What’s the Difference Between a Mortgage Broker and a Wholesale Mortgage Lender?
Many people know the difference between Ottawa mortgage brokers and bankers; one works for the borrower and suggests many different products from many different lenders, while one works for a bank and sells only their product. But what’s the difference between a mortgage broker and a wholesale mortgage lender? In fact, there are many. Wholesale…
Read moreDrop in Prices may mean Drop in Spending
After economists at TD Bank released their report saying that Vancouver and Toronto home prices were going to drop by 15 per cent, now both Vancouver and Toronto mortgage brokers are saying that it could mean a drop in spending. One mortgage broker out West says that as homeowners grow more concerned about their personal…
Read moreSlow Job Creation may keep Interest Rates Low
Mark Carney is dying to raise interest rates at the Bank of Canada so that Canadians can stop borrowing from HELOCs and 2nd mortgages and start paying down their debt – something he’s been warning us about for almost two years now. But even as some of the hottest housing markets start to balance out,…
Read moreToronto, Vancouver to Face Price Drop, says TD
It looks as though the two hottest markets in Canada can expect a downturn in the next several years. That is, according to TD economists anyway, who say that both Toronto and Vancouver will experience a drop in prices within the next two to three years. But those who are worried about underwater Vancouver and…
Read moreWhat’s the Difference Between an Open and a Closed Mortgage?
Most homeowners and homebuyers know the difference between a fixed rate and a variable rate when it comes their mortgages. But what about choosing between open and closed Ottawa mortgages? The difference could be huge, and could mean thousands of dollars in savings for you, if you know how to pick the one right for…
Read moreToronto’s Market Slowing? Not Likely!
Just yesterday we published a post showing how Toronto’s housing starts had been down in May, whether this meant a slowdown in the market, and what that potential slowdown could mean. But stats on sales show that starts alone do not a housing market make – and it’s also very hard to dictate what the…
Read moreUsing a HELOC as an Emergency Fund
The Bank of Canada governor Mark Carney has been warning us all about taking on too much debt while borrowing rates are low; stating that when they rise, that debt will become unaffordable and leave many Canadian households strapped. But while this is sound advice, it’s also sound advice to capitalize on borrowing at a…
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