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Mortgage

The Ultimate Guide to Reverse Mortgages in Canada

Research completed by HomEquity Bank and compiled in “The Home Stretch” states that a review of debt and home ownership among Canadian seniors indicated that 91 percent of Canadians over 65 prefer staying in their home throughout retirement. At the same time however, 78 percent have savings and investments, and only 40 percent of those have less than $100,000 set aside.

In this study by HomEquity Bank using Equifax data, it shows that among Canadian seniors, 15% still carry a mortgage, 30% carry unsecured lines of credit (LOC) and 10% have a home equity line of credit (HELOC).

Is there another option?

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OSFI’s Mortgage Stress Test: What You Need to Know

Canada’s banking watchdog, OSFI (Office of the Superintendent of Financial Institutions Canada) announced that there will be a new minimum qualifying rate, or “stress test” for borrowers with a down payment of 20% or more effective January 1, 2018. Buyers will need to prove that they can afford payments based on the greater of the

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Why the Lowest Mortgage Rate may not be the Best Mortgage Rate

According to the 2016 Mortgage Consumer Survey, 59% of mortgage consumers cited “best rate” as one of the key reasons they chose to obtain their mortgage through a broker (52% said excellent service was another key reason). What do they mean by “best rate?” Well if they’re not unlike many of the clients I first

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Prime Rate Isn’t Apples to Apples Anymore

In response to recent mortgage qualification changes by the government, the TD Bank announced that it was going to increase the interest rate it charges customers with variable rate mortgages. The changes won’t affect customers with fixed-rate mortgages – nor will they affect other products, such as lines of credit. But customers with variable rate

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