How to get a better loan rate from your bank

Canada’s big banks are being squeezed by low interest rates and slowing demand for loans and mortgages. That means they’re more willing to compete for your business. Bank profits depend heavily on what’s known as the interest rate spread. These institutions take deposits in the form of chequing and savings accounts that pay little interest…


Private Lender Saves Winnipeg Couple from Losing Their Home

The Hopewell’s (not their real names) were only weeks away from losing their home to bank foreclosure. The Hopewell’s efforts to re-finance their mortgage were futile as the majority of banks, credit unions and finance companies will not knowingly finance an individual that is in foreclosure. The Hopewell’s managed to secure private financing through a…


RBC credit card rewards grocery purchases

Royal Bank of Canada has launched a cash back reward credit card offering 5 percent cash back on grocery store purchases until December 31, 2010. The standard cash back rate on the new RBC Cash Back card is 1 percent on purchases.. “The RBC Cash Back card lets you spend your cash back however you…


RBC offers new mortgage option for Canadians

One of the biggest decisions facing Canadian homeowners is choosing between a fixed or variable-rate mortgage. RBC has re-introduced a third option, called RateCapper, which provides an alternative for homeowners seeking the potential interest savings of a variable-rate mortgage combined with the security of a fixed-rate mortgage. With the RBC RateCapper mortgage, the interest rate…


All Big Five banks raise five-year mortgage rates

With a late-day announcement yesterday, Bank of Montreal became the fifth of Canada’s Big Five banks to raise its mortgage rates this week. BMO hiked its five-year fixed-rate closed-term mortgage by 60 basis points to 5.85%, matching increases announced earlier in the day by Canadian Imperial Bank of Commerce, Bank of Nova Scotia, National Bank…