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Mortgage Bytes

  • More-debt 90% of Canadians surveyed say they have more debt today than five years ago.  26% say they don’t worry about rising interest rates when borrowing money.
  • What’s the most important mortgage feature?  “Prepayment privileges would top my list,” says mortgage planner Paula Roberts.
  • If you’re a first time home buyer and plan to use RRSP money for your down payment, make sure the money’s been in your RRSP for at least 90 days.
  • Million dollar homes are losing cache (REM Online).
  • Reader comment of the week
  • CAAMP chairman Paul Grewal is starting a new alternative mortgage company called Street Capital. The company’s products will be available only through mortgage planners and will launch this fall.
  • Will the Bank of Canada’s new governor lower Canada’s 2% inflation target?  If he did, it could eventually have an upwards influence on interest rates.
  • AIG United Guaranty is now offering $10,000 in identity theft insurance with mortgages it insures.