Are Silent Second Mortgages Legal?
It’s not a rare thing for homeowners to take out a second mortgage such as a home equity loan or HELOC on their home. But, it is quite rare when homeowners start looking for “silent” second mortgages. What are these mortgages? And are they legal in Canada? A silent second mortgage is a mortgage in…
Read morePrivatizing CMHC?
The Canada Mortgage and Housing Corporation (CMHC) has been under fire for some time now. Ever since the housing market has inflated beyond control in Canada, everyone is trying to come up with a solution to the problem. And most solutions have got something to do with CMHC. This week, perhaps the most serious remarks…
Read moreFinal OSFI Guidelines Coming Soon
Back in March the Office of the Superintendent of Financial Institutions (OSFI) released proposed guidelines that they planned to initiate on the banks and Canadian and Toronto mortgage brokers. Those lenders and brokers had until May 1 to comment on the guidelines and now that they have, OSFI is working hard to get them all…
Read moreVancouver Just can’t Win
There’s been some concern out West about Calgary mortgages and Edmonton mortgages, as housing markets continue to increase and homes continue to be overvalued and interest rates are bound to soon start going up. But no market has caused more concern than that of Vancouver’s. Vancouver undoubtedly has had one of the most overvalued housing…
Read moreIs Canada Going Back into a Recession?
Even with our fairly speedy recovery from a recession that Canada just barely fell into, no one is eager to see it happen again. But the incredibly hot housing market that shows no signs of slowing down any time soon indicates that that’s exactly where we might be headed. At least, according to one of…
Read moreRetiring with Debt, for all the Wrong Reasons
After just publishing a post this morning about how half of B.C. homeowners would rather pay off their debt than save for retirement, we were encouraged that more Canadians were starting to take their debt seriously, so they could live a stress-free retirement. However, stats from a survey done by BMO show that we really…
Read moreMost B.C. Homeowners want to Pay Debt before Saving for Retirement
To pay off debt, or save for retirement? That is the question. At least, it’s the question that was asked by Manulife Bank to over 2,000 British Columbia homeowners. The answer came back, and they show that most homeowners in the province want to enter retirement debt-free – and that’s more important to them than…
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