When You Might Need an Alternative Lender Mortgage + MORE Sep 21st

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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mortgage

Prime Rate Falls to 2.95%, Some Banks Increase Variable Premiums + MORE Mar 20th

For the second time in two weeks Canada’s prime rate has fallen by 50-percentage points. Following the Bank of Canada’s emergency rate cut on Friday, RBC led the way in passing along the full 50 bps of rate cut on Monday, with most of the other big  banks soon following suit. That lowered the c.... More »
 mortgage penalties

Canada's big banks cut credit card interest rates to ease coronavirus impact - CBC.ca + MORE Apr 4th

Canada's big banks cut credit card interest rates to ease coronavirus impact  CBC.caBig Six banks cut credit card interest rates to ease COVID-19 impact  CanoeCanadian banks pause payments on 10% of mortgages as they field 500,000 requests for deferrals  Financial PostI.... More »
 property

Latest in Mortgage News: Industry Announcements + MORE Jan 17th

Equitable Bank Improves Reverse Mortgage Process Reverse mortgage clients of Equitable Bank can expect a quicker and less expensive closing process, according the the bank. Equitable, one of just two reverse mortgage providers in Canada, announced the launch of its new closing process this week. The.... More »
 home equity

The Mortgage Stress Test: What It Means If You’re Buying a Home Nov 3rd

It’s been almost a couple of years since the mortgage stress test came into effect. So, we thought it was the perfect time to revisit it and clear up any confusion. The mortgage stress test took effect January 1, 2018, affecting how much mortgage money Canadians are able to borrow towards.... More »
 line of credit

Why Do I Get Different Credit Scores from Different Websites in Canada? + MORE Dec 6th

Have you received a different credit score from a credit monitoring website than you did when applying for a car loan or mortgage? This isn’t just surprising for you: it’s a likely result. Canadians can use several free credit report sites to monitor their credit; they can also pay for .... More »
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 […]

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Are you looking at the beautiful box or what’s inside?
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)…

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