Mortgage Brokernews

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• Ray Rochefort 2018-06-14 3:54:49 PM I've had clients who had a lot of unsecured debt and refinancing was not an option, other than private 2nds. What a few have done, and it's a little drastic, is they sell their current residence, pay off all of their debt and then buy another one with 5% down. Effectively, they got 95% on a refi. Of course there's the cost of buying and selling, but it has worked for them and their payments are way lower now!

• Romesh Lakhanpal, Mortgage Broker 2018-06-14 10:55:09 AM I think that serviceability will be a major challenge with the prospect of increasing interest rates. Home owners who cannot pay the mortgages will be looking to sell the property. This will lead to over-supply and we all know that in the buyers' market the price is dictated by the cash rich buyers who would not mind making a killing. Once defaults start happening, the prices are sure to nose dive. Let's keep our fingers crossed and tread with caution.

• Paul 2018-06-14 10:49:45 AM We don't hear too much about lowering the high interest charges on unsecured credit cards that many Canadians need to cover the effects of higher taxes,utilities and gasoline prices. Because of small or no income increases. Most Canadians are feeling the crunch while the corporate world continue with year after year increased profit margins. Maybe we should be looking at the big picture..

• Alphonse Negro 2018-06-14 10:45:59 AM Great read. Amongst friends we often say that the Bay does not need all of the space it is using in downtown Montreal and could easily consider building a skyscraper that could incorporate a hotel, office space and condos towards de Maisonneuve and leave the retail end on the Ste Catherine str side... Birks across the street is adding a hotel to the top floors.. Instead of selling the realestate, develop it...

• a 2018-06-13 11:24:17 AM Hope you are successful. Too many Canadians no longer qualify and thus are stuck paying off the landlord's mortgage through rent.