Nearly one-third of B.C. homebuyers have negotiated the best deal through a broker

Nobody likes homework, but when the assignment is getting the best possible mortgage in Canada’s most expensive market, completing it pays off in so many ways. A good objective initial stop, especially for first-time homebuyers, is moneytools.ca. The site is a creation of the Financial Consumer Agency of Canada (a government organization) and features mortgage…


Missing bill payments, late charges can put a black mark on your credit record.

So you’ve missed a couple of credit card payments over the years, maybe let your cellphone bill balloon a bit. It’s all ancient history, right? Sadly, no. Like that ill-advised photo on Facebook, your little financial indiscretions can haunt you for years. Credit-reporting agencies, such as Equifax Canada and TransUnion, collect detailed credit information that’s…


Many students unaware of student loan risks

No one wants to take out a student loan. Most are forced to out of financial necessity, and some have trouble paying their loans back after they graduate. This is where credit counsellor Christi Quinn of the Credit Counselling Society comes in. Her job is to help students manage their debt before it becomes detrimental.…


Cash Advance Loans of Up to $1,500 Offered Quick and Hassle-free

People may need to cover unexpected expenses like a car repair or household emergency. Some are looking to bridge a short-term cash need between paychecks or to avoid bounced check fees, late payment penalties, or pawning personal possessions. These people usually run to payday loans to resolve a potential financial disaster. A payday loan is…


More homebuyers turn to mortgage brokers

The percentage of Canadians using mortgage brokers to buy their homes has increased significantly, according to a report released Wednesday. The Deloitte report, Winning Strategies in the Brokered Mortgage Marketplace, said that in the 1990s mortgage brokers numbered in the hundreds and were “lenders of last resort” for borrowers unable to obtain a mortgage directly…


Six emerging trends that will shape the Canadian mortgage industry

Six emerging trends that will shape the Canadian mortgage industry and impact mortgage holders as mortgage lending landscape continues to experience this paradigm shift include: 1. Imminent changes in legislation may remove penalties and barriers for switching mortgage lenders: In response to consumer group concerns that mortgage prepayment penalties are complicated and lack disclosure, the…


Banks hike mortgages by up to 25 basis points

TD Canada Trust and RBC are raising some of their fixed-term mortgage rates by as much as one-quarter of a percentage point, beginning Wednesday. Both bank’s five-year mortgages, one of the most commonly chosen by homeowners in Canada, will rise 0.25 of a percentage point to 5.44%. “Mortgage rates typically go up when bond yields…


Students push for interest-free Osap loans

The interest rates on student loans have become a major concern for Ontario school-goers following Newfoundland and Labrador’s move to eliminate interest charges on the provincial portion of student loans. It has been a primary demand of Ontarians for a long time, but now students have found a solid base to press the McGuinty government…


Microfinance: Little loans, big trouble

Microfinance was supposed to mean economic empowerment for the poorest of the poor, many of them female villagers living in India’s southeastern state of Andhra Pradesh. Instead, the sector has spiralled into crisis in recent weeks, where the state is blaming 57 recent suicides on aggressive loan collectors. Television clips show weeping family members gathered…


A third of Canadians Curbing holiday spending

With the holiday season nearing, Canadians are planning to temper their spending with almost one-third (31 per cent) saying they will spend less on holiday expenses this year, according to a recent RBC survey. Furthermore, more than half (55 per cent) plan to keep their holiday spending flat and almost one-in-five (18 per cent) say…