Greece edges closer to debt deal

Greece saw investors’ participation in a massive debt relief deal rise on Wednesday, bringing the country closer to avoiding a default that would plunge it into financial chaos and re-ignite the European debt crisis. About 24 hours before the deadline for acceptances, investors owning around half of Greece’s privately held debt had committed publicly to […]

The State of Stated Income

Canada has 2.67 million self-employed citizens, about 15% of the work force, says CAAMP. Due to how they report income and deduct expenses, these individuals are frequently reliant on stated income mortgages. A few weeks back, Bloomberg quoted Canada’s bank regulator, OSFI, as saying stated income mortgages “have some similarities to non-prime loans in the U.S.” Just weeks before that, CMHC announced limits on bulk mortgage insurance, which […]

BMO sends a warning to brokers

Brokers, consider yourselves warned, with a BMO exec laying out explicit plans to grow the number of mortgage specialists, needed to “take business” from competitors in a slowing market. “We’ve been … pretty clear about our objective, which is — we’ve been at 2 per cent mortgage growth for quite some time now and our […]

Report hints at why BMO went to 2.99%

New analyst reports are hinting at why BMO moved to offer that trendsetting 2.99 per cent rate, at the same time suggesting the offer may come back to bite it – and, indeed, the industry. The big bank trod out that historical interest rate early last month, kicking off three weeks of the unprecedented originations […]

Average Canadian’s consumer debt hits $25,960

The average consumer’s debt load climbed to a record high $25,960 at the end of 2011, although annual data from a credit bureau report released today suggests that the Canadian love affair with debt is waning. Consumer debt, which excludes mortgages, edged 1.4 per cent higher in the fourth quarter of 2011 from the previous […]

How home closing costs can add up

Home buyers are often advised to set aside one-to-three per cent of the purchase price of their house for closing costs.  These fees are explained during the home buying process, but it is helpful to ask questions so you fully understand how these costs can affect  your budget. Legal fees: On average you should budget $600 […]

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