Toronto-Dominion Bank has lifted its posted rate for five-year fixed mortgages by 45 basis points to 5.59% as government bond yields touched their highest levels since 2011 last week. Canada’s second-largest lender also increased its two-year, three-year, six-year, and seven-year mortgage rates, bank spokeswoman Julie Bellissimo said in an e-mailed statement. “Adjusting our rates is not a decision we take … Read More
How To Find the Right Property for You and Your Bank
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
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
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
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