Delivering you the very best money tips, news, and how-to's in Canada every single week. Wondering how to break up with your bank, how to save thousands on your mortgage, or how the latest economic news affects you? You're in the right place.
You might be wondering what a cash back mortgage is – it is exactly what it sounds like. When your mortgage funds you receive a set percentage back in cash to go towards, well whatever you want! Some will turn around and use a 5 per cent cash back amount as their down payment, a sly move around the minimum down payment required to qualify for a mortgage in Canada. The pro with this type of mortgage is that you can do whatever you want with the cash back!
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The Bank of Canada’s 20bps qualifying interest rate increase took effect Sunday April 8th, 2012 at 11:59pm and currently sits at 5.44 per cent. This is one more tactic implemented to dampen the spending habits and enlarged credit balances Canadians are facing. What does this mean for you?
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The self-employed (including small business owners) have always had a hard time getting mortgages. And pity those who’ve gone through a divorce, which can hurt in countless ways. A friend recently revealed that when she first separated from her husband, she had no credit rating. Here’s what to do when you don’t qualify for a mortgage.
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There’s no doubt, your home is likely the largest purchase you’ll ever make. If you arrange your mortgage through the bank, it is their responsibility to ask you if you want to insure your mortgage through them. While it’s easy to say yes, it’s a good idea to explore your options thoroughly first. Mortgage insurance is a good idea for some, but there could be a better option – life insurance. Let’s look at each closely and compare them for their drawbacks and their benefits.
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We cover fraud from time to time on Ratesupermarket, and for a good reason. It’s all over the place, and your money and personal information are at increasing risk. Why? Because all it takes to rip someone off these days is a computer, Wifi, and a remotely clever idea. In the financial sector alone, fraud incidents are worth $650 million a year in Canada. Of that, mortgage fraud makes up $400 million.
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Want to know what the outlook is on mortgage rates for the next 30 to 40 days? Our panel of mortgage experts share their views on Canadian Mortgage Rate Trends.
Panel Consensus
May 2012
