2019 Spring/Summer Digest. Get Financially Fit. Featuring: What #HomeGoals cost accross Canada How to get from financial dreamer to doer What does affordability mean? and much more.. DOWNLOAD NOWRead More »
Just like all major adult milestones, buying a home requires a lot of paperwork. There are offers to make, agreements to read, and contracts to sign. Once the seller accepts your offer to purchase, you’d think the volume of paperwork would ebb, and you’d be wrong. Now you’ll need to …Read More »
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. 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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
Most Lenders use 100% 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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
