What is a Mortgage Payment Vacation?
When some homeowners think of a “mortgage payment” vacation, they might think that it’s simply some time off you take when you can’t, or don’t want to, pay your mortgage. Truthfully, not paying your mortgage payment for a month or two without telling the lender will probably only result in you losing your house. But,…
Read moreWhat will the Bank of Canada do this Week?
In just a few days it’s going to be March 8, a day that many homeowners, banks, and mortgage brokers have been waiting for. March 8 of course, is the day that the Bank of Canada will release their overnight rate and we’ll find out if there have been any changes made to the historically…
Read moreIs your Cottage your Financial Getaway?
Lots of Canadians use their cottage as a getaway, whether it’s in the winter or the summer. And just a few weeks ago we talked on this blog about how cottage sales are up this year in Cottage Country due to the mild winter Ontario has been enjoying this year; and it’s no wonder why….
Read moreOttawa and Mortgage Brokers Don’t See Eye to Eye
Ottawa is concerned about rising household debt levels. And they want to make sure that individuals aren’t taking on more debt at a time when they can least afford it. Mortgage brokers agree that people shouldn’t take on debt they can’t properly handle, but they don’t think there’s any danger of that happening in exponential…
Read moreMortgage Fraud Hitting an All-Time High in Canada
Here’s some disturbing news. Mortgage fraud in Canada has risen 150% just over the last year. What is mortgage fraud? According to Wikipedia, it is “crime in which the intent to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been…
Read moreThe Rental Debate
Everyone knows that buying a home is better than renting one. When you rent, you throw your money away every single month by giving it to someone who can invest it for themselves. When you own, you use a little money every month to make an investment for yourself. Obviously, ownership wins. But for the…
Read moreWho Holds All the Canadian Mortgages?
Have you ever wondered who holds all the Canadian mortgages? Out of all those lenders, which ones actually have most of the market share? It’s a good thing to know, especially if you’re going to be getting a mortgage or renewing your mortgage any time soon. And it also helps explain sometimes why lenders do…
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