The Bank of Canada increased interest rates again today for the third straight time by 0.25% to bring their key interest rate up to 1%. Some banks have already move to increase their Prime rates, meaning variable mortgage rates will go up starting tomorrow Sept 9, 2010.

You can read more details here: http://www.ratesupermarket.ca/blog/b...ates-increase/

Advantages of Using a Prepaid Credit Card

There are many benefits to using a prepaid credit card.
A prepaid credit, also known as a secured credit card
is defined by bank rate as a credit card that, “…requires
a cash collateral deposit that becomes the credit line for
that account.

Oh here is my situtation I have bad credit due to unforseen circumstances on my part. I own a house with my brother the mortgage is in my brothers name but the house is in both of ours. I recently found out my brothers has not been paying the moartgage and I had to catch up on that. I have other bills that are getting way out of hand. our house is only worth about 80000.00 I am looking to get a mortgage for at least $66000.00 that would consite of the exsiting mortgage of $35,265.24 putting it in my name and taking brother off ownership of house along with 2 loans that are killing me one is for 12031.80 + intrest payments are $183.38 every 2 weeks other is loan for 10787.51 + intrest payment are 400.00 a month also to get house insurance and pay off a credit card I do not have anymore and property taxes. Would anyone look at me for a mortgage I do have a good job paying 17 an hr full time with overtime a lot. I don't want to lose the house I was recenlty married so that has also helped with the burden but if I can find a mortgage and rate so I can get out of the hole I am in would be great. right now I pay over 1600 a month as my brother has refused to pay anythign since I got married. Thanks

Hello all,

I wanted to let you know that we've just created a new page that shows the best GIC rates on RateSupermarket.ca in one easy place.

We've also segmented them into the best registered and non-registered GIC rates.

We hope this will be useful for everyone to keep tabs on GIC rates.

Kelvin

There are may platforms available over internet now days offering the facility to refinance home loans. I would like to ask you guys that how many of you guys are using refinancing platforms online and do you prefer online refinancing or not?

In this synchronized world of competition where everyone is trying their level best to be the best, it is hard on the part of the consumer to choose, when left to his own diplomacy. Choosing the best has also become difficult with the increase in the number of builders who are ready to serve the consumer with mind-blowing designs and affordable and attractive contracts. Thus for a consumer what he looks as the primary element will be the background history of the builder and his projects. The second most things will be the rate of his success and then comes the experience and the status.

This ideology makes it risky for the sprouting builders as they finally stagger to find a way out. But this is not true everywhere. In the developed countries like USA and UK the new builders are rated only for their present skill. If they can impress the consumer with their exclusive designs, for the consumer the respective builder will be the he had seen ever. Also the consumers of the developed countries are far more obliging and the builders too feel at home. The less stress more will be the result. This is the reason why we are able to see some dynamic designs at the developed countries and if we look out for the atmosphere, the city life too will seem calm and serene.

Thus the liability which falls on the part of the builder is to gather more trust and to be far more dedicated towards his own work. The consumers always like the builder who thinks differently and might suggest some new ideas which will bring the cost down in one way, and at the same time on the other hand will fetch the consumer with more positive results. When it comes to the matter of building a home, the consumer becomes a studious student of the builder as for him, the builder he has chosen will be the best home builder and his suggestions will be the best one.

There has been a long-running debate as to whether a borrower should use a bank or a mortgage company to obtain a home purchase loan or refinance home loans. The question of which type of lending institution would provide a better rate, better service or best advice is a common concern for most borrowers. Borrowers are also looking for high integrity and stability in a given lending institution. Some borrowers are even worried that the company lending the money may go out of business — leaving them to deal with the consequences. And of course, everyone wants the best price.

Hello, I am in my late 20's and buying my first property.

I got approved for a loan from Coast Capital. Found an apartment and put in an offer. Coast Capital denied my loan because they didn't want to sign off on the bulding because in the minutes they read something about a leak. I still wanted the apartment so my agent quickly arranged for me to get my mortgage through RBC which they approved. The apartment is 255,000 and Im only able to put down 5% (15k) down. I just finished school (I'm a registered nurse) so because of my work history, low down payment I had to have my mom co-sign for me (she's not on title). Also, I will have to pay the CMHC fee. So basically my mortgage is high risk.

I'm meeting with the mortgage specialist at the end of the week to discuss my mortgage options. I want to know what you guys think my best option is. This is what she emailed me:

Your rate is 5 years closed fixed 4.04%
Payments biweekly accelerated (taxes not included)
$548.09

We touched on this briefly the other day...as of April 19th there was a change in the guidelines for anyone going through CMHC. Those clients that do not qualify at the 5 year posted rate (before any discounts) have to take the 5 year term. You do not qualify at his rate..so you have no choice but to go with the 5 year rate.

What does she mean by this? I have to go with this option? What if I want to go with an open and variable or closed and variable. I dont know, what is the best option for me? Is 4.04 the best that can be done for me? I don't think I can go shopping for another lender now because I already bought the apartment or the finalization is waiting for this whole thing with the approval to work out. Will the rates be going up or down in the next 5 years. Could you guys give me any advice so I know what to say to her when I see her this week. Thanks. I'll take any opinions.

