Why a Bank Mortgage Might Not Make Cents

EditorAbout Mortgage Brokers, FamilyLending.ca, First Time Home Owner, General Interest, Mortgage Term, Mortgage Types, Refinancing my Property, Residential Mortgages

It’s no secret that the banking industry operates in a regulatory environment. Bankers and advisors are required to adhere to strict rules and restrictions… except when it comes to mortgages. According to Samantha Gale, a former mortgage regulator with B.C.’s Financial Institutions Commission and chief executive officier of the Mortgage Brokers Association of British Columbia, individual bank mortgage reps, unlike … Read More

A Closer Look At Your Neighbourhood’s Housing Market

EditorFamilyLending.ca, Financial Tips, General Interest, Mortgage News, Mortgage Talk Canada, Mortgage Term, Real Estate Advice, Residential Mortgages

The elusive soft landing has finally hit ground in Canada, as the latest reports from the Real Estate Association show a decrease in year-over-year sales. The real estate group found that sales were down 0.1% in October from September. Actual sales for October (without the seasonal adjustment) were down 0.8% from a year ago. While not unexpected (a housing slowdown … Read More

The Perks of Paying Off Your Mortgage Faster

EditorAbout Mortgage Brokers, FamilyLending.ca, Financial Tips, First Time Home Owner, General Interest, Mortgage News, Mortgage Term, Residential Mortgages

The amortizations gods have been good to Canadians over the past three years. Just 60 months ago, mortgage rates were nearly double what they are now, costing homeowners thousands of dollars in interest every year. In fact, if you were to compare interest costs in 2007 with today’s rates, you’d save over $100,000 in interest over a 25 year amortization … Read More

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