Why have Variable Rates Gone Up? Blame it on Bad Predictions
We’ve all seen it climb steadily for the past couple of weeks as first one bank, then another, then yet another started raising their variable interest rates on mortgages. Interestingly, the fixed rate has been getting a huge discount at the same time. But the fixed rate going down is just one reason why the variable has gone up. Another reason, a bigger reason, is due to the banks’ bad predictions about the prime rate in the first place.
Read moreCredit Cards, Student Loans & Your Mortgage
So you have some credit card debt. And you have that huge student loan hovering around you, too. But you also want a mortgage. The problem is, with all that debt, you don’t think you’re ever going to get one. But now is not the time to despair. That could just leave you giving up altogether and going into defaulted debt, which will only damage your chances of getting a mortgage even further. Instead have hope, and start understanding that debt you’re carrying around with you.
Read moreBaby Boomers will Drastically Shift Housing Market
Time to talk about the Baby Boomers and their upcoming retirements again. This time, the focus is on the future of the housing market as so many Boomers prepare for retirement at the same time. And it’s a report from the Canadian Press that’s got everyone talking about the impact that will have.
Read moreAre you in Debt, or Defaulted Debt?
If you’re wandering around your rented apartment or house and sighing about how you’ll never get a mortgage, take a second to stop and ask yourself why. Making the move from a renter to an owner is the dream that many renters are trying to attain. But so many stop themselves before they even begin because they think they simply have too much debt. And that debt is going to prevent them from getting a mortgage. But will it really? To get the answer, you need to know whether you’re in debt, or defaulted debt.
Read moreWhat does it mean to “Port your Mortgage?”
More Canadians are starting to hear about porting a mortgage, and are wondering not only what that means, but also if it’s something they’ll benefit from. Porting a mortgage simply means taking your current mortgage, with its rates and terms, and moving it to another property. And yes, if you’re going to be moving and you love your current mortgage, porting your mortgage could have some pretty good advantages.
Read moreShould Mortgage Rules be Tightened Further?
Mortgage brokers and banking economists are at odds about whether or not Canada’s mortgage rules should be tightened once again, making it more difficult for more people to get mortgages. Mortgage brokers disagree with each other, and bankers can’t seem to agree among themselves either. But why are we even asking the question?
Read moreHow Much do You Need for a Down Payment?
Lots of people, especially people who don’t have a lot of extra pocket change, too often brush off the idea of ever being able to get a mortgage – because they don’t have the necessary 20% down payment. So if you find a home and can’t immediately cough up at least 20% of the purchase price, you can forget about it, right? There’s obviously no point in even trying. Well, there is actually. While it might be harder to get a mortgage without a 20% down payment, and you’ll probably end up paying more in the end, you should never deny yourself your dream home just because you don’t think you have enough cash.
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