The Spring (nearly Summer!) home buying season just keeps getting hotter – lenders continued to make waves with discounted mortgage rate offers this week, with Scotiabank the latest FI to jump into the fray with a limited-time jaw dropper. Should you make a move? We’ve got the scoop on all the features, restrictions and savings – be sure to check out our coverage!
In other mortgage news, there’s an alarming trend of buyers ditching their offer conditions, just to keep up in the frothy market. It’s a risky tactic – read on to learn why!
Scotiabank Cuts 5-Year Fixed Mortgage Rate to 2.97%
Scotia has knocked BMO off the pedestal of lowest-priced big-bank mortgage lender, introducing a limited-time 2.97 per cent five-year fixed mortgage rate. Available until June 7, this rate offers buyers 15% prepayment privileges, and is available to both conventional and high-ratio buyers. How much more would you really save with a rate this low? We crunch the numbers! Read Penelope’s Blog | Scotiabank Cuts 5-Year Fixed Mortgage Rate to 2.97%
Conditional Financing: Why It’s Important When Buying a Home
In Canada’s hottest housing markets, scoring your dream home is often accompanied by a frenzied bidding war – and each buyer is determined to oust the others with their best offer. It can be tempting in these situations to drop conditions such as upon-approval of financing or home inspections – but doing so can put buyers in a very vulnerable position. Don’t walk into an open house without learning about your conditional offer options. Read Allan’s Blog | Conditional Financing: Why It’s Important When Buying a Home
Banks Must Offer No-Fee Banking: Federal Government
Tired of being nickle and dimed, just to access your money? Bank account hidden fees could soon be a thing of the past, according to new Federal government regulations introduced this week. The new rules state Canada’s biggest banks must provide no-fee account options for low-income consumers, students and seniors. Here’s what you should know about your changing banking options. Read Penelope’s Blog | Banks Must Offer No-Fee Banking: Federal Government
Inflation Back on Track at 2% – Will Rates Rise?
After years of stagnation, inflation in Canada has finally reached its 2% growth benchmark. While a sign that the Canadian economy is improving, it could also pave the way for a central interest rate hike, making borrowing more expensive for consumers. Will the Bank of Canada raise rates in the short term?
Read Rubina’s Blog | Inflation Back on Track at 2%
CMHC Q2 2014 Housing Market Outlook Highlights
The CMHC Q2 2014 Housing Market Outlook was released last week, with some interesting insight to new mortgage market trends. Here, we cover the highlights. Read Allan’s Blog | CMHC Q2 2014 Housing Market Outlook Highlights
Do New Grads Really Have It Worse Financially?
Are new grads five years behind financially, compared to previous generations? Those finishing up at post secondary school this year are facing a whole new slew of challenges, from small wages, underemployment, and general money management. Here’s a look at what new grads can expect. Read Gordon’s Blog | Do New Grads Really Have It Worse Financially?
China Russia Gas Deal: Will Fuel Prices Soar?
The recent China Russia gas deal could mean spiking gas prices around the world. Should Canadian consumers and investors be worried? Read Rubina’s Blog | China Russia Gas Deal: Will Gas Prices Soar?
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Weekly Link Lineup
Budget-Savvy Family Travel Tips: Planning a road trip full of family fun? So Fawned’s Desiree shares her plan to take to Canada’s east coast, all while maintaining a careful budget. Via So Fawned The Tipping Point: Should tipping be banned in restaurants? Would you rather pay 18% more for your meal, or have the choice to tip your server based on your experience? Krystal explores the concept of no-tip restaurants. Via Give Me Back My Five Bucks Save $4,000 In One Year: This couple shares their strategy for trimming their everyday costs – and how it pays off over the calendar year. Via The Frugal Weds Post-Split Spending Fixes: Divorce doesn’t just take an emotional toll – it can be disastrous on your finances. Here are the top money mistakes to avoid post-split. Via Gail Vaz Oxlade