It is important to have a credit history. If you don't have a credit history, you can begin building one by using a credit card - as long as you use the credit card wisely!
When you apply for a credit card, the card issuer will check your credit history with one or more of the credit-reporting agencies, to find out whether or not you are likely to pay back the money you borrow with your credit card.
If your credit card application has been approved and you start using your card, the issuer rep....

Significant Statistics

22 per cent of mortgages in Canada have amortization periods of more than 25 years, but this number increases to 38 per cent among borrowers who took out a new mortgage on a newly purchased home in 2011
78 per cent of borrowers who renewed their mortgage in the last 12 months saw a reduction in their rate
The average rate discount is 1.46 per cent on a five year posted fixed rate
71 per cent of borrowers have a high degree of satisfaction with their current mor....

Canadians have heard the many cautions about carrying too much debt and are taking action to insulate themselves from future economic downturns, according to the seventh Annual State of the Residential Mortgage Market report by the Canadian Association of Accredited Mortgage Professionals (CAAMP), released today.  Highlights:

About one-third (32 per cent) of homeowners with mortgages had some mortgage activity in 2011, with 23 per cent renewing or refinancing their mortgage
Fixed rate m....

Canada Mortgage and Housing Corporation (CMHC) released its 2011 Mortgage Consumer Survey, providing insight into the attitudes and behaviours of Canadian mortgage consumers.
The survey found that the internet continues to be a valuable resource for homebuyers. Among recent buyers using an online search engine, the most popular search terms included interest rates (86%), mortgage options (76%) and mortgage calculators (69%). Of those who noted using the internet during their research, 86% used ....

According to a recent CMHC Mortgage Consumer Survey, after deciding to look for information about mortgage options, half (51%) of recent mortgage consumers started with a mortgage or financial professional. The remaining half of respondents reported having started with family or friends, the Internet, or a real estate agent. However, throughout the process of obtaining a mortgage, 81% of recent buyers, at some point, relied on a mortgage professional (either a mortgage lender or mortgage broker)....