Ever wonder how much that new car payment or line of credit balance is costing you when you start looking for a home? Perhaps you didn’t know that any personal debt you carry restricts the amount of money you can…
With interest rates at all time lows it doesn’t surprise us that another big change is coming. As of October 17, 2016 all insured mortgages will have to qualify at the Bank of Canada mortgage qualifying rate(MQR), currently 4.64%. Previously…
It is an exciting time to purchase real estate when mortgage rates are the lowest they have been in history. It is also an appropriate time to look into other ways a low interest rate can help you reach your…
It’s no secret that the mortgage industry requires an extensive amount of documentation needed to process a simple mortgage transaction. The frustrating part about it is a lot of the information presented is repetitive or redundant. Since mortgagesbycraig.com is one…
Once again, great news for all the variable rate mortgage holders. Prime will remain at 2.70%. You can start your happy dance now. Press release The next scheduled date for announcing the overnight rate target is October 19 2016.
Here is a compelling experiment with people and how they react to their environment. It may be the reason why Canadians acquire so much debt; spending money they don’t have just because other people have made purchases.
The answer is probably not. Equifax Canada uses 6 different types of credit score algorithms(mathematical formulas used to calculate the score) which are used by different lending industries. For example the auto industry uses a different type of score than…
Great news for all the variable rate mortgage holders. Prime will remain at 2.70%. You can start your happy dance now. Press release The next scheduled date for announcing the overnight rate target is September 7 2016.
http://www.osfi-bsif.gc.ca/Eng/fi-if/in-ai/Pages/rfmrm.aspx