It can be easy to focus on interest rates when choosing a mortgage, but deciding on a long or short term mortgage can have a big impact on your payments. Read on to explore the pros and cons of each – and what to expect if you try to break your mortgage term early.
A recent CIBC study suggests Canadian mortgage debt isn’t as dire as the Bank of Canada claims – in fact, consumers may be paying their mortgages off faster to the tune of $11 billion nationally. But do these numbers really paint an accurate picture of consumer debt in Canada? Read on for the full story.
Choosing your mortgage amortization is an important decision – a long amortization provides security and time to save, while a short one will have you debt-free faster.
Should you pay your RRSP or the mortgage? It’s a question facing all Canadian investors. We’ve crunched the numbers from the past 15 years to find the real payoff.
Homeowners looking to take out a home equity line of credit will find their borrowing power slashed as the National Bank enforced a 65 per cent LTV cap which takes effect today.
Although the recent CMHC changes aren’t news to many (I hope) and I feel like I’m starting to sound like a broken record… a survey conducted by BMO found that a whopping 49 per cent of Canadians are not familiar with the new mortgage rules that came into play this past Monday! This leads me to believe that 49 per cent of Canadians live under a rock, mortgage free and without cable. If you are one of the 49 per cent, please check out the new rules and help tip the “in the know” side of the scale.