Personal Finance
Securing Your Today and Tomorrow
Canada Child Benefit and Your Mortgage
Raising a family in Canada comes with significant financial responsibilities, from childcare costs to daily household expenses. For many families, the Canada Child Benefit (CCB) serves as a crucial financial lifeline, providing tax-free monthly payments to support...
Understanding Amortization
Understanding Amortization: This article aims to demystify mortgage amortization, differentiate it from the mortgage term, provide insights into how amortization schedules work, and explain how various payment strategies can impact your financial obligations over the life of your mortgage.
12 Reasons for Breaking Your Mortgage
Breaking Your Mortgage: Explore the implications and potential penalties for terminating your mortgage before maturity, and learn about options like portability and refinancing.
Understanding Cash Back Mortgages
Cash Back Mortgages. Home buying is a naturally expensive thing to be doing. You not only have to pay for the house, but you have substantial closing costs as well. You might want to make your new house ‘home ready’ by getting a few new pieces of furniture and don’t forget new window coverings like blinds, drapes, and curtains (never cheap). Wouldn’t it be nice to get a few thousand dollars back when you fund your mortgage to cover these costs?
Mortgage Term: Non-Recourse Loan
Discover what a non-recourse loan is and what that means for mortgages in Canada. Is your mortgage a non-recourse loan, and what does that mean for you?
Critical Guide to Emergency Funds
An emergency fund is an essential financial safety net designed to cover unexpected expenses or financial disruptions without the need to incur debt. It acts as a buffer that can help you maintain your financial stability during unforeseen circumstances such as job...
Mortgage Term: Open-End Lease
Discover the key features of an open-end lease, what it means especially when purchasing a vehicle, and its relationship to mortgages.
Alternative vs Prime Lenders
Alternative vs Prime Lenders
Mortgage Assumption in Divorce
Mortgage Assumption in Divorce: When a marriage ends but the home still makes sense financially and emotionally, the question becomes: how do you keep the house without blowing up the mortgage?
Does the Stress Test Apply to Private Mortgages?
The mortgage stress test, as mandated by the Office of the Superintendent of Financial Institutions (OSFI), primarily applies to federally regulated financial institutions, such as banks. However, private mortgage lenders, which are not federally regulated, are not...
Home Insurance Essentials
Home insurance is an essential safeguard for homeowners, providing financial protection against unexpected damage or loss due to a variety of risks. This article explores the critical aspects of home insurance, including its necessity for mortgage holders, coverage...
Divorce: Alternative or Private?
Divorce: Alternative or Private mortgages. Divorce can turn even the strongest household balance sheet upside down. One income disappears, support payments appear, debts get divided, and suddenly the mortgage that worked perfectly before no longer fits the lender’s rules.
Sending Money Internationally
Learn about the differences in international payment systems, what is SWIFT, and how to send money internationally to a Canadian account
Canada’s Mortgage Stress Test
The implementation of the mortgage stress test in Canada has been a significant regulatory measure with far-reaching implications for the mortgage industry, housing market, social dynamics, financial stability, and the broader Canadian economy. This article provides...
Insider’s Look into Mortgage Terms
Navigating the world of mortgages can be daunting for both new and seasoned homeowners. A fundamental aspect of any mortgage is the "mortgage term," which dictates several key financial decisions and outcomes over the course of homeownership. My goal in this article...
Who Are Canada’s Mortgage Finance Corporations?
Mortgage Finance Companies (MFCs) in Canada are financial institutions that specialize in providing mortgage lending and related services. MFCs offer an alternative to traditional bank mortgages (prime lenders) and cater to a variety of borrowers, including those who...
Featured Publications
Articles
- Extended Amortizations and Hypothetical Calculations
Office of the Superintendent of Financial Institutions (OSFI) - Minimum Qualifying Rate for Uninsured Mortgages
Office of the Superintendent of Financial Institutions (OSFI) - Residential Mortgage Underwriting Practices and Procedures
Office of the Superintendent of Financial Institutions (OSFI) - Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances Financial Consumer Agency of Canada
Book: “The Program”
- Part 1 – Building Your Down Payment
- Part 2 – Mortgage Payoff Strategies
- Part 3 – Building Wealth Through Real Estate