January 22, 2014
BMO, Scotiabank join RBC in reducing a number of mortgage rates
TORONTO — At least two more big Canadian banks have joined Royal Bank in quietly reducing some of their mortgage rates.
Bank of Montreal and Scotiabank both lowered rates Tuesday although, like the Royal Bank, neither issued a news release announcing the changes.
Scotiabank lowered its five-year closed fixed term mortgage 10 basis points to 3.49 per cent on its website Tuesday, down from 3.59 per cent posted on the site Monday.
BMO lowered a number of its rates between 10 and 20 basis points, including its posted five-year fixed rate to 3.69 per cent from 3.89 per cent, according to Ratehub.ca.
The change follow a move on the weekend by RBC to lower its rates on several fixed-rate mortgages by 10 basis points, bringing its five-year closed...
January 21, 2014
CIBC Rates from me today are as follows:
While the housing market seems to be off to a slow start, I have noticed a bit of a pick up in the last week. At CIBC we have some of the lowest rates around so I am hoping that I may be able to assist your clients with low rates, superb customer service and the comfort of having a reputable customer service oriented bank backing their mortgage.
CIBC Rates from me today are as follows:
2.79% 1 Yr Fixed Closed
2.69% 2 yr fixed closed
2.90% 3 yr fixed closed
3.29% 4 yr fixed closed
3.34% 5 yr fixed closed
2.50% 5 yr Variable Flex (Prime – 0.50%)
*rates are subject to change
January 6, 2014
Buying a home in the new year !?
Get your house in order before you start shopping. Here's what you need to do, and when.
Buying a home is a complicated process, and it can be particularly daunting for the first-timer.
The following timeline starts one year before you hope to start seriously shopping for a home. This is an ideal; you can arrange your finances and buy a home in less time, if necessary, but you'd be smart to walk through all of the steps in order. The more time you give yourself for this process, the better.
A year out (or as soon as possible)
Get your credit reports. Errors on your reports can force you to pay a higher interest rate on your mortgage or even torpedo your chances...
October 8, 2013
Bank of Canada won't raise interest rates until 2016
Could U.S. uncertainty mean low rates for years or even decades to come?
With the U.S. government deadlock heading toward a more damaging crisis and global economic growth falling far short of expectations, a hike in interest rates has been put on hold.
Most analysts see the bank keeping its policy rate at one per cent - where it's been for three years - until sometime late in 2014 or early 2015, but few believe it will stay at such stimulative level for another two or three years.
Low interest rates are generally seen as likely to boost economic performance because firms and individuals can more cheaply finance their investments and spending.
The Bank of Canada also warned that keeping rates low for too...
September 30, 2013
Top 6 Mortgage Mistakes
During the 2007-2009 financial crisis, the United States economy crumbled because of a problem with mortgage foreclosures. Borrowers all over the nation had trouble paying their mortgages. At the time, eight out of 10 borrowers were trying to refinance their mortgages. Even high end homeowners were having trouble with foreclosures. Why were so many citizens having trouble with their mortgages? Let's take a look at the biggest mortgage mistakes that homeowners make.1. Adjustable Rate MortgagesAdjustable rate mortgages
seem like a homeowners dream. An adjustable rate mortgage starts you off with a low interest rate for the first two to five years. They allow...
September 9, 2013
11 things you need to know about Canadian mortgages
A glossary of crucial terms for first-time buyers and homeowners in Canada.
By Diane Jermyn | Yahoo! Finance Canada – Tue, 13 Mar, 2012 4:03 PM EDT
What’s a mortgage broker?
A mortgage broker is a licensed mortgage specialist who can tell you what’s available in the marketplace from banks and lenders across Canada and can guide you through the mortgage process. Mortgage brokers are also able to pass volume discounts directly on to you because of the high quantities of mortgage products they acquire.
Tom Hogg, a mortgage agent at The Mortgage Centre, in Mississauga, Ont., describes his job as educating the consumer on exactly what they’re signing. “My role is to create a buffet of products...
August 11, 2013
CMHC cap on mortgage-backed securities to raise home costs, cool market
The CMHC has authority to guarantee up to $85 billion under the National Housing Act Mortgage-Backed Securities program but by the end of July, $66 billion had been committed. To deal with the unexpected increase in issuance volumes, CMHC will introduce a formal allocation process in late August, which will likely lead to a small bump in the cost of new home mortgages.
Photograph by: Richard Buchan , THE CANADIAN PRESS
Mortgages for Metro Vancouver’s prospective homebuyers could become more expensive to obtain as Canada’s national housing agency moves to limit the amount of mortgage-backed financing it is prepared to guarantee for mortgage lenders.
Canada Mortgage and Housing Corp. has notified mortgage lenders, including...
July 12, 2013
The soft-landing squeeze: Ottawa’s mortgage fixes one year later
The Globe and Mail
Published Monday, Jul. 08 2013, 8:04 PM EDT
Last updated Tuesday, Jul. 09 2013, 10:55 AM EDT
Jonathan Coe is anxious to get out of his west-end Toronto apartment and into his first house, but that dream was put on hold again last year when the federal government changed the rules.
Seun Olowolafe, on the other hand, who is articling now, plans to move out of his parents' Toronto-area home and buy a three-storey loft while mortgage rates, though rising, are still low. His brother is helping to lock him in with a mortgage broker, and the property will be ready next year.
Such is the nature of Canada's housing market, which cooled over the past year as new mortgage...
May 14, 2013
Flaherty's concerns throw thirty-year mortgages in spotlight again
The Globe and Mail
Published Monday, May. 13 2013, 7:00 PM EDT
Last updated Monday, May. 13 2013, 7:40 PM EDT
Finance Minister Jim Flaherty has been concerned about the sale of 30-year uninsured mortgages because the risks from some of these loans are ultimately being transferred from banks to taxpayers – and that’s part of the reason why the banking regulator is now weighing changes, sources say.
Mr. Flaherty has tightened the country’s basic mortgage insurance rules four times since the financial crisis, most recently last July, in bids to stop consumers from taking on too much debt, to cool the housing market, and to protect government coffers. Mortgage insurance is...
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