Category Archives: About Mortgage Brokers

Explaining Foreclosures in Canada

Found yourself in a financially tough spot? Having trouble making your monthly mortgage payments? Be careful – foreclosure could be around the corner. While it is generally in the interested of both the bank and you, the borrower, to avoid foreclosure proceedings, sometimes there is no other option.

A number of things happen when a homeowner defaults on their mortgage. Of course, the first step is to try and get your mortgage payments back on track. If your financial problems are temporary, you might be able to arrange some concessions on your payment schedule. However, I wouldn’t hold your breath. If a resolution isn’t reached, the bank will take steps to recover their debt. The most common forms include a Power of Sale and a Judicial Foreclosure. Continue reading →

How To Buy A House When You Have Bad Credit

According to recent reports, more than one in eight adult Canadians are expected to declare bankruptcy or negotiate a debt settlement with creditors. And yet, Canada’s homeownership numbers are currently at a record high. This just goes to show you that devastated credit doesn’t have to leave you high and dry when it comes to entering the housing market. Granted, credit-challenged consumers are bound to encounter more than their fair share of bumps along the road to homeownership. Even so, poor credit history isn’t insurmountable. Here’s what you need to know if you’ve recently gone through a bankruptcy or consumer proposal but are still optimistic about buying your first home. Continue reading →

Consumer Debt Impacts IMF’s Outlook for Canada

Canada’s economic outlook took a big hit this morning as the International Monetary Fund downgraded the nation’s financial outlook. Inflated consumer debt levels and a shaky housing market were at the heart of the downgrade, which was announced in Tokyo this morning at the IMF-World Bank annual meeting.

The Washington-based global lender’s quarterly World Economic Outlook downgraded Canada’s economic advance from 2.1 percent to 1.9 percent for 2012. Next year’s growth was also altered from 2.2 percent to 2.0 percent. Currently, the Bank of Canada has estimated growth of 2.1 percent for this year and 2.3 percent for 2013. The central bank doesn’t issue it’s next forecast until October 24 when the Monetary Policy Report is released. Continue reading →

Avoid Homebuyer’s Regret With These Tips

While buying a home is the biggest investment the average Canadian will ever make, many first-time home buyers still don’t take the time to perform sufficient financial due diligence before signing their offer to purchase. A recent survey commissioned by TD Canada Trust has found that the two biggest regrets include not saving for a larger down payment and not doing enough research into the actual costs of maintaining a home.  Continue reading →

Loophole May Make Credit Unions the Better Mortgage Option

New mortgage guidelines aimed at Canada’s sizzling real estate market might not be as ironclad as Finance Minister Mark Carney may have hoped. That’s because credit unions, which are provincially regulated, are not under the jurisdiction of the Office of the Superintendent of Financial Institutions (OSFI). This loophole may provide community credit unions with an important competitive advantage and borrowers with an attractive alternative to traditional lending sources. Continue reading →