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Category: Mortgage Tips & Advice (33 posts)

RBC analysts: One in five deferred mortgages likely to go into default

RBC analysts: One in five deferred mortgages likely to go into default

October 19, 2020 | Posted by: Maurice Kwok

Despite the government’s fiscal assistance programs, a significant fraction of mortgages under deferral are likely to go into default, according to RBC Capital Markets analyst Darko Mihelic and ...

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Mississauga woman fined $22,000 after breaking five-year mortgage

Mississauga woman fined $22,000 after breaking five-year mortgage

October 5, 2020 | Posted by: Maurice Kwok

A Mississauga woman who recently upgraded to a detached home has been slapped with a $22,000 penalty for breaking a five-year mortgage. Dilini Jayasinghe, who previously lived in a townhous ...

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Canada’s bank regulator rolling back loan deferral programs for banks, insurers

Canada’s bank regulator rolling back loan deferral programs for banks, insurers

August 31, 2020 | Posted by: Maurice Kwok

Canada’s banking regulator is rolling back two emergency programs introduced at the beginning of the pandemic, including a crucial measure that made it easier for banks to offer loan payment def ...

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CMHC plea over high-risk mortgages angers lenders

CMHC plea over high-risk mortgages angers lenders

August 14, 2020 | Posted by: Maurice Kwok

A sharply worded letter sent by the head of Canada’s national housing agency has upset many in the senior ranks of mortgage lenders whose business he is trying to win back. Canada Mortgage and ...

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Bank of Canada expected to cut five-year mortgage rate to 4.79 per cent

Bank of Canada expected to cut five-year mortgage rate to 4.79 per cent

August 11, 2020 | Posted by: Maurice Kwok

Ottawa’s mortgage stress test is about to get a little easier. Mortgage experts expect the Bank of Canada to cut its benchmark five-year mortgage rate to 4.79 per cent from the current 4.94 per ...

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Agents warn high bidders of appraisal shock

Agents warn high bidders of appraisal shock

July 14, 2020 | Posted by: Maurice Kwok

The Toronto-area real estate market is looking like early 2017 redux in more ways than one: Intense competition occasionally leads buyers to offer huge amounts above the asking price of a property, th ...

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Are mortgage deferrals key to sustaining Canada’s financial stability through the pandemic? The Bank of Canada thinks so

Are mortgage deferrals key to sustaining Canada’s financial stability through the pandemic? The Bank of Canada thinks so

June 12, 2020 | Posted by: Maurice Kwok

As the Bank of Canada fretted over bloated household debts for the better part of the past decade, its biggest fear was that stretched-to-the-limit mortgage holders would collapse under the weight of ...

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Canada looking to increase minimum mortgage down payments from 5% to 10%

Canada looking to increase minimum mortgage down payments from 5% to 10%

May 23, 2020 | Posted by: Maurice Kwok

Canada is looking to stop its historic household debt soaring even higher due to the novel coronavirus crisis by requiring higher mortgage down payments, the country’s national housing agency sa ...

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Pandemic Personal Finance Update No. 6: First-time home buyers with job security should get preapproved for a mortgage

Pandemic Personal Finance Update No. 6: First-time home buyers with job security should get preapproved for a mortgage

April 27, 2020 | Posted by: Maurice Kwok

GET A MORTGAGE PREAPPROVAL With unemployment rising and incomes plunging, expect to see home prices fall in the months ahead. First-time home buyers with job security, this is your time. Get preappro ...

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Coronavirus: Canada’s big banks to allow mortgage payment deferrals

Coronavirus: Canada’s big banks to allow mortgage payment deferrals

March 18, 2020 | Posted by: Maurice Kwok

Canada’s big six banks will allow mortgage payment deferrals for up to six months as part of extraordinary measures to help customers struggling with the financial impacts of ...

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Dealing with Mortgage Payment Difficulties

Dealing with Mortgage Payment Difficulties

March 17, 2020 | Posted by: Maurice Kwok

Tools and tips to resolving financial difficulties. When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important for you to take quick action. W ...

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How to use RRSP season strategically when purchasing a first home

How to use RRSP season strategically when purchasing a first home

February 29, 2020 | Posted by: Maurice Kwok

Question from a Globe and Mail reader: I’m 36, married and expecting my first baby soon. After saving up for over a decade, my partner and I would like to purchase a home this year before t ...

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Ottawa unveils new mortgage stress-test rules that will make it easier to qualify

Ottawa unveils new mortgage stress-test rules that will make it easier to qualify

February 18, 2020 | Posted by: Maurice Kwok

Ottawa is revamping the mortgage stress test to make it easier for borrowers to qualify for loans in a move that could add fuel to already hot housing markets. Finance Minister Bill Morneau announced ...

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Canadian housing starts slow in December

Canadian housing starts slow in December

January 9, 2020 | Posted by: Maurice Kwok

Developers started building fewer homes than expected in December, mostly because of a decline in multi-unit projects, Canada’s housing agency said Thursday. Canada Mortgage and Housing Corp. s ...

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Predictions for Canada’s mortgage market in 2020

Predictions for Canada’s mortgage market in 2020

January 4, 2020 | Posted by: Maurice Kwok

Canada’s mortgage market turned heads in 2019. From the plunge in interest rates, to the late-year surge in mortgage growth to the growing influence of online discount mortgage lenders, it was a ...

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DLC is “fired up” about the future

DLC is “fired up” about the future

December 12, 2019 | Posted by: Maurice Kwok

Acquisitions are on the table for the DLC Group of companies in 2020, but they’re more focused on better training for brokers and building their existing networks. In a recent “ ...

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No Stress Test Advantage

No Stress Test Advantage

December 11, 2019 | Posted by: Maurice Kwok

...

