The Financial Post recently reported that Canadian real estate investment trusts (REITs) have rallied to the highest levels in five years, and that’s despite Finance Minster Jim Flaherty’s constant threat of increased interest rates. So, just what is a real estate investment trust and how can it impact your best mortgage rate search? Let’s take a look.
Low Mortgage Rates = False Sense of Security?
Historically low interest rates are making it easier for Canadians to enter the real estate market. Why continue to rent when a mortgage payment could be less than your current monthly lease? If you’re considering the here and now, buying makes perfect sense. With the help of a seasoned mortgage broker, you can easily secure a best rate mortgage that’s … Read More
Changes Coming for Mortgage Penalties
One of the easiest ways to ensure you’re getting the best mortgage rate around is to renegotiate your financing terms when interest rates are low. Which is great… except for one small problem: penalties. Banks are notorious for slapping borrowers with hefty penalties, especially those who are looking to wiggle their way out of a long-term fixed rate deal. It … Read More
Reverse Mortgages on the Rise
Aging Canadian’s in need of a financial boost are cashing in record numbers, according to data released earlier this month. A report released by the parent company of HomEquity Bank, the nation’s sole provider of reverse mortgages, states that a record number of reverse mortgages (with a rough total worth of $67.2 million) were closed in the fourth quater of … Read More
How to Check Your Credit Score
Did you know that your credit score can mean the difference between an affordable mortgage rate and an astronomical one? This three-digit number can unlock endless possibilities for your financial future, but only if you know how to properly maintain it. The first step? Knowing how to check your credit rating.