CTV Morning Live: Mortgage Minute
Frank Napolitano discusses the Ottawa real estate market, the latest mortgage rates and what companies are now reporting information on your credit bureau on this episode of CTV Morning Live: Mortgage Minute.
Frank Napolitano opens up this segment by talking about how your home can be used to supplement your retirement fund. He also comments on the new mortgage rules and how they've made it difficult for individuals who are self-employed, part time and may have a few bruises on their credit.
Telecom companies are now reporting your monthly charges to Equifax and these are now showing up on your credit report, along with mortgages. Thus the importance in paying these on time is being stressed upon individuals. Banks and mortgage insurers are scanning prospective home owners' credit bureaus to ensure they have a clean report and have managed their credit responsibly.
With the condo market being slow in Ottawa, Frank does confirm that the residential housing (single homes, semi detaches & town homes) is booming.
To finish this episode off, Frank recaps the latest mortgage rates, which are still at record lows.