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Archive for March 31st, 2023

New First Home Savings Account launches April 1, but won’t be available until later this year

  Prospective homebuyers wanting to take advantage of the federal government’s new Tax-Free Savings Account will have to wait longer, despite the program’s official launch date of April 1. All of the Big 6 banks confirmed to CMT that they won’t be in a position to offer the new account to clients until later in […]

The latest in mortgage news: Feds amend foreign buyer ban

The latest in mortgage news: Feds amend foreign buyer ban

How to keep your credit score high and your borrowing costs down

  It’s no secret that consumer debt in Canada is at record-high levels. We know this from recent data from Equifax and TransUnion, both of which have been warning that credit card balances are at their highest levels since 2019. With interest rates and borrowing costs at record highs, it’s more important than ever to […]

Why mortgage brokers should know prepayment penalty calculations inside and out

  All mortgage brokers should have a comfortable working knowledge of how prepayment penalties are calculated and applied.  Our clients depend on us to know the ins and outs of these often-significant penalties in order to minimize the cost for them—or better yet, to help them avoid penalties altogether.  Prepayment penalties can be a daunting […]