Mortgage Penalties...Are Banks Gouging Canadians?

A $200,000 mortgage taken in December 2008 will cost you $16,800 to get out of today…. but 12 years ago it would have cost you approximately $8,340 and even today, it should only cost $11,640. Got your attention? Please read the entire report to better understand.

Home and Mortgage Affordability Guidelines

The Canada Housing and Mortgage Corporation (CMHC) provide two basic guidelines to help Canadians determine the maximum percentage of income that should go toward paying mortgage and other household debt.  Lenders generally use these same guidelines to help determine who they will lend to and the maximum mortgage amount they qualify for.