More CMHC Mortgage Consumer Survey Results
As promised, we’re back today with more results from the 2012 Mortgage Consumer Survey that was conducted by Canada Housing and Mortgage Corporation. The next section of the survey we’ll look at deals with how actively involved consumers are when purchasing a mortgage; and what kind of service they expect to receive even after the…
Read moreWhen it Comes to Mortgage Advice, Where do You Turn?
The invention of the Internet has made a lot of people a lot more independent than they once were. It used to be that if you had a home improvement project, you called a contractor. If you were sick, you went to a doctor. And if you needed a mortgage, you went to a mortgage…
Read moreIs Mortgage Life Insurance Worth the Cost?
A homeowner typically has two greatest assets: their life, and their home. Often, coverage for these two can be combined into something known as mortgage life insurance. But what is this insurance? And more importantly, is it worth it? Mortgage life insurance is coverage that you can buy that will pay off the amount left…
Read moreWhat Happens to My Mortgage if I Go Bankrupt?
Bankruptcy is often a bittersweet thing. Yes, it’s a last resort that no one wants to find themselves in. But it’s also a chance to start anew, make better decisions this time around, and clear out a lot of your debt that you otherwise simply would never have been able to pay off. But as…
Read moreCars and Credit: Better Way to Address Debt?
Finance Minister Jim Flaherty made some serious changes to mortgage rules that went into effect on July 9. The biggest change was the one made to mortgage insurance, limiting amortizations on these mortgages to just 25 years instead of 30. The government also reduced home refinancing to 80 per cent of a home’s value instead…
Read moreZero Down Mortgages Becoming Obsolete in Canada
Mortgage down payments are no joke in Canada. Home prices are hitting their ceilings in many areas, and the federal government has just imposed shorter amortization periods for homebuyers who don’t have the full 20 per cent. So then, it may come as no surprise that the biggest lender of zero-down mortgages in Canada has…
Read moreBMO Drops Rates, will Others Follow?
Remember back in March when the Big Six banks dropped their rates to such ridiculous lows that they were practically giving mortgages away? One by one, each bank dropped their rates, taking advantage of low borrowing costs and trying to entice customers into buying their product. Those deals only lasted a couple of weeks until…
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