Categories for New Mortgages

B2B Now Allows Income Proof Via Business Bank Statements

Self-employed? Don’t declare enough income on your tax returns? Want a mortgage? Lenders are waiting to lend to you. But there’s a price. Their “non-prime” (a.k.a., “alternative”) lending options always come with a rate premium. We don’t talk about non-prime financing very often, but a new such product from B2B Bank is worth a look. B2B Bank recently re-launched its “Business Bank...

Interest-Only Mortgages. Back in Canada

You’ve probably never thought about not paying the principal on your mortgage. It sounds almost un-Canadian. But it’s a crazy-sounding idea that, in limited cases, is not so crazy. Out of thousands of home loans in Canada, only two products let you pay just the interest each month: A Home Equity Line of Credit (HELOC) An interest-only mortgage (I/O). HELOCs...

motusbank Mortgages Are Here

It’s been two and a half years since Ontario’s biggest credit union (Meridian) announced its new digital bank (motusbank), and now it’s here. motusbank brings mortgage shoppers one helluva good offering. For one thing, its process is super easy and fully online. That’s becoming mandatory for time-pressed, smartphone-addicted borrowers. More importantly, by eschewing bricks and mortars, the bank can trim...

Scotiabank’s New eHOME Mortgage: Canada’s Digital Mortgage Standard

When Scotiabank announced its new “digital mortgage” offering called eHOME, we thought to ourselves, “Oh, how grand, another glorified online application from a big bank.” But after digging into this thing a little, we have come away genuinely impressed. Scotiabank’s eHOME app is officially the best online mortgage experience we’ve reviewed to date. The bank took some risks with this...

CHIP Max – Canada’s Maximum Reverse Mortgage

Apart from the interest rate, probably the biggest complaint among reverse mortgage borrowers is that they can’t get enough money. That’s now changing thanks to the launch of “CHIP Max” by HomeEquity Bank. In a nutshell, CHIP Max is a reverse mortgage that lets you borrow more money in return for a higher interest rate. That higher rate compensates HomeEquity...