There’s a lot of paperwork involved in sorting out a mortgage. Instead of pulling it all together at the last minute, slowly start to organize your documents now, so that you’ll be better prepared when it comes time to close the deal.
Over the last few years access to banking products and services has become even more complex given new laws and regulations designed to prevent money laundering. For newcomers to Canada, securing a mortgage can be a bit tricky. Here’s what you need to know.
What happens if you find your perfect home the day after you put your current home on the market? Like many people, you probably panic. Don’t worry! There is an answer – bridge financing.
There’s a lot of talk about mortgage rate increases in Canada. After years of ultra-low interest rates there’s only one direction for rates to go – up. Here’s a few tips to help you prepare for the rate rise.
Are you new to the housing market and looking for your first mortgage? Perhaps you already have a mortgage but you’re looking for a better rate? Or maybe your mortgage is up for renewal? Regardless of your situation, here’s our checklist to help you find the Best Mortgage Rate.
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?
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?
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. …