Thursday, February 13, 2020

First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making home ownership more affordable.

Thursday, February 06, 2020

Why Canadians Really Need To Change Lenders At Mortgage Renewal Time, Especially Now

"A great number of people don't do any comparison shopping whatsoever and the banks take advantage of those people by offering higher rates at renewal."
Some advice on what to do if you can’t afford a mortgage rate hike. You're likelier to get a better mortgage rate if you switch lenders at renewal time.
How you can benefit from working with a Mortgage Broker - when renewal time comes around, we can help find you better rates in the marketplace and save you money. Read More...  #StratfordMortgageBroker

Canadians racked up $100 billion in credit card debt for first time ever and they're not done adding to it

Brace yourself for more debt and delinquencies next year — particularly in the Western provinces.
Canadians will likely see a slight increase in debt and delinquencies next year, particularly in Western provinces hit by downturns in the oil and farming industries, according to a new report by a consumer credit reporting agency.
The average Canadian’s non-mortgage debt may increase by 1 per cent to $31,531 by the end of 2020, New York Stock Exchange-listed TransUnion Co. forecast. Delinquency rates may fall to 5.41 per cent this year from 5.54 per cent at the end of September before increasing to 5.44 per cent by the end of next year, the data showed. Read entire article...

Does an increase in interest rates lead to more mortgage defaults in Canada?

The prevalent belief among policymakers — and basic economic theory — would seem to suggest that it should. But a recent study that took a look at data on consumer borrowing and spending in Canada is raising some questions about that relationship.
Fears that rising interest rates could make it harder for Canadian to make their mortgage payments was one of the motivations behind the tightening of mortgage regulations in Canada. The changes included, among others, the stress test, shortening of the amortization period and new taxes on foreign homebuyers. Policymakers in Canada were no doubt influenced by the experience in the United States, where a boom in subprime mortgages contributed significantly to the Great Recession in 2008. Read entire article...

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Can You Qualify For A Mortgage After A Consumer Proposal?

After you file a consumer proposal, the last thing on your mind might be a new mortgage, but you may be a lot closer than you think.

Maybe you wish to buy a home, or you own a home and are interested in refinancing your mortgage. Let’s first talk about purchasing a home.

When Can You Buy A Home After A Consumer Proposal? Read more...

Canadians’ New Year’s Resolution: Pay Down that Debt

It’s that time of year again, when we vow to kick bad habits and set a healthier or more positive course for the new year ahead. Improving our finances usually tops the list, and this year is no exception.

For the 10th straight year, the top financial priority for Canadians in 2020 is to pay off their debtsperhaps not surprising given that the average person dropped about $1,600 on holiday shopping last month. Read more...