How To Find the Right Property for You and Your Bank

Melanie ConsMortgage Talk Canada

There are two investments a bank is making when they decide to provide you with a mortgage: You and the Property. So, if you’re being turned down for a mortgage it could be the property that is the issue, not you. Here are some properties to avoid: An apartment smaller than 40 square meters – Because they are so tiny, … Read More

How To Save a Down payment for a House

Melanie ConsMortgage Talk Canada

If you’re getting turned down for a mortgage, a good way to increase your chances is having a larger down payment for your house. This shows that you’re serious about your investment and the banks can be serious about it as well. Easier said than done right? Here are a few tips to help you out. Prioritize – You have … Read More

How To Repair Your Credit Score

Melanie ConsMortgage Talk Canada

Having bad credit is one of the main reasons that you could be turned down for a mortgage, as it represents the credit risk that financial institutions are taking if they loan you money. Repairing this score is a bit like losing weight, there is no quick fix, it just takes time and acting responsibly. Here are some things that … Read More

Breaking: Two Big Six banks hike benchmark rates

Melanie ConsMortgage Talk Canada

Two of Canada’s biggest banks are raising their benchmark rates for five-year, fixed-rate mortgages. TD says as of Wednesday it increased its posted rate for five-year fixed mortgages to 5.59 per cent from 5.14 per cent. Mortgage planner and rate comparison website founder Robert McLister says the increase is “unusual” as the benchmark rate hasn’t seen a jump of 45 … Read More

Toronto homebuyers learn harsh lesson

Melanie ConsMortgage Talk Canada

by Neil Sharma A recent study elucidated how badly homeowners got burned when Toronto’s housing market plunged about a year ago. The report, published by Move Smartly, determined that hundreds of homeowners lost an average of $140,000 because of closing defaults, and according to John Pasalis of Realosophy, that totaled $121mln in lost market value. “It tells you how rapid the … Read More