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A recent report from the Auditor General is making mortgage news, as the Municipal Property Assessment Corporation says that it will be working to improve its processes for reviewing home sales when their prices vary from their initial assessments.
A recent report from the Auditor General is making mortgage news, as the Municipal Property Assessment Corporation says that it will be working to improve its processes for reviewing home sales when their prices vary from their initial assessments.
The agency says that the report found a number of properties on which the sale price was either well above or below the home's previously assessed value.
Continue reading “MPAC: Sale price reviews to increase”
The Bank of Canada has announced that it won’t raise its key interest rate in light of weakening economic conditions – a step that should keep Canadian mortgage rates low, and create low costs for borrowers looking to buy a home.
The Bank of Canada has announced that it won't raise its key interest rate in light of weakening economic conditions – a step that should keep Canadian mortgage rates low, and create low costs for borrowers looking to buy a home.
This is the second time that the bank has chosen to maintain its interest rate at 1 percent following three rate hikes during this year's summer months. Weak economic growth, particularly with exports, was one of the key factors playing into the decision.
"Net exports were weaker than projected and continued to exert a significant drag on growth," said bank governor Mark Carney.
Continue reading “Borrowing costs to remain low”
Fewer people may be looking to take advantage of low Canadian mortgage rates to move into new homes in the near future, as the latest data from Statistics Canada showed a significant drop in the value of building permits during the month of October.
Fewer people may be looking to take advantage of low Canadian mortgage rates to move into new homes in the near future, as the latest data from Statistics Canada showed a significant drop in the value of building permits during the month of October.
The group says that the value of building permits given out during the month was $6.2 billion – a 6.5-percent drop-off from the previous month, but close to what the market saw before the recession.
While low Canadian interest rates have been helpful for those looking to buy a home, the Globe and Mail reports that they are also making it difficult for those getting ready to retire.
While low Canadian interest rates have been helpful for those looking to buy a home, the Globe and Mail reports that they are also making it difficult for those getting ready to retire.
Financial analysts told the paper that they are seeing an increasing proportion of the population planning to work after the age of 65, even if the retirement age doesn't go up, to save the government money on healthcare.
Continue reading “Low interest rates, debt causing retirement struggles”
A reverse mortgage frees the equity you have built in your home with very little out of pocket expense – as little as $300 to $600 so long as no title issues are attributed to your property.
Despite what the name may imply, a reverse mortgage is not completely irreversible. If you choose the wrong product or spend the funds it generates without any strategy directed to a sustainable retirement, you could notice the equity you have worked hard to build in your home quickly dwindle. That is why it important to examine your current budget, your objectives for the future, the costs of services or other items you require, and your reverse mortgage options in advance of your cash flow need.
A reverse mortgage frees the equity you have built in your home with very little out of pocket expense – as little as $300 to $600 so long as no title issues are attributed to your property. None of the released funds are due back while you or your spouse continue to dwell in the property, nor will they be taxed, nor will they interfere with any pension, Old Age Security or Guaranteed Income Supplement you may be entitled to receive.
Continue reading “Utilizing the Reverse Mortgage to its Maximum Wealth Management Potential”
78 per cent of actively managed mutual funds under-perform the general stock market index.
A recent study conducted in the United States, tracking the largest cap stocks in the U.S. market, found that 78 per cent of actively managed mutual funds under-perform the general stock market index.
The reasons being, some investment experts say, are two key structural issues:
If you have no investments but want to start investing, you need a budget to determine how much you can safely afford to invest each month.
The most overlooked aspect of a person’s financial situation is their actual monthly budget. A budget is easy to create and stick to, so long as you devise a budget based on priority. The essentials are tracking your income, your expenses and your investments.
If you have no investments but want to start investing, you need a budget to determine how much you can safely afford to invest each month. The portion of your monthly income that you invest should be a reasonable amount that you can safely part with each month. Your expenses like mortgage or rent, credit cards, loans, utilities, and so on are obviously a priority and should be calculated first.
Find out how credit rating affects your mortgage rates and eligibility for most mortgage products.
Credit worthiness and the availability of money are always of interest to the mortgage shopper. We will discuss, in brief, just how important your credit rating is.
The old saying “Cash is King” rings true when it comes to purchasing power. When banks and mortgage companies talk about borrowing power, the adage changes. Now “Credit is King”.
Your credit history plays an integral part in the underwriting process of a mortgage application. Consider credit an indication of the risk level associated with the application. If credit is poor, risk goes up. If credit is good, the lender will view the application with much less hesitation. This often directly correlates to what mortgage rates they will offer.
Continue reading “When is the Last Time You Checked Your Credit History?”
Paying the absolute minimum amount on your credit card debt will cost you thousands of dollars in accrued interest.
Interest rates on borrowed money are high. When you cannot afford to pay off your credit card, or line of credit, debt every month, you are contributing to generating huge revenue for the creditor. This is how credit works. The lender knows that the average person who doesn’t pay off their balance owing, in full, each month will hold a balance for many months and years to come. Even if, every month, you make a greater payment than the minimum required, you can still be paying down the same credit card debt for 12 years or more because you are only minimally contributing to the principal amount of the money owed. The majority of your payment is an interest charge. Making the minimum payment maintains the lender with a solid income stream, sometimes over and above the money they lent to you.
Continue reading “Credit Granting in Canada Can Foster Dependence”
CAAMP says that there are nearly 20,000 Canadians holding mortgage broker and mortgage agent licenses in Canada. Of these 20,000 mortgage professionals, it is assumed that only 12,000 are currently active.
According to the Canadian Association of Accredited Mortgage Professionals (CAAMP), nearly 20,000 Canadians currently hold mortgage broker and/or mortgage agent licenses in Canada. However, it is assumed that only 12,000 of these are actually operating actively.
While Canada’s mortgage broker count saw numbers increase over the last three years it appears that these numbers have spiked and leveled out over the last year. Reasons being: