Tag: Mortgage

Mortgage Forbearance: Understanding the Basics

When your budget is tight due to a financial setback, figuring out how to handle expenses is overwhelming. Thankfully, there are options like mortgage forbearance to ease the financial burden resulting from crises like the COVID-19 pandemic. Mortgage forbearance is when your mortgage servicer or lender allows you to pause or reduce your payments for…

Home builders look to tax breaks, easing of mortgage rules to stimulate recovery

The home construction industry has compiled a list of 20 recommendations — from tweaking the mortgage stress test to tax breaks for builders and billions of infrastructure stimulus spending — that it says will help builders and consumers boost the economic recovery post-lockdown. If governments don’t invest in the construction industry, they are risking an…

What’s behind your mortgage rate

It looked like a puzzle: As the COVID-19 pandemic spread, central banks—including the Bank of Canada—quickly cut interest rates to cushion the blow. But rates on new mortgages didn’t decline much, and some actually went up. Why? Remember that your lender’s funding cost determines most of the mortgage rate. The cost of funding jumped in…

How to Get a Mortgage with Bad Credit: 7 Ways

You should have a good credit score to enhance your chances of getting a mortgage, but there are plenty of ways to get approved — and even to keep your monthly payments and interest rates reasonable — with poor credit. Typically, a “bad” credit score (by mortgage standards) is anything below a 580 or so.…