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.
Latest News
Buying vs. Renting: Homeowners Come Out Ahead, Study Says Oct 2nd
Despite higher home prices and larger mortgages, monthly housing costs are currently lower for homeowners—on average—compared to renters..... More »
CMHC reports annual pace of housing starts in January down 10% from December + MORE Feb 17th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in January fell 10 per cent compared with December..... More »
Why Everyone Should Choose The Longest Amortization Possible + MORE Oct 16th
One of the most common requests I get when discussing mortgage options with my clients is that they want the shortest amortization they can afford. They want to pay their mortgage off as soon as possible. I get it! And then I hit them with an unexpected recommendation. I tell them to take the .... More »
AKAL launches AKAL Canada brand to drive national expansion Sep 25th
After 25 years training brokers in Ontario, AKAL Mortgages is extending its model across the country with the launch of AKAL Canada..... More »
Want to become a first-time home buyer in B.C.? These three steps can help Jun 25th
These days, being a first-time home buyer in British Columbia, or anywhere else in Canada for that matter, is not easy. For years, Canadian housing prices experienced a steady upward trajectory, but the pandemic resulted in an unprecedented surge. And even though home prices have started to fal.... More »
You Lawyer May Be Overcharging You
– canadamortgagenews.ca
Picture this: you’re buying a home or refinancing your mortgage. You hire a lawyer to facilitate the transaction. You decide to go with a mortgage that is NOT through one of the big six banks, like hundreds of thousands of Canadians do every year. Suddenly, you get a call from your lawyer. They want to charge you an additional fee for not choosing TD, CIBC, Scotiabank, RBC, BMO or National Bank.
Is this common? Unfortunately, it’s more common than you think.
Is this legal? You bet it’s legal.
Is this acceptable? That’s for you to decide.
Why Are Lawyers Charging Extra?
I’ve asked quite a few lawyers this question. Some have told me that non-bank mortgages come with more documents to review which requires more of their time. Others have revealed that they are simply more accustomed to working on traditional bank mortgages.
That’s great and everything, but there are a ton of better mortgage products available from financial institutions that aren’t gigantic banks…
