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How to get the best possible mortgage rate

CALGARY — When the Bank of Montreal and TD Bank dropped their special five-year fixed mortgage rates earlier this month, it drove Alyssa Furtado “crazy” to see how much attention they received.
Spring mortgage market kicks off with a new low rate from Bank of Montreal — but you can do better

THE CANADIAN PRESS/Sean Kilpatrick
Call it March Madness for the mortgage market, as banks begin a full-court press to lure in homebuyers as Canada heads into another vibrant spring for the country’s hottest housing spots.

On Tuesday, the Bank of Montreal took an early lead, beating the competition with the lowest rate on a fixed five-year mortgage — ever.

Continue reading.

The founder of RateHub.ca, a website that compares financial products, says homebuyers can do better if they shop around and do their homework

Should cash-strapped retired homeowners eye HELOCs or reverse mortgages?

You’re a senior citizen and you don’t have enough income to live comfortably. What do you do? Get a HELOC or Reverse Mortgage?

To read the full article click here.

Will you die with a mortgage? 10 reasons why more people will

Just hearing those words creates a visceral response among some who see it as a sinister product that drains fragile old people of their home equity…In fact, the catalysts for growth are so evident that I’ll go out on a little limb and make a prediction. Within a decade, one in ten senior homeowners will sign up for a reverse mortgage, and yes, many will take them to the grave.

Here are ten reasons why:

To read the full article click here.

Stepping up retirement income – GIC ladders still work

“In our particular situation, my wife and I didn’t have formal work pension plans,” says the 66-year-old Winnipegger. “So preserving capital is very important while trying to earn enough income to meet our established goals.” To serve all three goals, one of their key strategies is a cash wedge that involves staggering five years’ worth of income needs inside their RRSP in guaranteed income certificates (GICs) with maturities from one to five years. This involves a laddering technique similar to a bond ladder to take advantage of the best rates available every year.

To read the full article click here.

Direct deposit payments: A government pitch that makes sense

The federal government can’t seem to decide whether it wants to intimidate or entice people into receiving payments like Old Age Security and tax refunds via direct deposit instead of cheques sent by mail.

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