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
Should You Trust Your Bank?
When it comes to financial advice, including information on the best mortgage rates, who do you turn to? According to a survey released by the Bank of Montreal last Friday, Canadian’s are more likely to turn to their financial institution with money problems than anywhere else. This includes friends, family members, financial advisors and mortgage brokers. Even in the age … Read More
Housing Slow Down Has Started
The future of Canada’s housing market rests in the hands of the nation’s buyers, or at least that’s what the latest housing stats would have us believe. Signs are everywhere that Canada’s once red-hot real estate market is about to freeze over, thanks to a combination of tighter mortgage rules and increasing consumer debt levels. Not only are home sales … Read More
Could Interest Rates Go Lower?
Interest rates have no where to go but up, right? Maybe, but maybe not. Bank of Canada governor Mark Carney signalled last Tuesday that he’s still looking to raise the cost of borrowing “over time,” however, it appears to be an empty threat. The overnight rate has remained unchanged for months as Canadian home hunters continue to take advantage of … Read More
Explaining Foreclosures in Canada
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