OTTAWA (Reuters) - Canada's federal housing agency will stop offering two types of mortgage insurance next month, it announced on Friday in the latest move to curb its ballooning, taxpayer-backed mortgage insurance business and contribute to housing market stability.
A good credit report and credit score are important factors in determining whether or not you will be approved for a mortgage. Here are some simple steps you can take to maintain a good credit history — and improve your chances of being approved.
As its name suggests, a fixed rate mortgage charges a fixed interest rate for a set period of time – usually two, three, four or five years. Once the fixed rate comes to an end your lender usually switches you on to their standard variable rate.