When you buy a home, you might want to consider choosing a mortgage that includes flexible prepayment privileges. Prepayment privileges allow you to increase your regular mortgage payments without having to pay extra fees. Prepayment privileges are sometimes included in the agreements for closed mortgages. If your lender is a federally regulated financial institution, such… Continue reading Things to consider when choosing a mortgage
Tag: mortgage
Worried about rising interest rates affecting your mortgage?
(NC) With the Bank of Canada recently raising its key interest rate once again, many of are concerned about the impact on our household debt and mortgages. Fortunately, there are many tips and tricks for saving and budgeting you can use for other areas in your life. Try the three-category budget. It can be overwhelming… Continue reading Worried about rising interest rates affecting your mortgage?
New mortgage rules sending borrowers down the credit ladder to alt. lenders
Source: Armina Ligaya, The Canadian Press, February 5, 2018 TORONTO — Mortgage brokers say the borrower rejection rate from large banks and traditional monoline mortgage lenders has gone up as much as 20 per cent after Canada’s banking regulator imposed a new stress test for home buyers who don’t need mortgage insurance. As a result, alternative… Continue reading New mortgage rules sending borrowers down the credit ladder to alt. lenders
47% decrease in mortgage loan insurance business ‘new normal’: CMHC
Source: David Hodges, The Canadian Press, November 29, 2017 TORONTO — Canada’s national housing agency said Wednesday that the 47 per cent decline in the country’s insured mortgage market year-over-year in the third quarter is the “new normal level.” The Canada Mortgage and Housing Corp. said in its latest financial report that it provided mortgage loan insurance… Continue reading 47% decrease in mortgage loan insurance business ‘new normal’: CMHC
Banking regulator’s revised guidelines include financial stress test on buyers
Source: Armina Ligaya, The Canadian Press, October 17, 2017 TORONTO — Canada’s banking regulator has published the final changes to its guidelines for residential mortgage underwriting, including a financial stress test for buyers who don’t need mortgage insurance. The Office of the Superintendent of Financial Institutions said Tuesday the changes will come into force by Jan. 1, 2018.… Continue reading Banking regulator’s revised guidelines include financial stress test on buyers
Average non-mortgage debt load now at $21,686, TransUnion says
By CBC News, November 10, 2016 Delinquency rate remains low despite growing debt loads, credit agency says Canadians continue to pile up massive amounts of debt, but so far they’re managing to stay on top of it. That’s one of the conclusions of a report published Thursday from credit monitoring TransUnion, which found the average debt… Continue reading Average non-mortgage debt load now at $21,686, TransUnion says
Pay off your mortgage, live debt free: how one guy did it in 3 years
Sean Cooper wiped out his $255,000 mortgage by living frugally and working 3 jobs “Ding dong, the mortgage is dead,” a jubilant Sean Cooper announces as he sets fire to his mortgage in front of cheering friends outside a Toronto restaurant. “I feel like the weight of the world has been lifted off my shoulders,” he… Continue reading Pay off your mortgage, live debt free: how one guy did it in 3 years