Paying down your mortgage as early as possible is one of the best suggestions that financial advisers make to their clients.  After all, throwing extra money at the biggest debt you may have can result in big interest savings and being mortgage-free years sooner. Since mortgage payments are made with after-tax dollars, putting extra money down on a debt with an interest rate of 3.49% is equivalent to getting a guaranteed, risk-free return of over 5.0% for most taxpayers. If your... [read more]

The Coronavirus crisis has left many homeowners in Canada without a job or with reduced hours and wondering how to pay their mortgage. Homeowners facing financial stress may be eligible for a mortgage payment deferral up to 6 months to help ease the financial burden. The COVID-19 Mortgage Payment Deferral program will be ongoing. You can apply at any time during this outbreak. What is mortgage payment deferral? Mortgage payment deferrals can help you during times of financial hardship... [read more]

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent. While Canada’s economy has been operating close to potential with inflation on target, the COVID-19 virus is a material negative shock to the Canadian and global outlooks, and monetary and fiscal authorities are responding. Before the outbreak, the global economy was showing signs... [read more]

  For Mortgage Decisions - Look Beyond the Interest Rate and Get Expert Advice November, 2019 Are you among the shoppers who carefully read the labels of items you plan to buy? It seems that more and more Canadians are making informed purchasing decisions a priority, and Paul Taylor, president and CEO of Mortgage Professionals Canada, welcomes this attention to detail. He believes the same – if not greater – scrutiny is warranted when people are obtaining or renewing... [read more]

The Benefits and Risks of Co-Signing for a Mortgage: Thanks to tighter mortgage qualification rules and higher-priced real estate—particularly in the greater Vancouver and Toronto areas—it’s not always easy to qualify for a mortgage on your own merits. You may very well have a great job, a decent income, a husky down payment and perfect credit, but that still may not be enough. When a lender crunches the numbers, their calculations may indicate too much of your income... [read more]