Many homeowners have questions when it comes to how to pay off a mortgage faster.
Your Homebuyer’s Guide to How to Pay Off a Mortgage Faster
Taking on a mortgage is no casual agreement — which is why the loan qualification process is so stringent — but you’ll nearly always have options. And perhaps one of the most exciting is the prospect of paying off your mortgage early.
In this article, we will explore how alternative lenders work, the kind of loans they offer and when you should choose an alternative lender for your mortgage.
What you need to know about alternative mortgage lenders in Canada
Despite the fact that the big banks represent the largest volume of mortgage lending in Canada, they are far from your only option. If you have been denied a mortgage from one of Canada's major lenders or are simply looking for different options, there are many other lenders who may be willing to wo…
Most Canadians favoured banks over brokers to obtain mortgages on their primary residences last year.
What do homebuyers prefer – banks or mortgage brokers?
MPC’s annual report on the state of the residential mortgage market revealed that about 6.08 million of the overall 10.01 million owner-occupied dwellings in Canada had mortgages at the end of 2020 – and among buyers who purchased homes in 2020, 54% of mortgages were obtained from banks, 40% fro…
The editorial readily admits it would be the country’s “most unpopular tax,” but suggests it’s a discussion worth having due to the enormous tax-free gains being made by today’s sellers.
Latest in Mortgage News: Rising Prices Spur Talk of Capital Gains Tax on Home Sales
The Department of Finance actually tracks the revenue the government is missing out on by not taxing home equity on principal residences: $7.1 billion this year alone.
Canada’s mortgage rates are rising — if you are thinking of buying, make sure you talk to your broker and lock your rate in.
While the change may seem daunting, buyers still have ways to shape up in the eyes of the CMHC — or dodge the agency entirely.
How to get around Canada’s harsh new mortgage rules
The Canadian Mortgage and Housing Corporation, or CMHC, announced plans in early June to reduce borrowing limits, demand higher credit scores and restrict down payments for anyone who needs default insurance from the agency. That kind of insurance is mandatory for “high-ratio” buyers putting les…
Balancing out the statistic is a lower rate of Millennials turning delinquent, making the stat appear like a wash.
Canadian Seniors Are The Only Demographic Seeing Higher Mortgage Delinquencies
Canadian mortgage delinquencies haven’t moved much at the macro level. The rate of delinquencies is 0.30% for Q3 2020, flat from both the previous quarter and last year. It’s a little elevated since the 2018 lows. However, it’s generally stable, even considering the pandemic. Breaking these nu…
With the start of each new year, it’s a great idea to spend a bit of time reviewing your financial situation.
With the start of each new year, it’s a great idea to spend a bit of time reviewing your financial situation. For some people, this may include planning to buy a home. For others, it might mean taking a look at ways to reconfigure their finances to accomplish other lifestyle goals. For some, parti…
If you’ve had highs and lows of income and your earnings vary dramatically from year to year, you might need to provide more evidence to a lender.
Expert tips on securing a mortgage if you’re self-employed
Some lenders won’t even consider mortgages for self-employed people whose accounts haven’t been signed off by an accountant – and make sure your accountant is certified or chartered.
What type of mortgage is best for your situation? And how can you save money over the course of your mortgage?
Canada Mortgage Rates: What To Look Out For
To start off, there are 3 likely scenarios for why you’re looking for a mortgage today.
