What is a No-Frills Mortgage, and when are they Right for You?
There’s been a lot of talk lately about the latest offer from BMO. It’s the second time in three months that the bank has offered a 2.99% 5-year fixed term mortgage – inarguably one of the best rates you can find right now. But yet so many experts argue against taking out this kind of Toronto…
Read moreWhat is a Mortgage Payment Vacation?
When some homeowners think of a “mortgage payment” vacation, they might think that it’s simply some time off you take when you can’t, or don’t want to, pay your mortgage. Truthfully, not paying your mortgage payment for a month or two without telling the lender will probably only result in you losing your house. But,…
Read moreAfter the Recession
There’s still some debate going on as to whether or not Canada was reallyin a recession from 2008-2010 but whether we were there officially or not, things did not look good. Our unemployment rate went up, our GDP went down, and our housing market got really messy. The good news is that things are on…
Read moreWhich is Better: CMHC or Private Mortgage Insurance?
At the beginning of February CMHC announced that they were getting near their mortgage insurance cap of $600 billion dollars. This sent up some semi-panic, and speculation about whether or not the government would raise that cap. But now some, such as the C.D. Howe Institute, and the Macdonald-Laurier Institute are asking whether or not…
Read moreWill the Sale of FirstLine be Everything CIBC Hopes For?
It’s official. After weeks of speculation, CIBC has announced that they will be selling FirstLine and therefore, will be pulling out of the mortgage broker channel. The only question left now is: will it pay off for them? With their announcement CIBC did give a couple of reasons for the move, saying, “Benefits of this…
Read moreBMO Cuts Mortgages, Other Banks Quick to Follow
When Bank of Montreal announced on Wednesday that they were lowering their rates to an unheard of 2.99% for a 10-year fixed term, and 3.99% for a 5-year fixed term, many experts believed that other banks would be quick to follow. Yesterday, we found out that they were right. The Royal Bank of Canada, TD…
Read moreBank of Canada Keeps Lending Rate the Same
While some experts may have toyed with the idea that the Bank of Canada would actually lower its lending at the historically low rate of 1% it’s been at since September 2010, it was announced yesterday that it would remain the same. What did change was the positive tone of the statement. While all other…
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