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
Ottawa to allow 30-year amortization for first-time buyers’ mortgages on new homes + MORE Apr 12th
Some advocates are praising Ottawa’s move to lengthen the amortization period on insured mortgages for certain home buyers, but say expanding the policy to all Canadians would help make home ownership more affordable.
Speaking in Toronto on Thursday, Finance Minister Chrystia Freeland announced.... More »
FSRA CEO Mark White to step down for new position as Chair of Ontario Energy Board Jul 5th
The head of Ontario's mortgage broker regulator, Mark White, has confirmed he will be stepping down from his role as CEO later this month..... More »
The Latest in Mortgage News: RBC downgrades its housing market forecast + MORE Jul 28th
RBC says it expects the country's housing correction to "deepen" in the coming months with resale activity and prices falling more than expected..... More »
Would You Buy a Home with Strangers? These Canadian Companies Are Betting On It + MORE Oct 2nd
Lesli Gaynor was tired of renting a home for herself and her two-year-old son. The Toronto resident wanted more space and a more stable living environment, where a landlord couldn’t kick her out. So, in the early 1990s she got together with two friends and bought a house in the city’s Parkdale n.... More »
Reverse mortgages are cheaper than ever. Should you use one to tap into your home’s equity? + MORE Feb 25th
A reverse mortgage allows you to tap into the rising value of your home without selling it, writes David Aston. But watch out for the penalties and fees..... More »
When You Might Need an Alternative Lender Mortgage
– canadianmortgagetrends.com
The majority of homeowners are blissfully unaware of alternative mortgages. They presume everyone is entitled to sub-3% mortgage interest rates, with no fees of any kind. But there is a growing, significant percentage of borrowers who need a different type of mortgage financing solution. Sometimes there is no choice. That is why the alternative lending […]
Are you looking at the beautiful box or what’s inside?
– canadamortgagenews.ca
If I gave the option of choosing between two cell phones, which would you choose? Both phones had similar specs and were identical in almost every way… except PHONE one came in a nicely gift wrapped box with a bow on it. PHONE two came in a brown paper bag but was less expensive and also had slightly better options.
Most of us would choose PHONE two right? Wrong! When it comes to mortgages, most of us are focusing too much on the beautiful gift box and not paying enough attention to the contents. They say around 47% of all mortgages go through a BANK and 39% go through a Mortgage Broker. Broker share is up, but not enough in my opinion.
When it comes to mortgages, historically the BIG SIX BANKS have been charging higher rates than what can be had from MORTGAGE BROKERS. (see Bank of Canada study ‘competition in the Canadian mortgage market). And their inflated prepayment penalty calculations are now infamous (typical BIG SIX BANK penalties are around 4 times higher than other lenders)…
