As it becomes more difficult to secure a mortgage traditionally through a bank, Canadians are turning to the private mortgage option. Increasing more people are using private mortgage brokers to finance homes for various reasons. The high interest rates are putting pressure on homeowners and some people simply aren’t able to get a mortgage at their bank. Private mortgages in dollar value are at $22.4 billion in Ontario alone.
Amidst the rising interest rates in Canada, homeowners, especially those with large loans like mortgages, are facing financial concerns. The unexpected hikes have resulted in higher monthly payments, posing challenges to stay in their homes. However, there are solutions to ease the burden during this economic climate. For eligible homeowners, a reverse mortgage offers a viable option, allowing them to eliminate mortgage payments and securely remain in their homes.
Discover 13.5 invaluable tips to save big on Auto and Home Insurance in Canada! Uncover province-specific strategies, understand how different factors influence your rates, and learn how to navigate public systems in British Columbia, Manitoba, and Saskatchewan. From shopping around to bundling options, this article holds the key to unlocking substantial savings on your insurance costs.
This article informs Canadians about relief and forgiveness options for student loans. It discusses the challenges of paying back loans due to high interest rates and financial constraints, and highlights the Repayment Assistance Plan as a possible solution. It also mentions that loan forgiveness is available and reassures students about other options available.
A fundamental section of your tax return to complete accurately is Line 10100 (formerly specified as 101), which deals with your employment income. Let’s take a look at the details to help you navigate your way around the form.
When you use a business bank account, it can help the business you run build its own credit profile, which can be useful down the road. So how easy is it to open a business account? We’ll go through the process and help you understand how much the fees are for every given business bank account.
Government grants are available to support small business owners across the country, with variations depending on the province and specific region, and can help promote business and services in isolated areas. These non-repayable grants can assist in the growth and recovery of your business for long-term stability.
Even if you miss one bill payment, you can lose as much 150 points. While it’s not always so dramatic of a drop, it’s still essential that you pay things off before the deadlines. You may not qualify for prime credit cards, low-interest loans, and decent mortgage rates. This is because when your credit score is less because you’ve missed a payment or are late, this becomes a red flag to lenders. To keep your credit score healthy, make sure to pay your bills on time.
If you have bad credit, have irregular income, depend on foreign income, or are new to Canada and don’t have employment history, a private mortgage is well suited to you.
While interest rates have gone up, there are some things that contribute to it being a good time to buy. Many Canadians know that home ownership is a great long-term investment. However, they also acknowledge the higher interest rates may have a negative effect on their ability to buy or sell a home. At this point, 67% of Canadians wouldn’t consider purchasing a home in the early part of 2023.