Who should you consult for your mortgage pre-approval? Handle your mortgage like every other major purchase– that is, be sure you make the effort to compare rates and shop around. Not every Canadian mortgage rate is the same. Bank Rates When you visit a bank, it’s worth bearing in mind that their loan officers are paid to sell you their … Read More
How to Compare Mortgage Rates
Find the best mortgage rate today! Did you know, homebuyers who hunt for a mortgage rate are most likely to secure a competitive financing option than those who don’t? Studies have shown that consumers who compare mortgage rates and ask questions during the pre-approval process are most likely to save more money. How Can I Find a Great Mortgage Rate? … Read More
Bank Holds Overnight Rate at One Percent
The overnight rate held steady yesterday as the Bank of Canada announced that it would maintain its traget of 1 percent. This leaves the prime lending rate at 3 percent. It’s now been more than two years since the prime rate has increased, giving variable rate mortgage holders the upper hand on higher interest costs.
Consumer Debt Hits A New High
A report released this morning by TransUnion shows that, despite repeated warnings, Canadians are back on the borrowing bandwagon, pushing consumer debt to a new record high. According to the report, the average Canadian’s non-mortgage debt hit $26,221 in the second quarter of 2012, up $192 from the previous quarter. This is the highest per person debt level since the … Read More
Ten Tips for Aspiring Homeowners
Thinking of buying while interest rates are still low? Follow these tips to ensure that your finances are ready for a long-term investment.