a first-time home buyer – and if you think making your first home purchase is stressful enough, try doing it while learning the ropes as a landlord, too.
Now, I’ve got two years under my belt as a landlord, and I’ve learned a thing or two about gaining tenants – and losing them. While I’ve been an excellent (or so I think!) landlord, through no fault of my own, I’m on my third tenant in three years.
Also read: How To Be A Landlord: Tips From My First Year
Your Landlord Contingency Plan
I depend on rental income to pay my mortgage (I’m working hard to be mortgage-free by 31), so it’s important for me to have a plan B in case that income disappears; you never know when your tenants will hand in their 60-days notice…
The Deceivers Among Us
– canadianmortgagetrends.com
Ten percent of our fellow citizens say it’s okay to inflate income when applying for a mortgage. Nine percent say they’ve already lied on one or more credit applications. And that’s just the percentage that admit it. These discouraging figures were released by Equifax Canada this week. Equifax’s Tim Ashby, VP of Personal Solutions, says, “Make […]
Confused By Canadian Finances?
– ratesupermarket.ca
A few reports came out this week, underscoring the knowledge gap between Canadian consumers and the state of their personal finances. An annual debt report released by BMO finds household debt levels continue to skyrocket, as consumers clamour for mortgages and cheap credit. Meanwhile, a study shows many TFSA investors still aren’t clear on their contribution rules.
Read on for the full story, plus the rest of the week’s top headlines.
Should You Really Worry About Your Household Debt?
Canadians are carrying more debt these days – but no one seems to be too worried about it. Should consumers be more concerned?
The amount of debt carried by Canadian households rose sharply last year, according to BMO’s Annual Debt Report. The uptick is partly due to an increase in mortgages, and some argue that rising property values will offset the risk. But what if the housing market cools?
Read Gordon’s Blog | Should You Really Worry About Your Household Debt?
What To Do When Your Rental Tenant Leaves
Renting out a portion of your home can be a great way to increase your affordability as a homeowner…
