Introduced as part of ‘Canada’s Economic Action Plan’ to assist Canadians in purchasing their first home. It is designed to help recover closing costs such as legal expenses, inspections, and land transfer taxes so you can save more money for a down payment. The Home Buyer’s Tax Credit, at current taxation rates works out to […]
Why It's Important to Talk to A Mortgage Broker
How Brokers Operate: Some Stats
This is a pretty interesting article with some interesting stats. Thankfully I’m on the good side of this and live and breath mortgages daily and have for 10 years! The vast majority of mortgage brokers recommend suitable mortgages, according to a new report from the Mortgage Broker Regulators’ Council of Canada (MBRCC). That’s vital because, […]
CIBC Mortgage Penalty Law Suit a Go
CIBC’s law suit against them is a go and could pose to be a very historic time for the way banks calculate their penalties. We’ll just have to wait and see! And it doesn’t just stop in 2009…it’s still happening. A B.C. court says the mortgage penalty class action against CIBC can proceed. The court […]
Bank denies mortgage life insurance claim
I’ve heard of this happening too many times. We must as mortgage brokers offer some form of mortgage insurance. The one we offer is superior to the banks in a few ways, however, I always prefer all my clients to explore the option of proper insurance through my Insurance Professional. ~~~Brokers should warn clients of […]
Another not always about rate post.
An email I received this morning from a lender sparked this one. They’re calling this a ‘great promotion’. I choose to differ… 2.95% for a five year mortgage! Sounds good and will most likely get the phone ringing. However, I would run, fast, away from this extremely restrictive product. Here’s the fine print which pretty […]