In a news releases today Genworth Canada and Canada Guaranty have both confirmed that they will not follow suit with Canada’s main mortgage insurer, CMHC, in tightening lending guidelines for mortgages. Genworth MI Canada Inc. (TSX: MIC) said: “it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit […]
The Bank of Canada has decided to leave its key rate untouched (at 1.75%) with its announcement today. As expected, their hawkish view on ramping up rates has cooled off. Major FI prime rates will likely stay at 3.95%. The Canadian economy is not performing as expected right now for the following reasons: • Lower
January 9, 2019 – Bank of Canada Makes No Change to its Key Rate Read More »
Three people to whom you can confide everything: a) Your Priest b) Your Doctor c) Your INDEPENDENT Mortgage Broker… not your Bank!
Who Can You Trust? Read More »
A client of ours recently wrote about their experience for others to benefit: “For us, dealing with someone we trusted who had extensive experience in the mortgage lending field was a necessity. Having worked in financial services for a while, I’m lucky to know a few good mortgage brokers, however if you don’t have anyone
Stories from the Battle Front: Choose the Right Mortgage Broker Read More »
As we get further away from the financial crisis of 2007/08 and the economy of the U.S. continues to get back on track we will slowly see interest rate pricing normalize for mortgages. This means that the difference in the pricing between fixed rate mortgages vs. adjustable rate mortgages (ARM’s) will again favour ARM’s, as
ARM Mortgages Making A Comeback Read More »
IRD, a home owner’s most feared three letter acronym! Clients looking to refinance their existing mortgage to lower their rate or moving to a new property, run into this term every time, especially these days. The size of an IRD (interest rate differential) penalty depends upon who you have your mortgage with, not just the interest rate
Beware the IRD Mortgage Penalty Read More »
Mark Greene, Forbes When I was a kid, my father occasionally issued directives that I naturally thought were superfluous, and when asked why I needed to do whatever it was he wanted me to do, his answer was often: “Because I said so.” Accepting Documentation Requirements – Makes Life Easier! The media has it all
The Perfect Loan File Read More »
Know Your Mortgage Before You Sign on the Dotted Line A client friend called me today to see if it was a good time to convert her adjustable rate mortgage into a fixed rate. She told me that her sister had a mortgage at RBC and had just been offered a fixed rate of 4%
Converting Your Adjustable/Variable Rate Mortgage Read More »
Is it wise to draw equity from your property to: Buy real estate? Go on vacation? Invest in RSP’s? Invest in non-RSP’s? Spend on education? Consolidate debt? These are a sample of the most popular questions that are asked us as financial planning experts from the debt side of the ledger. With many years of
Is It Wise to Draw Equity from Your Property? Read More »
Prudence Paying Off For Canadian Mortgage Borrowers – Spring 2010 • There are approximately 9.3 million homeowners in Canada, including about 5.55 million with mortgages. • Almost 80 per cent of young borrowers have opted for a fixed rate mortgage or a mortgage that combines fixed and variable rates. • A small number of mortgage
Significant Statistics Read More »