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Trudeau asks Morneau to review Canada’s mortgage stress test

Trudeau asks Morneau to review Canada’s mortgage stress test

December 9, 2019 | Posted by: Maurice Kwok

Prime Minister Justin Trudeau has asked his Finance Minister to consider recommendations for making the mortgage stress test “more dynamic,” after widespread criticism of its des ...

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Free Download 'My Mortgage Planner' App for iPhone and Android

Free Download 'My Mortgage Planner' App for iPhone and Android

November 18, 2019 | Posted by: Maurice Kwok

What can you do with my app: Calculate your total cost of owning a home Estimate the minimum down payment you need Calculate Land transfer taxes and the available rebates Calculate the maximum l ...

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Video: Drawing Conclusions: How much does it cost to break a mortgage?

Video: Drawing Conclusions: How much does it cost to break a mortgage?

November 13, 2019 | Posted by: Maurice Kwok

Personal finance expert Preet Banerjee explains the two formulas you need to know: Three Months' Interest and Interest Rate Differential (IRD) Click the play button below: Source: https ...

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Investors sue Ontario over supervision of risky syndicated mortgages

Investors sue Ontario over supervision of risky syndicated mortgages

November 4, 2019 | Posted by: Maurice Kwok

A group of investors has launched a class-action lawsuit against the Ontario government alleging that the provincial regulator responsible for licensing mortgage brokers was negligent in allowing the ...

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Canadian Mortgage Growth Improves, But It Was Still A Very Weak September 2019

Canadian Mortgage Growth Improves, But It Was Still A Very Weak September 2019

October 28, 2019 | Posted by: Maurice Kwok

Canadian mortgage credit is growing, but isn’t quite where it should be. Bank of Canada (BoC) numbers show the balance of mortgage debt hit a new high in September. Mortgage credit gro ...

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Buying a home? Here’s how to decide how much to put down

Buying a home? Here’s how to decide how much to put down

October 14, 2019 | Posted by: Maurice Kwok

Housing prices are ticking up again, with the average price for homes sold in September in the GTA reaching $843,115, according to the latest report. Rising prices present prospective home buyer ...

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CIBC reorienting Canadian mortgage strategy to focus on more markets, CEO Victor Dodig says

CIBC reorienting Canadian mortgage strategy to focus on more markets, CEO Victor Dodig says

September 26, 2019 | Posted by: Maurice Kwok

The chief executive of CIBC says the bank is starting to “reorient” its Canadian mortgage strategy after having too large a focus on two large markets and not enough on the rest of the cou ...

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Buying an Investment Property in a Holding Company (with a four-minute video)

Buying an Investment Property in a Holding Company (with a four-minute video)

September 25, 2019 | Posted by: Maurice Kwok

Ever considered using a real estate corporation to buy property? Corporate Real Estate is having a corporation as the legal owner and on title of a property instead of your personal name(s).  It& ...

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A six-figure income isn’t enough to cover this executive's mortgage, support obligations after divorce

A six-figure income isn’t enough to cover this executive's mortgage, support obligations after divorce

September 25, 2019 | Posted by: Maurice Kwok

Situation: Six figure income is not enough to pay debt service, child and spousal support Solution: Refinance the mortgage to reduce costs and keep working to 65 to build retirement costs ...

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Tories pledge to boost mortgage repayment periods for first-time buyers

Tories pledge to boost mortgage repayment periods for first-time buyers

September 24, 2019 | Posted by: Maurice Kwok

Conservative Leader Andrew Scheer said a Tory government would review the mortgage stress test and expand repayment periods, proposals that would partly reverse Ottawa’s efforts to discourage ho ...

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CMHC or Genworth Purchase Plus Improvements Program

CMHC or Genworth Purchase Plus Improvements Program

September 23, 2019 | Posted by: Maurice Kwok

Question: Is it possible for a young couple to purchase a condo unit of $400,000 with $30,000 RRSP in total, with a preference to spend $40,000 to upgrade the old kitchen and bathroom right after clos ...

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CHIP Reverse Mortgage of HomeEquity Bank

CHIP Reverse Mortgage of HomeEquity Bank

September 18, 2019 | Posted by: Maurice Kwok

I attended a webinar 'Powercall with HomeEquity Bank' on Monday, September 16.  This is my second training on Reverse Mortgage of CHIP Canadian Home Income Plan. There are three life phases: 1. ...

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TD Bank Cash Bonus & Incentive

TD Bank Cash Bonus & Incentive

September 14, 2019 | Posted by: Maurice Kwok

TD Bank Cash Bonus for Purchase and Refinance Purchase: $500,000+ Mortgage: $2,000 cash bonus $200,000-$499,999 Mortgage: $1,000 cash bonus Refinance: (for mortgages NOT with TD Bank now) ...

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A non-permanent resident with a work permit can purchase a property in Canada with 10% down payment

A non-permanent resident with a work permit can purchase a property in Canada with 10% down payment

September 13, 2019 | Posted by: Maurice Kwok

Newcomers to Canada are an important and growing segment of Canada’s population, creating new market opportunities. CMHC-insured financing is available to borrowers with non-permanent  ...

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Many Homeowners Don't shop - Mortgage Renewal

Many Homeowners Don't shop - Mortgage Renewal

August 12, 2019 | Posted by: Maurice Kwok

Every now and then we see a mortgage stat that’s a jaw-dropper. This finding from Manulife Bank is one of them. It suggests there are a lot more people with money to burn than one might expect. ...

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10 Facts about Down Payment Often Ignored

10 Facts about Down Payment Often Ignored

August 5, 2019 | Posted by: Maurice Kwok

Many homebuyers are not aware of the importance of proof of down payment, and many real estate agents sometimes forget to remind their clients about such proof.  Obtaining a mortgage ap ...

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