Finally, someone is taking the BIG banks to task on these crazy BIG prepayment penalties. Canada NewsWire VANCOUVER, Oct. 11, 2011 VANCOUVER, Oct. 11, 2011 /CNW/ – Class actions have been launched against CIBC Mortgages Inc. (“CIBC”) regarding its practices for calculating prepayment penalties on mortgages entered into since 2005. The Notice of Claim alleges that CIBC [...]
The Divorce Conversation The email was from a man who had just been through a divorce. He explained that he had lost 94 percent of everything when he and his wife divorced. “She got the properties, and I got the mortgages.” Per the terms of their divorce decree, his monthly spousal support check was to [...]
We’ve all heard of insurance, in fact, it’s common place to pay for insurance for some type of protection. Well CMHC (Canadian Mortgage & Housing Corporation) mortgage default insurance is also a protection, BUT not for you. It protects the bank (lender), BUT YOU pay. That’s right, you pay in order to protect the bank [...]
Here’s a quick note to let you know how you and I can help anyone you feel comfortable introducing me to. When I got a call from, Francoe, the son of an old client, he told me that he was shopping around for a mortgage, and he was comparing rates. I explained that there is [...]
Are house prices in Canada on the decline? TD thinks so… Or at least a “moderate correction” The average price of a resale home in Canada will fall by more than 10 per cent over the next couple of years, an analysis by TD Economics predicted Wednesday. Calling it a “moderate correction,” the report’s authors [...]
Apparently, the finance ministry’s legal oversight of the pink elephant, aka CMHC, was long overdue… In March, Maclean’s warned that the Canada Mortgage and Housing Corporation, the quasi-governmental insurer that underwrites $500 billion of residential mortgages, answers to no one—not Canada’s top financial regulator or even the minister of finance. That all quietly changed last month [...]
You may be surprised to learn how long certain information, actually stays on your credit bureau. As you probably know, credit is one the most important factors in the mortgage approval process. The length of time that information must stay in your report depends on: the province or territory where you live, and the type [...]
Mortgage Options In Canada. Choosing a Mortgage amortization period in Vancouver. The mortgage amortization period is defined as the length of time it takes you to pay off your mortgage in full. The longest mortgage amortization period in Canada use to be 25 years. Today, high ratio insured mortgages (less than 20% down) allow up [...]
“Credit is dirty.” How many times have you heard so-called experts preach this sort of thing? Stop using credit, they recommend. Just cut up your cards and adopt a cash-only policy, they say. Well, this is terrible advice! Don’t get me wrong, I believe in trying to be debt free. But the truth is that [...]
Don’t let this happen to you… Wife takes my car last evening for a night out with the girls. She phones me with the Vancouver Pay by phone meter number and requests that I put in two hours. Being the savvy pay by phone guy that I am, I bang off that order in two [...]
