Debt-Free in Five Years? Half of us Think we will Be!
Who’s to say whether it’s our dedication to paying our dues or just wishful thinking, but a new BMO survey shows that 54 per cent of expect to pay off our debt in just five years – and that includes mortgages and second mortgages! The survey was conducted by Leger Marketing for BMO; and in…
Read moreS&P Lowers Genworth’s Status
It was just a couple of days ago that we published a post talking about mortgage insurance. There are three companies in Canada that provide it – Genworth, AIG United Guaranty, and the Canadian Housing and Mortgage Corporation – which insures mortgages in Ottawa and is the only federally-backed company of the three. And while…
Read moreBoC Keeps Rates Low – For Now
Remember back in April, when Bank of Canada governor Mark Carney painted such a rosy picture of global economic conditions? And told us that we could expect to see the Bank’s overnight lending rate increase in the near future because of it? This past week he’s been eating his words as he’s seen those very…
Read moreHow to Stop Foreclosure
No homeowner ever wants to think about foreclosure – the process of losing your home when you default on the mortgage. But if you have already missed several payments with your mortgage lender, you have probably already been forced to consider the possibility. So, how do you stop it? Your first option is to refinance…
Read moreBoomers Worried about Housing Affordability
From the way many people talk about the Boomers lately, you’d think they have nothing to worry about. They are the last to enjoy a retirement age of 65, and many think that because Canada’s retirement pot is going to be drained by them, they’re going to get all the money too. While the first…
Read morePre-Qualifying vs. Pre-Approval
When you first sit down with your Ottawa mortgage broker to try and get an Ottawa mortgage, some of the first terms that you’ll hear are “pre-qualifying” and “pre-approval.” All to often homebuyers get confused by these terms and even mistakenly use them interchangeably. So what’s the difference? Before you even think about finding your…
Read moreMortgage Insurance Myths
Whether you’re trying to obtain a Calgary mortgage or a Toronto mortgage, if you don’t have at least a 20 per cent down payment, you’re going to have to find a way to pay for mortgage insurance. This insurance, especially the major provider in Canada – CMHC – has been under a lot of fire…
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