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  • How about trying on a home for a few days, just to see if it fits?

    How about trying on a home for a few days, just to see if it fits?

    by Garry Marr The traditional face-to-face approach of real estate agents and mortgage brokers is getting a little closer to extinction, according to a new study that suggests online shopping is taking over those sectors, too. The report from HSBC Bank even goes one step further and suggests the day …Read More »
  • Home Trust is getting a beat down it doesn’t deserve

    Home Trust is getting a beat down it doesn’t deserve

    Home Trust is getting a beat down it doesn’t deserve. The underlying numbers from the company are fine and when dealing with them over the years, they are by no means “wreckless” in their underwriting practices! So they had some rogue brokers who were caught doing fraudulent applications… is everyone …Read More »
  • 2016 Federal Budget Lock-Up

    2016 Federal Budget Lock-Up

    Finance Minister Morneau’s budget includes many new infrastructure spending initiatives that will support our economy and help continue our growth, albeit controlled, with a view to the long-term success of the country. His budget is focused on middle-class families, seniors and veterans, helping the less fortunate, committing to a clean …Read More »
  • A summary of the intervention into the Canadian mortgage market

    A summary of the intervention into the Canadian mortgage market

    by Andrew Furino – Radius Financial Maximum Affordability Assumptions: $80k family income, heating costs $100, property taxes 4000 GDS 34 / TDS 42 at 3.0% – no other debt obligations Refinance $300k property value and same criteria above A summary of the Federal Governments intervention in the Residential Mortgage Market: …Read More »
  • VARIABLE RATE DISCOUNT REDUCTION

    VARIABLE RATE DISCOUNT REDUCTION

    We have been advised that one of our lenders are reducing their Variable Rate Discount to ZERO.  Meaning their Variable Rate will be Prime (2.70%) with no discount.  Most other lenders are still offering a discount of .30%-.50%.  This could be sign of the times.   Their reasoning is below:  Just …Read More »
  • Bank of Canada ‘optimistic’ about economy, stands pat on interest rate

    Bank of Canada ‘optimistic’ about economy, stands pat on interest rate

    The Bank of Canada has kept its key interest rate at 0.5 per cent, opting to wait and see how the economy performs over the next few months before moving to stimulate activity with another cut. Governor Stephen Poloz’s decision comes against a backdrop of low oil prices, a tumbling …Read More »
  • Slight Rise in Rates

    Slight Rise in Rates

    You may of heard that RBC raised their mortgage rates slightly last week.  Well the other Big Banks are following as Scotia announced a hike shortly thereafter.  That being said, rates are still REALLY low.  Here’s a good article from the Financial Post. Mortgage deals are going, going, but not …Read More »
  • Should you use your home equity to pay off your credit card debt?

    Should you use your home equity to pay off your credit card debt?

  • Ottawa aims to cool housing markets by tightening mortgage rules

    Ottawa aims to cool housing markets by tightening mortgage rules

    Here are the new Down Payment Rules that will come into affect February 15th, 2016. Sounds like a big change, however, take a closer look at the chart below and you’ll see there is not that much difference for those purchasing a home between $500,000 – $999,000. Most people purchasing …Read More »
  • Canadian dollar sinks to 73.6 cents US as TSX hits 2-year low

    Canadian dollar sinks to 73.6 cents US as TSX hits 2-year low

    By Pete Evans, CBC News A day after setting a new 11-year low, the Canadian dollar today shed another half-cent to 73.60, while the benchmark Toronto stock index slid to a two-year low. Crude oil prices have declined since last week after OPEC effectively said over the weekend that it would no longer …Read More »
  • PRESSURE ON RATES… NOW WHAT?

    PRESSURE ON RATES… NOW WHAT?

    It seems like we’ve been saying rates can’t stay this low forever for quite some time now!  However, this past week, we’ve seen most of our lenders start increasing their Five Year Fixed Rates and the Variable Rate Discounts.  Here’s a good article from our friends over at RateSpy.com Rates …Read More »
  • Mortgage Fraud is very alive!

    Mortgage Fraud is very alive!

    Low interest rates, skyrocketing home prices and household income levels not keeping pace with household debt levels are the primary cause of the rise in fraudulent mortgage transactions.  It doesn’t matter where you go fraud is prevalent.  Although the majority of Ontario’s mortgage applications are in the GTA; Sudbury, Kanata, …Read More »
  • Canadian dollar plunges as Bank of Canada stands pat at 0.5%

    Canadian dollar plunges as Bank of Canada stands pat at 0.5%

    CBC News Posted: Oct 21, 2015 10:05 AM Bank of Canada opts to hold rate steady after cutting twice this year to stimulate the economy The Bank of Canada is keeping its benchmark interest rate right where it currently sits, at 0.5 per cent. The bank, led by Stephen Poloz, …Read More »
  • USA vs. Canadian Banking Systems

    USA vs. Canadian Banking Systems

    Here’s an interesting read from an advisor that has seen both banking systems up close. While we often think of our system as superior, there are still a few things we can tweak by looking at the positive attributes from our neighbor to the south. The Differences Between Banking in …Read More »
  • VACATION HOME FINANCING

