Explaining Foreclosures in Canada

EditorAbout Mortgage Brokers, FamilyLending.ca, Financial Tips, Housing Costs, Mortgage Term, Mortgage Types, Residential Mortgages

Found yourself in a financially tough spot? Having trouble making your monthly mortgage payments? Be careful – foreclosure could be around the corner. While it is generally in the interested of both the bank and you, the borrower, to avoid foreclosure proceedings, sometimes there is no other option. A number of things happen when a homeowner defaults on their mortgage. … Read More

How To Buy A House When You Have Bad Credit

EditorAbout Mortgage Brokers, Credit Rating, FamilyLending.ca, Financial Tips, First Time Home Owner, General Interest, Mortgage Down Payment, Mortgage Insurance, Mortgage News, Mortgage Term, Mortgage Types

According to recent reports, more than one in eight adult Canadians are expected to declare bankruptcy or negotiate a debt settlement with creditors. And yet, Canada’s homeownership numbers are currently at a record high. This just goes to show you that devastated credit doesn’t have to leave you high and dry when it comes to entering the housing market. Granted, … Read More

Consumer Debt Impacts IMF’s Outlook for Canada

EditorAbout Mortgage Brokers, FamilyLending.ca, Financial Tips, Mortgage News, Real Estate Advice, Residential Mortgages

Canada’s economic outlook took a big hit this morning as the International Monetary Fund downgraded the nation’s financial outlook. Inflated consumer debt levels and a shaky housing market were at the heart of the downgrade, which was announced in Tokyo this morning at the IMF-World Bank annual meeting. The Washington-based global lender’s quarterly World Economic Outlook downgraded Canada’s economic advance … Read More

Avoid Homebuyer’s Regret With These Tips

EditorAbout Mortgage Brokers, FamilyLending.ca, Financial Tips, Mortgage Down Payment, Mortgage Insurance, Mortgage News, Property Maintenance, Residential Mortgages

While buying a home is the biggest investment the average Canadian will ever make, many first-time home buyers still don’t take the time to perform sufficient financial due diligence before signing their offer to purchase. A recent survey commissioned by TD Canada Trust has found that the two biggest regrets include not saving for a larger down payment and not doing enough … Read More

Loophole May Make Credit Unions the Better Mortgage Option

EditorAbout Mortgage Brokers, Commercial Mortgages, Financial Tips, General Interest, Mortgage News, Mortgage Term

New mortgage guidelines aimed at Canada’s sizzling real estate market might not be as ironclad as Finance Minister Mark Carney may have hoped. That’s because credit unions, which are provincially regulated, are not under the jurisdiction of the Office of the Superintendent of Financial Institutions (OSFI). This loophole may provide community credit unions with an important competitive advantage and borrowers … Read More