Be Prepared if you Want to Refinance Your Mortgage
Refinancing your mortgage sounds like such a simple thing, doesn’t it? You decide that one part of your current loan isn’t working out very ideally for you – maybe you want a longer term or a longer amortization period – and you go speak to a mortgage broker who can help make that happen. Easy….
Read moreWhen Canadians Foresee Being Mortgage-Free
All Canadians want to pay off their mortgages faster. But just how fast do they think they’ll be able to do it, and is that view realistic? According to an RBC Housing Snapshot Poll released last week, Canadians think they’ll be mortgage-free much sooner than they may actually be. The poll shows that 72% of…
Read more‘Bruised Credit’ Biggest Reason for Toronto Second Mortgage
Sometimes, circumstances arise in life where we need a little extra money in the form of a second mortgage. Increasing home value with a home renovation is a common reason, and sometimes unexpected things like the loss of a job or medical expenses come up. But according to Brian Samuel, a financial expert at Oriana…
Read moreWhen Looking at Debt, We Must Compare Apples with Apples
Here it comes, the debt talk again. We’ve been hearing now for two years about how our debt-to-income ratio is climbing, and that it currently sits dangerously high somewhere near 155%. The worry comes from the fact that when the bottom dropped out of the U.S., their ratio was at 160%, and the fact that…
Read moreHow the Budget Affected Canadian Mortgages
The highly-anticipated budget was revealed on Parliament Hill yesterday and as everyone expected, it did include some issues regarding Canadian mortgages. Unfortunately, they weren’t the major changes that many financial analysts and experts in Canada were hoping to see. Those such as Craig Alexander at TD Bank and Louis Gagnon at Queen’s University were hoping…
Read moreMany Canadians Couldn’t Handle Rate Increase
The Bank of Montreal has released a new study that finds 4 out of 10 Canadians would be concerned about the affordability of their home should the interest rate rise as little as 2%. The survey was conducted over a stretch of three days from February 21 to February 23 and surveyed 1,500 Canadians. Interestingly,…
Read moreGenworth Working to Reduce Number of Foreclosures
We talk every now and then on this blog about how banks don’t really want to foreclose on your home, even if you’ve missed a mortgage payment or two. After all, it’s much easier for any lender to keep you in your home, with you tending to it and taking care of it, and making your mortgage…
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