No Frills Mortgage

No Frills Mortgage

Put your hand up if you have so much money left after you pay your monthly bills that it becomes a burden. Does anyone have that problem? Anyone? We most definitely don’t have spare $100 bills clogging up our jean pockets either.

If you’ve done your mortgage homework, you might know by now how important lump sum payments can be in reducing your overall interest and allowing you to pay off your mortgage faster. But sometimes the benefits of lump sum payment options can result in higher fixed term interest rates. If you know you’re not going to take advantage of these features, why pay more for them? Continue reading »

The Aftermath of the New Mortgage Rules
Mortgage News / Mortgages

The Aftermath of the New Mortgage Rules

In January of this year, Jim Flaherty, Canada’s minister of finance, announced that new mortgage and HELOC restrictions were to come into effect in March, 2011. The purpose of the new restrictions was to help curb consumer debt, which was said to be rising at an alarming rate. So have Flaherty’s restrictions brought the stability he sought, or are consumers only sinking deeper into debt? Continue reading »

Citizens Bank Stops Offering Mortgages
Mortgage News / Mortgages

Citizens Bank Stops Offering Mortgages

The Globe and Mail reported that Vancity’s online banking arm, Citizens Bank, will stop offering residential mortgages and focus solely on credit cards and foreign exchange services for non-retail members. This has resulted in Vancity selling the majority of its retail loans, including mortgages, personal loans and secured lines of credit, to TD Canada Trust. … Continue reading »