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The home renovation business is booming. In Canada alone, construction trends have been hedging towards fixer-uppers instead of breaking new ground. But while many of us are looking forward to those n...
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Banking can be stressful for those of us who aren't financially savvy. But tackling your banking head-on allows you to simplify your life and reduce your overall stress.
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For many Canadians, their monthly mortgage payment is their largest expense. And so, when it comes time to renew your mortgage there are many things to consider. First, you need to establish the steps...
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So, you've decided to buy a new house. Congrats! But the truth is that doing it all on your own is tough. The good news is that whether you're a first-time home buyer, or an existing homeowner ready t...
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5 tips to get the mortgage that's right for you. From the AOL Partner Studio
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Under new mortgage rules just announced by Finance Minister Bill Morneau, all insured mortgage borrowers must now pass a "stress test" proving that they can carry a mortgage at a realistic rate (the Bank of Canada's conventional five-year fixed posted rate), and not simply the "teaser" rate offered for a short period by the mortgage lender.
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Have you ever tried to get a mortgage in Canada? You need to qualify. You need to provide tax assessments, pay slips, T4s -- you need to prove your income and verify in triplicate that you'll be able to pay the mortgage. With good income and great credit, you're not a huge credit risk.
Many Canadians are opening up their January credit card statements, reeling from the holiday hangover and newly acquired debt they racked up last month. It sure adds up quickly: gifts, some travel, a few nice dinners over the holidays. What would happen if credit card interest rates doubled? How many of us would fall behind in our credit card payments? It sounds horrible but rest assured it is unlikely. But it is far more likely to happen with our mortgage rates. Could you afford your home in 2016 if interest rates rise?
With GDP forecast to grow by a mere 1.6 per cent this year, our governments (both provincial and federal) need consumers to keep on spending to prop up the economy. They need this while they, themselves, are struggling with ballooning deficits and debt loads.
The average age at which Canadian homeowners with a mortgage believe they will be mortgage free is 57, compared to age 55 in a similar CIBC poll one year ago. And, surprise: residents of B.C. had among the longest repayment expectations in Canada at age 59
Officials are investigating the ratings that Standard & Poor’s gave to dozens of mortgage-backed securities in the lead-up to the financial crisis of 2008. The U.S. Justice Department launched th...