First-time home buyers could save $286 a month on mortgage payments under new federal program
  
The details of a $1.25 billion home-buyer incentive program that was included in the federal budget shows it will save new owners a few hundred dollars a month on their mortgage.
First-time buyers with household incomes less than $120,000 a year could be able to save around $286 a month on a $500,000 house without increasing their down payments, according to Jean-Yves Duclos, Minister of Families, Children and Social Development.
“Through the National Housing Strategy, more middle-class Canadians – and people working hard to join the middle class – will find safe, accessible and affordable homes, Duclos, who is also the minister responsible for Canada Mortgage and Housing Corp, said in a statement.
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How Your Cell Phone Can Keep You From Getting the Lowest Mortgage Rate
Despite what you may have heard, your cell phone payment history does affect your credit score.
Cell phone accounts work differently than a credit card or a line of credit. A cell phone is an open or “O” account, which means the balance has to be paid in full at the end of each month.
There is no such thing as a minimum payment with an “O” account like there is with credit cards and lines of credit. You can’t just pay a portion of your bill. The amount that you see on your statement has to be paid in full otherwise your credit score will suffer.
Unfortunately, many Canadians don’t view paying their cell phone bill in full or on time as being as important as other payments. Lenders disagree. The bank underwriters (the people who review your application) are thinking, “If you can’t make or keep track of a cell phone payment, what are the chances that you are going to be responsible with your mortgage payment?”
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