No one wants to inflate a housing bubble by encouraging folks who can’t afford the debt to buy. But many creditworthy first-time homebuyers are paying much more than they should have to for a significant portion of their housing purchase. When it comes to mortgage default insurance, Canadians get little choice and sky high prices, [...]
There are numerous reasons why homeowners choose to refinance their mortgages - everything from debt consolidation to freeing up money for their child's education to using their home equity to buy another property. But the most popular reason for refinancing at this time of year is for holiday gift buying and entertainment. Planning ahead really [...]
Changing regulations in Canada’s mortgage market Since 2008, the federal government has made several changes to the rules for mortgages insured through the Canada Mortgage and Housing Corporation (CMHC) and other private sector mortgage insurance providers. These rules affect home buyers with less than a 20 per cent down payment and these changes will impact [...]
Canadians saved $2.7 billion in the past year renewing or refinancing their mortgages, and the betting money among consumers seems to be that interest rates are not going up any time soon, according to a new survey. The Canadian Association of Accredited Mortgage Professionals says 37 per cent of Canadians opted for a variable rate [...]
With the most recent interest rate announcement last week, and the knowledge that interest rates are set to remain low for the foreseeable future, the debate for variable rate mortgage over fixed rate has gained new momentum. According to the Bank of Montreal, history would indicate that a variable rate is the way to go: [...]
Calum Ross examines why refinancing might be the right strategy for you right now and shows you how you could save $$$$ on your mortgage A common question that I get from people is whether or not it is worth it to break an existing mortgage agreement in order to take advantage of today's low [...]