Friday Mortgage Round Up: February 17th, 2012
Mortgage News / Mortgages

Friday Mortgage Round Up: February 17th, 2012

After the CMHC announcement hit headlines last week, a few lenders changed their guidelines for promotional rates offered. The lenders revealed that the promo rates are no longer offered for conventional mortgages anymore and they are only looking at high-ratio deals. CMHC claimed that their cap wouldn’t affect qualified home buyers nor would it affect the cost of buying a house. Ahemm… the last time I checked, putting LESS money down on a home to qualify for a lower promotional rate, increases the interest payments made over the life of your mortgage, thereby directly affecting the cost of buying a house! Continue reading »

My Debt to Income Ratio is Higher than 153%: But That’s Okay!
Debt Repayment / Personal Finance

My Debt to Income Ratio is Higher than 153%: But That’s Okay!

Experts will tell you your debt-to-income ratio is one of the best ways to gauge your financial position. The media often quotes the Bank of Canada saying Canadians are at dangerously high levels of debt at 153 per cent. But what does that mean? I’ve spent dinner parties arguing how to properly calculate debt to income ratios and how much is too much. There are many schools of thought on how to asses your financial health. Here are a few. Continue reading »