In a recent survey, 44% of self-employed women say they’ve had trouble getting financing because they’re self-employed. For men the figure is 30%. (Source: Decima Research)
Canadian consumer debt–including mortgages–increased almost 40% from 2002 to 2006 (Source: Wells Fargo). Think you’ve got enough saved? Author Gail Vaz-Oxlade says, “If you have a $50,000 RRSP and you have a $50,000 line of credit, you have nothing.”
Want to buy a rental property but need to borrow your down payment? Most lenders won’t allow it but a good mortgage professional knows ones that will. Better yet, you might not need a down payment at all. Call us or your favorite mortgage planner for details.
Reliant Home Mortgage is delisting its stock as it tries to restructure. As recently as March, things seemed bright for the company. The subprime crisis changed all that. It’s a shame but perhaps they’ll get a new financier and put out of this slump. We know a lot of people who were eagerly awaiting Reliant’s 55-year mortgage.
The restructuring of Canada’s commercial paper market (the infamous market that caused Canada’s recent credit crisis) has been extended until December 15. Some investors could see their money even earlier.
Dundee Securities’ John Aiken says Canada’s lending rates will likely continue higher in the immediate future because “the cost of funding for the banks is increasing.” CIBC’s Benjamin Tal says, “…if you are a high-risk Canadian consumer…you’ll feel more of the pain…not via high interest rates, which is part of the story, but also reduced appetite to lend in this kind of environment.”
Only 9% of First National’s mortgages are commercial paper financed, but that’s enough to hurt their Q3 earnings by $4-5 million. First National is Canada’s biggest non-bank mortgage lender.
Did you know that Manulife is Canada’s top commercial mortgage lender?