Bank of Canada governor Mark Carney raised the overnight lending rate a 0.25% point on Wednesday morning. CTV News reports: The decision marks the third straight month that the central bank has boosted the rate, which was set at a rock-bottom 0.25 per cent during the recession. The overnight lending rate affects short-term borrowing, such as variable-rate mortgages and some lines of … [Read more...]
New Rules for Canadian Mortgages
February 18, 2010 By 6 Comments
You’ve probably read about the new regulations regarding Canadian mortgages for buyers/ investors and home owners wanting to re-finance. In case you haven’t been following, here is the scoop. Three changes will come in effect on April 19: Qualification: All borrowers will need to meet standards for five-year fixed-rate mortgages regardless of whether they're seeking a loan with a lower … [Read more...]
Wednesday Links: Mortgage Rules in the Media
February 17, 2010 By 2 Comments
Reckless speculators get a cold shower - The Globe and Mail Ottawa's decision to hike minimum down payment required to obtain insurance on investment homes likely to have immediate effect. Don't worry, home loan rules can still be bent - The Montreal Gazette The good news or bad news, depending on your perspective, is you can still buy a home in Canada with almost no money... Home buying … [Read more...]
Understanding the Home Appraisal Process
December 2, 2009 By 3 Comments
Consumers are often baffled by the home appraisal process. They may feel their home is worth a certain dollar amount, and therefore, the appraised value doesn't make sense to them. It is important to know that appraisal guidelines are dictated by the lenders. In many provinces, the lenders must disclose the purpose of the appraisal, as each situation carries its own set of rules. In essence, … [Read more...]
Know the Score: Three Steps to Better Credit
July 20, 2009 By 4 Comments
If you are looking to buy, invest in, or obtain a better rate on your current mortgage now or in the coming months, your credit is going to play a more significant role in today's tight-fisted credit environment than it has in the past. It's that simple. Would-be borrowers need to address any and all credit issues now to avoid having to pay for it later. But, here's the kicker: a great number … [Read more...]
Fixed Rates Officially Going Up, Variable Rates going down.
June 4, 2009 By 1 Comment
Great deals only last for a limited time. We all knew it was coming, we just didn't know how soon... Canada's biggest banks are increasing key mortgage rates. Royal Bank of Canada announced the change on five-year, fixed-rate mortgages to 5.45%, an increase of 0.2%. Bank of Montreal, Toronto-Dominion Bank, Bank of Nova Scotia and Canadian Imperial Bank of Commerce are following. The changes at … [Read more...]
Mortgage Matters: Fixed vs. flexible – Gazette
April 6, 2009 By 2 Comments
Last week, the gazette printed an interesting article on the factors to consider when chooing a mortgage. It says that, in the past choosing a fixed or variable mortgage has traditionally been which strategy would save the most money, and now that it's not always the case. Choosing a type of mortgage and term today may come down to what makes sense for the individual home owner rather than what … [Read more...]
Lets connect