We heard from a reader last week who was declined for a mortgage by a Big 5 bank. The problem was not with him, however. The problem was his banker’s ineptitude. Fortunately for Ralph (his name), he was particularly well-versed in the bank’s guidelines, having researched rental financing in the past. When the banker told him he was declined, Ralph...
Lest you think too many mimosas at Sunday brunch impacted our headline choices today, fear not. As long-time readers can attest, we don’t hype interest rate timing around here. Guessing rate direction beyond the short term can be like guessing solar flare intensity. It ain’t easy. Professional economists with big fat salaries botch rate predictions for a living. Yet, many...
You’ve probably never thought about not paying the principal on your mortgage. It sounds almost un-Canadian. But it’s a crazy-sounding idea that, in limited cases, is not so crazy. Out of thousands of home loans in Canada, only two products let you pay just the interest each month: A Home Equity Line of Credit (HELOC) An interest-only mortgage (I/O). HELOCs...
log in
