Should Mortgage Brokers Force Exclusivity Deals?
RBC and TD Canada Trust were the first to raise their variable mortgage interest rates this week and by the time end of week came, all the others had followed suit. Consumers though, are not quick to be fooled and rarely go with the first rate they’re given. So in turn, they do their due diligence and run around town getting quotes from other lenders, most of them mortgage brokers, to try and get a cheaper rate. Once the consumer gets the cheaper rate from the broker, they then go back to their bank, asking them to match the rate. And as this week has proven, most times the banks will. So where does the unfairness lie?
Read moreCanadians are a Restless Bunch
You’d think that finding the home of your dreams, getting yourself all settled in, and finding a way to comfortably pay your mortgage every month would be enough for most people. But we Canadians aren’t happy with that. We want bigger, better, more, more, more! At least, that’s what a survey recently done by TD Canada Trust has found out.
Read moreYou’re Financially Prepared for an Emergency; are your documents?
With all the news of earthquakes and tornadoes in the GTA, and Hurricane Irene headed for Canada’s Eastern coast, there’s a lot of talk of emergency preparedness and getting ready for any disaster that may strike. And while having a storm cellar or a comfy nook in the basement is great; and having two to six months salary stashed away is even better, have you given thought to what’s going to happen to your paperwork should disaster really strike, and you end up losing significantly?
Read moreThe Forgotten Four: Reasons to Avoid Credit Cards
Having a credit card certainly brings you a certain peace of mind. Should you need a few extra dollars and not have the cash in your pocket, it can be reassuring to know that there’s a little piece of plastic in there that you can whip out to come and save the day. But just as we know how tempting credit cards are, we also know there are several reasons not to own one, exorbitant interest rates being one of them. But along with high interest rates and unheard of start-up fees, when really looking at credit cards and how they can affect your life, you may find a few other forgotten, or not-so-obvious, reasons to avoid getting in too deep with credit cards.
Read moreHousing Correction Won’t Happen, because Canada doesn’t Need One
Canadians were waiting and waiting for a housing correction, and many experts said that one was indeed necessary in order to slow down the amount of empty homes sitting on the market. And, with supply already far exceeding demand, more home starts would only mean more useless supply; and that could land Canada right back into a recession. But, according to the newest report from the Canada Mortgage and Housing Corp.(CMHC), no correction will be made – because none is needed.
Read moreKeeping Your Head while Protecting the Roof Above It
Among the many good reasons Canadians have for getting a home refinancing loan, home improvements and repairs are high on the list. And among those repairs and improvements, installing or repairing a roof also ranks very highly. It’s not hard to see why, either; roof repairs can cost on average anywhere from $5,000 – $20,000. With expenses that high, a home refinancing loan is just the answer. But that loan willonly stretch so far, and you need to make sure that once the money is gone, that roof is there to stay.
Read moreCost of Living is Too Expensive, and Vancouver is to Blame
The Housing Trends and Affordability report was released today by RBC Economics Research and it proved once again what many have been murmuring about for months now – that the cost of home ownership in Vancouver is so high, it’s skewing the picture for the entire country.
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