3 Options for Getting a Mortgage with Bad Credit
Truthfully, you have lots of options for getting a mortgage with bad credit. While you’re most likely going to pay higher interest rates, bad credit doesn’t always automatically mean you’re doomed when it comes to buying a home; and once you start looking, you’ll find there are options you never even thought of, or knew…
Read moreWhat the Interest Rate is Going to Do
Everyone eagerly waited to see what the Bank of Canada would do with the interest rate yesterday, as many homeowners sat waiting to see if now would be a good time to refinance their mortgage. It was expected that the overnight rate would remain at 1%, the same rate it’s been since September of 2010…
Read moreA Closer Look at the Banks’ New Deals
Homeowners and homebuyers rejoiced on Wednesday when the Bank of Montreal lowered their 5-year fixed rate deals to 2.99%. Meanwhile, many of the other major lenders in Canada were in a panic to also come up with new products and packages to match BMO’s offer. The bidding war was the best mortgage news Canadians had…
Read moreCanadian Banks Competing for Mortgages
It’s no secret that banks have been looking to increase their profit margins for some time. With interest rates lower than they’ve ever been, the banks needed to come up with new ways to make money. While it might not sound like that’s great for the consumer or homeowner looking to refinance their home or…
Read moreConfusion Surrounds Canadian Housing Market
The confusion with the current state of the Canadian housing market began when interest rates were set to record lows early last year. That created a surge of homebuyers, and of home sellers that knew those buyers were ready to pay whatever price was put on a home. That led to home prices climbing and…
Read moreWhat are High-Risk Mortgages?
Many people think that in order to get a mortgage in Canada, you must have a great credit score, and generally this is true. However, there is a certain type of mortgage, called a high-risk mortgage, that allows people even with blemished credit to still become a homeowner in Canada. So when your credit score…
Read moreCan You Really get a Mortgage Without a Down Payment?
There’s always a lot of talk about how people with bad credit have the money for a monthly mortgage payment, and maybe even have money for a down payment. But because they don’t have the necessary credit, they think that being approved for a home loan is out of their reach. But what about the flip side? What about those who have an impeccable credit history, but no money for a down payment? Is it still possible for those who fall into this group to obtain a mortgage?
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