By Jack Farrell Paying and receiving interest is prohibited in the Islamic faith under Sharia law, meaning traditional interest-based mortgages are not an option for many Muslims in Canada. A few private lending companies, such as Edmonton-based Canadian Halal Financing Corp., currently offer alternative financing plans that do not include interest payments, but these alternatives … Read more
The cost of private mortgage insurance varies depending on the down payment and mortgage loan, but is generally about half a percent of the total loan amount. So how exactly is it calculated? Let’s say you bought a house for $100,000 and put $10,000 down. Your lender will multiply the remaining 90 percent by 0.005 … Read more
The news set off a wave of market reactions, triggering a surge in stock markets, cryptocurrency markets and bond yields, which determine the prices of fixed mortgage rates in Canada. For Canadian mortgage holders and home buyers, the ripple effects have been immediate, with some lenders already raising rates. But what does Trump’s victory really … Read more
By Nojoud Al Mallées Carolyn Rogers gave a speech Wednesday on the mortgage market to the Economic Club of Canada in Toronto. “We must resist the temptation to try to solve the housing affordability problem by tinkering too much with the mortgage market,” Rogers said in his prepared speech. The central bank official says improving … Read more
The Canada Mortgage and Housing Corporation indicates in its latest report on the residential mortgage sector that 1.2 million mortgage loans are due for renewal in 2025 and that 85% of them have been signed while the rate of the Bank of Canada was 1% or less. Borrowers who need to renew their loans next … Read more