Smaller down payment better rates?

It doesn’t make much sense, but a skimpy down payment on a home might actually get you a better mortgage rate in today’s market. Blame the government subsidy known as mortgage default insurance, which ultimately makes it less risky to lend money to someone who has only 5% down compared to someone with 20%. Consumers […]

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Choosing the right mortgage

New tack stresses sense, not cents Ray Turchansky, Canwest News Service Published: Monday, March 30, 2009 FP Mortgages-Special Report Traditionally, the most important consideration in choosing a fixed or variable mortgage has been which strategy would save the most money. But that might no longer be the case: Choosing a type of mortgage and term […]

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Canadian Banks Hold Strong

  Canada’s banks climb in rankings as U.S. giants stumble Sean B. Pasternak and Doug Alexander, Bloomberg Published: Monday, March 16, 2009 Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia and Bank of Montreal pushed deeper into the ranks of North America’s 10 biggest banks after U.S. counterparts stumbled or disappeared in the […]

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Economic Update – Housing Market Stronger Than in USA

Canadian homebuilders deny market headed for meltdown • TSX +51.40pts (Reuters) for a 5th straight session, supported by rising energy shares, which climbed along with oil prices, and by a rally in financials. • DOW -81.80pts stocks fell on all 3 main indices as investors took some profits following four days of positive gains. • […]

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Know Your Closing Costs

There are some basic costs to the buyer with any mortgages in Canada * Legal costs to transfer title and register the mortgage (typically $900-$1000). It can be slightly higher for a condominium due to the strata requirements *Appraisal on the new home to determine the loan to value for the mortgage lender (typically $250-$350). […]

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