Hello all,

Our latest Mortgage Rate Outlook Panel results for June 2010 have just been released. The panel consists of top Canadian mortgage experts providing their short term outlook for mortgage rate trends in the next 30-45 days.

They answer one, simple question: What is your outlook for Canadian mortgage rates over the next 30-45 days?

Here are June's results:

Summary

Uncertainty is the key word in this month's Mortgage Rate Outlook as there are a number of external factors, both domestic and international, that have our panel members divided on the short term outlook for fixed mortgage rates. They believe variable mortgage rates are expected to increase further, provided there is no additional surprise news from Europe.

Fixed rates: Unchanged

Variable rates: Up

You can view all the detailed commentary at our Mortgage Rate Outlook Panel page.

Our you can view our video summary:

For our RESP section we've partnered with The Canadian Scholarship Trust Consultants Inc., who are one of Canada's largest and most experienced group education savings plan providers. They focus exclusively on growing and protecting the education savings of hundreds of thousands of Canadian families. Managing RESPs is their only business.

If you'd like to speak to a CST expert, you can apply online here.

Here are some tools to help get you started with RESP research:

RESP guide: We've put together a beginner's guide on RESPs
RESP top 10 tips: A few top tips we found through our research that will ensure you get the most out of your RESPs

I just wanted to inform our visitors that we've created a new GIC rate product area and you can use the following to find the best GIC rates in Canada.

Best GIC rates: A list of the best GIC rates on RateSupermarket.ca
Compare GIC rates: We have different products listed in different provinces from our providers, so compare rates to find the best GIC in your province
Latest GIC rates changes: Stay on top of the latest GIC rates changes here. We list the latest rate changes as they happen on RateSupermarket.ca
GIC rates guide: if you're new to the GIC rates market, we've put together a handy guide to help explain things from the beginning

We got an interesting question through to our customer service team today and I thought I'd share it.


Question:

I currently own a townhouse in Milton and have an outstanding $132,000 mortgage.
I am looking to buy a larger house and seek a mortgage in the area of $300,000-$350,000.
My current credit union that holds my mortgage for the next 31 months wants me to pay $7800. to break it. Is there a service where I can investigate getting a mortgage and they will pay the fee from my credit union? I heard some will.??

Answer:

So it looks like the credit union has used an IRD or interest rate differential to quote this homeowner on the penalty to break their mortgage. You can calculate the potential savings of refinancing at a lower rate versus the penalty using our IRD penalty calculator here:

http://www.ratesupermarket.ca/mortga...ty_calculator/

Different lenders will use either the IRD or 3 month's interest to calculate the penalty, so if you're considering refinancing its best to check with your current lender what method they use.

Some brokers may pay off some of the penalty by using their commissions but it would have to be a make financial sense for them to do obviously. For the above situation I would suggest that this person:

1. Calculate the benefits of breaking their mortgage for a lower rate using the above penalty calculator - if the savings exceed the penalty then it may make sense

2. Compare rates to find the lowest mortgage rate in your area, and then speak to professional to see what their advice is.

I hope that helps and wish you all the best of luck with your mortgage refinancing.

Kelvin

hai there,
my husband recently (before 3 weeks) started a new part time job and i just want to know that his new income can be calculated to get approved the desired amount ? pls help me.

tks in advance

thusha

hai there,
i 'm new to this forum and hope this will be very usefull to me. i hope to buy a house from a builder and looking for a best option for a mortgage in edmonton alberta.currently im on rent and that is going to be my first home. how about the prices of the houses and the mortgage rates these days? do you think its better to wait 1 or 2 months expecting rates go down ? do you think is it good to go through a mortgage broker or directly through a bank ?
await for a reply
tks in advance.
thusha

Having bad credit can cause your interest rates to go up. We all know that. A car loan, home loan or even credit card rates are all higher when you have bad credit. If your credit is bad enough, then you do not even have access to these types of credit.

There are other hidden costs that can dramatically affect your lifestyle and your finances. If you are not prepared for these extra costs, then you may really find yourself in a bind.

Job Search

Certain employers have traditionally checked credit in order to prevent hiring employees that pose a risk of theft or other fraud. These include banks, credit unions and even the military.

However, there are many other jobs that are now requiring credit checks for applicants. They mandate reasonable credit scores as a condition for employment.

Some jobs have no contact with customer data or money, and yet the employer still requires good credit. This can pose a serious hardship to someone with bad credit.

Apartment

Most apartment communities and other real estate landlords require good credit in order to rent. While collection accounts and other bad debts can hinder your application, a bad credit score or evidence of an eviction can nearly shut you out of most rental opportunities.

Insurance Rates

Insurance companies require a credit check during the application process. There are many reasons why this is required.

* 1. Credit is a Predictor of Responsibility: Insurers want to know that you are taking care of your property and driving responsibly.
* 2. Credit is a Predictor of Risk: Insurers know that debtors facing foreclosure or repossession are more likely to commit acts of insurance fraud.
* 3. Credit is a Predictor of Payment Regularity: Insurers want to know that you will pay your bill on time.

There are many arguments for and against this practice. The insured often argue that credit has nothing to do with the practice of insurance. Insurance companies argue that there are very relevant ties. Additionally, the claims data does back up their stance.

If you have bad credit or are at risk of ruining your credit rating, understand that it will affect you even if you do not plan to make purchases on credit. Your bad credit can hurt you in other ways.

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