A new poll suggests more than one in three Canadians plan to take advantage of the federal government’s home-renovation tax credit. More than eight in 10 of those questioned in The Canadian Press-Harris Decima survey said they were aware of the program, under which eligible applicants can receive a tax rebate of as much as $1,350 if they invest up to $10,000 in renovations on their home.

Mortgage Pre-approvals may soon be extinct. The high cost to banks of issuing pre-approvals is finally causing them to make some changes. Some lenders have cut out pre-approvals completely while some are charging a rate premium.

Securing an attractive interest rate may be the top priority for most borrowers, some low-rate mortgages available today offer limited flexibility. For example, “no frills” mortgages offer favourable rates, but may limit your ability to pay off your mortgage sooner

Many people avoid getting mortgage life insurance when they sign up for their new mortgage because they feel it is too expensive….but is t really? What would it cost you if an unfortunate event happened to your family and you are not covered?

Combine the security of a fixed rate mortgage with the current low interest rates of a variable mortgage and you get the new 50/50 mortgage. With an effective rate of only 3.38% you can save money on your mortgage while only 50% of the total amount is subject to interest rate risk (compared to 100% if the mortgage was totally variable).

Are you having a hard time making your monthly mortgage payments? There is help, but the key is to act early. Most lenders are more than happy to work with you to help ease the burden and ensure you will not lose your house. As well Genworth has a Homeowner assist program to aid individuals who are falling behind in their mortgage payments.