Top 20 Factors That May Affect Your Mortgage

If there's one thing our team of mortgage planners has learned from their years of experience, it's that no 2 mortgages are the same. Even if, on the surface, you think that your situation matches your neighbor, friend, co-worker or parent, it doesn't take much digging to start finding differences. Since you're not "just like Dave" why would your financing be the same? We believe that your mortgage solution should be as unique as you.

More Canadians using retirement savings to solve bad credit

Like many journeys, the road to bad credit starts with a single step – or misstep in this case. Whatever your situation, once you've started having trouble with your credit score, it can be difficult to find your own way back to a strong financial situation. But you have some money saved in your RRSP, so why shouldn't you use that to get out of debt? While it seems like an easy solution now, you might regret your decision in the future.

Many Canadians face increasing debt and multiple loans

For the past few years, credit has been easy to come by for most Canadians. However, for every individual who manages their credit well, there are horror stories of monster loans and mountains of debt. According to an annual report by credit agency TransUnion, individual debt among Canadians is increasing. A typical individual is currently carrying $21,686 in debt, not including their mortgage – an increase of 2.3% from the same time in 2015.

No slowdown in household debt

While Canadians may be wary of the outlook for the economy, it’s done little to dampen their debt.

British Columbia holds highest average mortgage debt

Homeowners in British Columbia and Alberta have the highest average mortgage debt according to StatsCan data.

10 Fast and Effective Ways to Get Out of Debt

TimeToImproveCreditA report from the Globe and Mail revealed that the number one financial resolution is paying off debt. While many people would love to simply pay their bills and be debt free, that's not often the case.