Credit Mortgages and Finance

How can you master your credit score and ways to improve it.

Found 130 blog entries about Credit Mortgages and Finance.

Canadians and Covid19 finance tipsIf you have questions about the coronavirus and how the current situation might impact your finances, you’re not alone.

We’ve all heard the words “unprecedented times” more than ever over the last month. While we deal with so much uncertainty around us, it’s important to recognize that there are still actions we can take to help protect ourselves.

With financial markets crashing and the loss of a number of jobs, Canadians are questioning their financial future. It is yet to be determined the real economic impact of the coronavirus as data is changing quickly with limited time to analyze. There are indications that joblessness will increase in the short term, which can be scary; however, the government and lenders are stepping up to aid households in

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Canadian credit scoreYour credit scores are an important aspect of your financial profile.

They may be used to determine some of the most important financial factors in your life, such as whether you’ll be able to lease a vehicle, qualify for a mortgage or even land that cool new job.

And considering 71 percent of Canadian families carry debt in some form (think mortgages, car loans, lines of credit, personal loans or student debt), good credit health should be a part of your current and future plans.  High, low, positive, negative – there’s more to your scores than you might think. And depending on where your numbers fall, your lending and credit options will vary. So what is a good credit score? What about a great one? Let’s take a look at the numbers.

In a

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The rental market is booming.

Kelowna Rental PropertyRenters are turning to extended leases as a cost-effective alternative to save for their future home purchases. Plus, with the current crazy increases in property values in Vancouver and Toronto that are creating more and more renters on the market. The high demand for rentals yields increased profits for rental property owners who can charge higher rents. As always a local real estate agent will help you with your decisions and make the search for the right property easier.

Considering entering the property management industry? Use these 10 tips to get started.

Invest Long-Term

View purchasing a rental property as a long-term investment. A short stint in the property management industry is not likely to generate

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Canadian RRSPStill trying to figure out this RRSP thing? You’re not alone.

It's that time of year again - time to make the most of your RRSP contributions before the clock strikes twelve on March 2, 2020

The Registered Retirement Savings Plan, known simply as the RRSP to most, is a great tool for saving money. RRSP contributions are tax-deductible, which allows you to delay paying taxes on that income until you retire, when you’ll likely be in a lower tax bracket.  If you don’t know a lot about RRSPs, it’s time to educate yourself.  Unfortunately, our high cost of living and competing financial demands can make it challenging putting money aside. But hopefully that won’t deter you from figuring out how to make the most of what you have.

There are times when

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Managing your moneyThe cost of owning a house and starting a family just might be the lost opportunity to get a good head start on saving for retirement.

With the March 1 deadline for contributions to registered retirement savings plans just ahead, it’s a good time to look at how to balance life’s biggest financial responsibilities. Home ownership, starting a family and retirement saving – can you do it all?

In cities with reasonably priced housing, you certainly can. But in expensive markets such as Toronto, Vancouver and their satellite cities, only high earners will manage this balance. Something will have to give in the household budgets of everyone else, and it’s probably going to be retirement saving.

There’s more to this than the average $770,745 cost of a

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CMHC Mortgage Insurance CanadaCanada Mortgage and Housing Corporation (CMHC) has defended mortgage stress test rules and warned federal policymakers to hold the line amid calls from industry associations to ease the rules.

“My job is to advise you against this reckless myopia and protect our economy from potentially tragic consequences,” Evan Siddall, CMHC’s president and CEO, said in a letter to the Standing Committee on Finance dated Thursday.

Siddall urged the committee to “look past the plain self-interest” of the parties lobbying for easing the rules. The Mortgage Professionals Association of Canada (MPAC), the Canadian Home Builders Association (CHBA), and the Ontario Real Estate Association (OREA) have all called for such change, according to a report by The Canadian

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Cost of borrowing in KamloopsThe cost of borrowing for a home is predicted to get a little cheaper this year.

That's according to the latest mortgage rate forecast from the B.C. Real Estate Association.

"The average contract rate for 5-year mortgages has declined about 30 basis points from its peak in 2018, reaching 3.44 per cent in March," the BCREA states in a two-page report. "Unfortunately, this still means a stress test rate of 5.44 per cent, even for the highest quality borrowers."

However, the association points out that if five-year bond yields remain at the current level, "a 5-year qualifying rate of under 5 per cent should follow suit." The contract rate refers to the interest percentage listed on the face of a note or a bond.

The qualifying rate refers to a

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BCREA BC real estate newsVancouver, BC – March 12, 2019.

The British Columbia Real Estate Association (BCREA) is calling on the federal government to revisit the B-20 stress test so that more BC families can achieve their dream of home ownership. Mortgage lending rules, known as the B-20 stress test, have eroded housing affordability by reducing the purchasing power of families by as much as 20 per cent. Introduced last year, the stress test forces even the most credit-worthy borrowers with large down payments to qualify at an interest rate that is two percentage points above the rate they negotiate with their bank.
 
“We would like to see a review and reconsideration of the current mortgage underwriting ‘stress test,’ as well as a return to 30-year amortizations for

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Millenials and real estateIn a nationwide survey of over 9,000 prospective homebuyers carried out on its platform, Point2 Homes found that 66% of the Millennials interested in purchasing a home would like to do so within one year.

However, almost half (49%) of the survey-takers aged between 25 and 38 years old have savings significantly under the national average down payment amount, which is $25,000. Moreover, some of the Millennials in the survey state that they haven’t managed to set aside anything at all, meaning that the desire to buy a home might be in conflict with Gen Y’s budgetary realities.

Most Millennials Set Aside Less Than 10% of their Monthly Income

35% of Millennials state that they set aside less than 10% of their income each month and 30% of respondents

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Kamloops investment PropertyThere are some parts of Canada where the prices of real estate have already shot up toward what is likely to be a peak for the time being.

In some other areas, though, the markets are just heating up, and interest rates are still relatively low. This makes this a terrific time to start investing in real estate. However, if your liquidity is on the low side, where do you get the funds?

Why borrow against home equity?

What is home equity? It’s the difference between the market value of your home, as determined by an appraisal, and what you owe on the mortgage. If you bought a house for $750,000, and you’ve paid down the balance on the mortgage to $250,000, but the value of the home has gone up to $900,000 in the years since you bought it, you have

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