45% of brokers procrastinate on re-licensing

It has come down to the wire for nearly half of Ontario’s 12,000 mortgage professionals – who, with only a month left on the clock, had yet to complete that do-or-die re-licensing course. “What can I say? That’s the industry” Joe Rosati, executive director for the Independent Mortgage Brokers Association of Ontario, told MortgageBrokerNews.ca.  “FSCO […]

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 […]

Why mortgage penalties are so hard to understand

By Peggy Mackenzie If you want to break your mortgage, there are two ways to calculate the penalty. One uses three months’ interest and the other uses the Interest Rate Differential (IRD).  The bottom line is that with either method, if you want to take advantage of lower interest rates, it’s going to cost you. […]

Happy Clients Are Gold

How important is client satisfaction to a mortgage broker? The answer is in this stat: A whopping 82% of broker clients find out about their broker via referral. (Source: Maritz/CAAMP) Existing clients are gold. As a broker, they’re our best source of new business. That’s why it pays to take care of and invest in them. […]

2011 Canadian Housing Observer

The Canadian Housing Observer presents a detailed annual review of housing conditions and trends in Canada and of the key factors behind them. It is an ideal resource for housing planners; researchers; policy makers; home builders; mortgage and real estate professionals; and municipal, provincial/territorial, and federal housing specialists. Highlighting the State of Canada’s Housing The […]

2 Out of 3 Don’t Shop at Renewal

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. Manulife recently surveyed 1,000 Canadian homeowners between the ages of 30 to 59. Among respondents with a mortgage, two-thirds (65%) did not […]

Should you tackle your small or large debts first?

KATHERINE SCARROW Globe and Mail Update When it comes to tackling debt, logic isn’t always at the forefront of our decision-making. According to a new research study, consumers routinely mismanage multiple debts, paying off small debts first even when larger debts have higher interest rates. “People want to wipe the books clean,” says Scott Rick […]

Canadian banks envy of the world

MONTREAL – What’s wrong with this picture? Banks in the U.S. and Europe are struggling to adjust to new rules that limit their speculative trading and boost their capital requirements. They’re bracing for a big hit in credit markets if the European debt crisis gets any worse. But here in Canada, life is great. If […]

Five year-end tax tips to save you money next spring

With just a few weeks to go until the curtain falls on 2011, you still have time to squeeze in some year-end tax planning between those trips to the mall and the holiday parties. Time spent doing some planning before Dec. 31 can reap huge rewards come next April. Here are five things to consider: […]

5 reasons why a fixed-rate mortgage could be your best bet

It’s a decision that millions of Canadian homeowners struggle with repeatedly during their time as homeowners: Do they choose the security of a fixed-rate mortgage, or opt for the flexibility (and usually lower cost) of a variable rate and hope that rates don’t spike higher? But right now, conditions in the mortgage market mean homeowners […]

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