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Don't be House Rich and Cash Poor.  You may not have heard this term or realizing what it actually means, but  being house rich but cash poor means housing costs take up most of your income your house takes up 30% or more of household income leaving you with an expensive house but little money for anything else.  You may already be in this situation by realizing  you are financially burdened by your home.   You may already be house rich and cash poor and looking for ways on how to avoid it.  There are some alternatives to relieve some of the financial burden. Home Equity Loan – This could be a good option if you have built up equity in your home. Create a new [...]

If you are a first time home buyer, looking to refinance or renew, or many already have a mortgage and want peace of mind; then we suggest you  "STRESS" Test your Mortgage!   Simply put, stress testing your mortgage is to ensure your mortgage can withstand the test if there is an increase in interest rates. You can then make a decision what type of mortgage is best for your budget, or if you already have a mortgage, come up with a plan.  Recent best mortgage rates and improved affordability help you in the short term, but are you prepared if there is a rise in interest rates? If you are concerned about affordability down the road, there are ways to ensure your mortgage will stand [...]

Ontario is the most multicultural province in Canada and is a prosperous, democratic society built by the hard work of generations of immigrants. Ontario offers a world of opportunities, so it's no wonder Ontario is the choice of many newcomers to Canada to call home. According to Demographic Quarterly: Highlights of Second Quarter 2013 from the Ontario Ministry of Finance posted September 2013, over the last 12 months Ontario received 105,818 immigrants, up from 101,287 during the previous year. Living the Canadian dream includes purchasing a home and getting a New to Canada Mortgage. If you have been in Canada for less than three years, have landed immigrant status, and have been employed in Canada for a minimum of three months, you can qualify for [...]

  A CIBC, CNW news release on April 16th states Canadians are locking into a fixed mortgage rate this spring with the expectation of mortgage rates will be higher a year from now according to a recent CIBC (TSX: CM) (NYSE: CM) poll conducted by Nielsen.  This poll concluded that 47 per cent of Canadians think mortgage rates will increase in the next 12 months, up from 38 per cent who felt that way last year,48 per cent would choose a fixed rate mortgage if they had to make that decision today, the fourth year in a row that fixed mortgages have been the choice of Canadians,31 per cent would choose a variable rate mortgage today; and19 per cent were undecided as to which type [...]

March is Fraud Prevention Month. Canada Mortgage and Housing Corporation (CMHC) has consistently been a leader in the fight against mortgage fraud and offers the following tips to protect yourself against becoming a victim of mortgage fraud. Misrepresentation of Information Mortgage fraud occurs when someone deliberately misrepresents information in order to obtain mortgage financing that would not have been granted if the truth had been known. This can include: Misstating one’s position or inflating one’s income or length of service at their job; Misstating employment status (ie. salaried/full time versus contract, part time, hourly or commission-based or self-employed); Misrepresenting the amount and/or source of the down payment; Purchasing a rental property and misrepresenting it as owner-occupied; Not disclosing existing mortgage and/or debt obligations; Misrepresenting property [...]

The minister responsible for Canada Mortgage and Housing Corporation (CMHC), Jason Kenney, announced today that Evan Siddall has been appointed president and chief executive officer of CMHC for a five-year term effective January 1. "Mr. Siddall brings to the position extensive leadership and senior management experience," Kenney said. "His proven financial and capital markets expertise will be of tremendous value to CMHC." Siddall, who has a bachelor of arts in economics and a law degree from Osgoode Hall, has worked in various financial services and management positions throughout his career, including stints with BMO Nesbitt-Burns, Goldman Sachs and Irving Oil. He takes over for Douglas Steward, who has acted as interim president for CMHC since June 2013. "I am honoured to be joining CMHC, Canada's [...]