By Emma Patch From Kiplinger’s Personal Finance Given today’s high home prices, many parents these days want to help their adult children buy their first home. One way to do that is through an intra-family loan that works for parents and children. You may be able to offer your child a lower interest rate than…
Rising Mortgages Not at ‘Catastrophe’ Level: Shorten
Government Services Minister Bill Shorten said he would not describe the current situation where households are struggling to repay mortgages under high-interest rates and inflation as a “household catastrophe.” “I wouldn’t use such language to be honest,” he told ABC radio on April 13. But he acknowledged that there was “no question” families were struggling…
Interest Rate Hold Could Add Heat to Real Estate Markets: Mortgage Experts
Mortgage experts expect the Bank of Canada’s decision to hold its key interest rate to add heat to the country’s real estate markets. The second consecutive hold since rates started climbing in March 2022, which leaves the overnight rate at 4.5 percent, will likely give buyers and sellers more confidence to make a purchase soon,…
Canada’s Housing Market Is Starting to Stabilize, Say Economists
After the great ups and downs in Canada’s housing market these past couple of years, the ramp-up of the 2023 buying and selling season promises greater stability, say economists. Home prices have stopped falling in a lot of the major markets, BMO senior economist Robert Kavcic told The Epoch Times. Mortgage rates have stabilized and are…
Federal Agency Tells Lenders to Give Struggling Homeowners Mortgage Relief
Amid the rapid rise in interest rates and the increased cost of living, the Financial Consumer Agency of Canada (FCAC) has issued guidelines to banks saying they should offer “relief measures” to consumers in “mortgage hardship.” FCAC said it expects federally regulated financial institutions to identify such consumers and proactively offer measures. Those measures include…
US Mortgage Refinancings Hit 6-month High on Rates Drop, MBA Says
U.S. residential mortgage refinancing activity climbed to a six-month high last week, a trade group said on Wednesday, fueled by a third straight weekly drop in borrowing costs on the heels of a pair of major bank collapses that have clouded the outlook for interest rates. The Mortgage Bankers Association’s weekly index of overall home…
Raising Your Credit Score Can Save Thousands on a Mortgage
March 20, 2023
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Before you buy a home and get a mortgage, there are ways to ensure you get a better deal from a lender. The difference can save you many thousands of dollars throughout your mortgage. Taking time to raise your credit score beforehand can enable you to get the better terms you want. The Savings Potential…
Chinese Banks Roll out ‘100 Year Loans,’ ‘Heart-to-Heart Loans,’ to Relieve Housing Price Pressure
News Analysis Banks in many places in China have reportedly introduced“heart-to-heart loans” that encourage unmarried couples to apply for home loans before they are married; and “centenary loans” that allow children to inherit their parents’ loan and extend the repayment period to 100 years. Experts believe that such relaxation of loan repayment time limits and borrower…
Mortgage Rates Surge Back Toward 7 Percent, Sending Demand for Home Loans Down by Double Digits
Mortgage applications plunged as the 30-year fixed mortgage rate inched higher toward 7 percent, a weekly industry survey discovered. For the week ended Feb. 17, the seasonally adjusted Market Composite Index—a measurement of mortgage loan application volumes—declined 13.3 percent, down from the 7.7 percent drop in the previous week, according to the Mortgage Bankers Association…
What Mortgage Company Changes Mean for Your Home Loan
It’s been a bumpy ride for mortgage companies lately. Some lenders have gone out of business, merged with other companies or narrowed their focus. And more changes are likely in 2023. What does all this mean for borrowers? Here are answers to common questions, whether you’re shopping for a mortgage or paying off a home…
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