Unfortunately, half of this country’s citizens say they think mortgage fraud is common in Canada, while a sizeable portion think it’s acceptable to inflate income or misrepresent your employment to secure a mortgage. Those were the findings of the latest BNN Bloomberg and RATESDOTCA survey, conducted by Leger. The survey was sent out to respondents in…
Most mortgages need to be renewed at least once before they’re eventually paid off. Unless you have the cash to pay off your balance in your first mortgage term, you’re likely part of the roughly 66% of Canadian homeowners who carry a mortgage and must renew it at the end of their term. A mortgage renewal is simply…
Amid a series of interest rate hikes implemented by the Bank of Canada over the last few months, some Canadian homeowners may be concerned about whether they’ll be able to keep up with their mortgage payments. Missed mortgage payments are not common in Canada, according to data compiled by the CMHC. In Q1 of 2022, the country’s mortgage…
Bond yields dove over 30 basis recently as economic worries start to replace inflation concerns. Bond yields, which lead fixed mortgage rates, fell to 2.84% down from 3.15% and well off the 3.59% high reached in mid-June. The decline comes due to growing expectations of an economic downturn. Rate analyst Rob McLister, editor of MortgageLogic.news, said…
To refinance your mortgage, you will need to adhere to the terms and conditions outlined by your lender. The process may feel overwhelming to some. However, by taking the time to think things through, you should be able to complete the process without much effort. Refinancing your mortgage is essentially replacing your existing mortgage with…
Canada’s central bank warned real estate buyers to prepare for higher interest rates. It appears buyers are calling their bluff, opting for little rate protection on loans. Bank of Canada (BoC) data shows the share of new mortgages with variable rates doubled in October. Interest costs on most new uninsured mortgages will rise with rates, as borrowers…
The transition from renting to buying is an important one for many young families, but it can be a confusing time, too, since both sides of the rent-versus-own debate come equipped with facts, numbers and compelling opinions. Conventional wisdom suggests that renting a dwelling is often cheaper than owning, but Royal LePage decided to find…
Variable rate mortgages are surging as Canadians pile on the cheap debt, betting that we won’t see a Bank of Canada interest rate hike until the end of next year. The national bank recently noted that more than half of new mortgages made by banks, including renewals and refinances, were variable rates in July. With…
Nobody likes to spend more for their daily expenses, so last week’s news of the 3.7% inflation rate was not well received. According to Statistics Canada, it was the largest annual spike since October 1987. A lot of attention has been paid to the rising costs of food or used cars, as well as in…
Home prices exponentially increasing over the past year have forced a majority of today’s homebuyers to use the maximum mortgage amounts they’ve been approved for. More than 65% of recent buyers bought the maximum amount of house they could afford, according to the Canada Mortgage and Housing Corporation’s (CMHC) latest consumer survey. For about 6 in…
