Canadians Want to Pay off Their Mortgages!
We as Canadians take a lot of heat about the amount of debt we carry. Yes, our household debt levels are up dangerously high – almost as high as the U.S.’ before the crisis. And yes, we do continue to take on more debt. But while we might take on a lot, we also want…
Read moreMore Canadians Planning for the Future and Going with Fixed Rates
CIBC has recently conducted a study that shows more Canadians are leaning towards fixed-rate mortgages over variable rates. The study was done between March 8 and March 12 and surveyed 1,003 Canadians, asking them which rate they would choose. The same study was done last year and the results show that more Canadians are choosing…
Read moreHSBC Bank Canada Closes Consumer Lending Business
HSBC Bank Canada has been one of the first to be hit the hardest with Ottawa’s tighter mortgage rules. With an announcement last week, the bank has closed their doors on consumer lending. The move is one that has shut office doors throughout the country, and has hundreds of Canadians looking for work. The move…
Read moreWhere Does Canada’s Debt Lie?
Canadians are well aware by now that we are in a bad debt situation, taking on far more than we should; and that it could get us into real trouble should interest rates rise and people find they can no longer make payments on those debts. But just where in the country does the most…
Read moreTD, RBC First to Raise Mortgage Rates
The second mortgage war of the year in Canada is coming to an end. BMO’s offer is set to expire tomorrow and so far, two of the other major banks have already followed suit. While the cheap mortgages are still on offer at TD Bank and RBC until Thursday, after that the rates are going…
Read moreCMHC will Limit Mortgage Insurance, as Expected
The Canadian Mortgage and Housing Corporation announced early this year that it was approaching its $6 billion government-instated cap of how much it can issue for mortgage insurance. Now following that announcement, CMHC has come out with new stats regarding how much insurance is expected to grow over the next three years, and where the…
Read moreThings to Watch for when Refinancing
Now that rates are so low, and expected to remain low for the next several months, it’s led many homeowners to think that now is the time to refinance. Refinancing, especially at a time like this, can be extremely beneficial and can save homeowners thousands of dollars. But when it’s time to refinance, there are…
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