Five Tips For Negotiating a Mortgage

Leigh Doyle  When you’re buying your first house, negotiating for the mortgage can seem like the least fun and most complicated part of the process. But having no experience making one of life’s biggest purchases doesn’t mean you’re destined to pay the bank’s listed rate. Follow these five expert-approved tips to make you a better […]

34, mortgage and debt free: Here’s how

Over the past 18 months Moneyville has followed my early retirement journey which started as a dream to retire when I was 45. I’ve been working hard over the past few years to make the dream come true and I’ve managed to bring the target down to Freedom 42, just eight years from now. I’m […]

CMHC Updates- Best Mortgage Rates in BC

CMHC Updates The largest mortgage insurer inCanada, Canada Mortgage and Housing Corporation (CMHC) is nearing it’s limit on how much mortgage default insurance its allowed to underwrite. Of its $600 billion capacity allocated to it by the government, only $24 billion remains. Mortgage default insurance protects the lending party in the event that a homeowner […]

The perils of home buying without a rainy-day fund

Few people would walk even a 10-foot-high tightrope without a net. Even with a reward, the fall wouldn’t be worth it if something went wrong. Yet people who buy homes without access to emergency funds are walking a figurative tightrope every day. When you get a mortgage with no savings, the unforeseen is your enemy. […]

Hows your Mortgage War Chest?

Hows your Mortgage War Chest? Would you walk a tightrope without a net? Skydive without a quality parachute? Rock climb without a harness? Then why do so many people go into a mortgage without emergency funds? Any honest mortgage broker will tell you this is a bad idea. It’s a metaphorical extreme sport if you […]

ING Sold to Scotia – current customers with low mortgage rates should remain unaffected.

  ING Sold toScotia This shouldn’t come as a shock to spectators of the mortgage market, but ING Direct now has a buyer. If everything falls into place, Scotia Bank will buy ING Direct to the tune of $3.1 billion. Note that current customers with low mortgage rates should remain unaffected. Obviously, the deal must […]

To Buy or not to Buy, that’s a Pretty Big Question (part 2) for first time buyers

To Buy or not to Buy, that’s a Pretty Big Question (part 2) This is part 2 of a 2 part series on down-payments for first time buyers. BMO Capital Markets deputy chief economist, Doug Porter estimates that to save a 5% down-payment (as mentioned in part 1 of the article) and have access to […]

Online Marketing for Brokers – New Broker Rankings Indicate Trend

New Broker Rankings Indicate Trend Broker rankings for 2011 were recently released by CMP. As is typical, most of the industry’s brokers (including many Vancouver mortgage brokers) have been left out; many simply aren’t willing to submit their deals to the survey. Regardless of the exclusions, it does provide some insight into the brokerages of […]

Itemizing Up-Front Closing Costs

When you buy a new home, lenders like to see proof that you can cover the closing costs. To satisfy this condition you typically have to demonstrate your ability to pay an additional 1.5% of the purchase price at closing, on top of your down payment. But not everyone knows what closing costs entail. TD recently […]

Why CIBC’s Mortgage Growth Has Stalled

The Financial Post ran astory this week suggesting that CIBC is retreating from consumer lending due to risk concerns. That was likely a stretch. The article was based primarily on one data point, percentage change in mortgage and household lending. Since CIBC has near-0% volume growth in the first five months of 2012—whereas the other Big 6 banks […]

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