    VACATION HOME FINANCING

    At this time of year, you’ll see some great prices on Vacation Properties.  Below you’ll find information on how Genworth Canada’s Vacation/Secondary Home Program works.  You may be closer to affording that weekend retreat than you think! Vacation Home Product: Clients dreaming of owning a lakeside retreat? Owing a weekend …Read More »
  • CELL PHONE BILLS

    CELL PHONE BILLS

    Make sure to keep you Cell Phone Bills up to date.  Why? Cell Phone companies are starting to report your account status to credit bureaus.  If you’re behind in your payments, this will affect your credit score negatively.Read More »
  • Options

    Options

    As mortgage brokers, we have options. Whether you’re a ‘AAA’ client or a past bankrupt, we have lenders for you.​ Here’s our Top 5 reasons for using our Mortgage Brokering Services. Mortgage brokers specialize in ​mortgages. We’re in the “know” with new rules and regulations. This could avoid timely delays …Read More »
  • Canadian debt levels rising with home prices, but mortgage rules helping to manage risks: BoC deputy

    Canadian debt levels rising with home prices, but mortgage rules helping to manage risks: BoC deputy

    OTTAWA — Rising home prices have increased household debt levels, but steps taken by regulators to tighten mortgage lending rules have helped manage the associated risks, according to the Bank of Canada. In a speech in Kingston, Ont., deputy governor Lawrence Schembri said Tuesday that the strength in the housing …Read More »
  • Cheap mortgage rates don’t justify home ownership

    Cheap mortgage rates don’t justify home ownership

    by ROB CARRICK The Globe and Mail. The question of whether it’s better to buy a home or rent needs some fresh thinking. Rents have been rising and mortgage rates are so low they almost look fictional. Have the economics of housing turned against renting? Far from it, actually. But …Read More »
  • Child Support or Alimony

    Child Support or Alimony

    Most Lenders use 1​​00% of Child Support and/or Alimony income provided that it does not exceed 30% of the total income being used to qualify. You must be able to provide copy of separation agreement and proof of receipt of funds by way of bank statements. ​If you’re paying Child …Read More »
  • Interesting move from CMHC

    Interesting move from CMHC

    Over the past few years, I believe CMHC has been doing the right thing in trying to “cool” down the housing industry. Removing 100% financing, lowering amortization periods to 25 years for high ratio mortgages and reducing refinancing limits to 80% of the value of your property. All of this …Read More »
  • Closing Costs: What to Expect When Selling Your Home

    Closing Costs: What to Expect When Selling Your Home

    by Chris Penny. Many people depend on the sale of a home to finance a newer home or other important expense. However, you need to keep in mind that just because your home sold for $450,000, it doesn’t mean that will be the amount in your bank account. There are …Read More »
  • RATE CUT Q & As

    RATE CUT Q & As

    What effect does the Bank Of Canada’s reduction to the Overnight Lending Rate have on my mortgage? This will only affect your mortgage if you have a variable rate OR Home Equity Line of Credit attached to your home.  Prime has been reduced to 2.70% at most Financial Institutions (FIs).  …Read More »
  • Bank of Canada slashes key rate

    Bank of Canada slashes key rate

    by Greg Bonnell, Reporter, BNN. Canada’s central banker isn’t using the R-word – recession — but Stephen Poloz is cutting the Bank of Canada’s key interest rate by 25 basis points to 0.5 percent as he forecasts two back-to-back quarters of economic decline amid the crash in crude prices. With …Read More »
  • Shadow mortgage lending on the rise as house prices soar

    Shadow mortgage lending on the rise as house prices soar

    By Andrea Hopkins, Thomson Reuters. Canada’s housing boom is increasingly driving homebuyers to seek mortgages from private lenders, who demand rates that can be more than five times higher than those charged by the nation’s banks. Canadian house prices have risen 36 per cent since June 2009, according to the Teranet-National …Read More »
  • Low Mortgage Rate Trap

    Low Mortgage Rate Trap

    The majority of Deeply Discounted Online Mortgage Rates (including this site) have one or more of the following restrictions: Fully Closed Mortgage. Minimum Mortgage threshold. “Must close by certain date” offers. Rates only offered in certain areas. High Prepayment Penalties. Low Prepayment Privileges. Registered as Collateral Charge. High Ratio Only. …Read More »
  • How much down payment do I need for a rental property?

    How much down payment do I need for a rental property?

    A minimum of 20% down payment is required at most Financial Institutions. Some Institutions will require more. Some will even require that you pay for the mortgage default insurance premium. Some banks will limit you on the # of rental properties you can own. Some will qualify based on a …Read More »
  • Summer Budget

    Summer Budget

    Happy Summer Holidays to all teachers, aids and admin staff! Tip of the day; it’s a long summer – don’t blow all your summer pay this weekend! 🙂Read More »
  • Fixed Interest Rates

    Fixed Interest Rates

    Just an FYI, we had a couple of our AAA lenders raise their 5 year fixed rates yesterday by 5bps. The 5 Year Government of Canada Bond Yield closed at 1.01% yesterday. Most lenders like to earn at least a 150bps (1.50%) spread above this bond yield. Typical 5 year …Read More »
Canadian Mortgage Rates
September 20th 2017
1 year Fixed 2.44%*
2 year Fixed 2.14%*
3 year Fixed 2.34%*
4 year Fixed 2.69%*
5 year Fixed 2.59%*
5 year Variable 2.20%*
Home Equity Line 3.20%*
Download Our Mortgage App.
   


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