The majority of our lenders have officially announced the changes to underwriting guidelines effective July 9th at the latest. We are seeing an overall tightening up in the mortgage industry with both high ratio and conventional mortgages. The next announcement from Bank of Canada will take place on July 17th. No changes are expected.   […]

1. If I have mortgage default insurance do I also need mortgage life insurance? ·         Yes. Mortgage life insurance is a life insurance policy on a homeowner, which will allow your family or dependents to pay off the mortgage on the home should something tragic happen to you. Mortgage default insurance is something lenders require […]

Interesting short video from Globe and Mail called…Living in a fool’s paradise of low interest rates. Click here for the Globe and Mail video. Rob Carrick takes a look at what Canadians can expect with short-term and long-term mortgage rates.   Please keep in mind that we still have two lenders offering 10 year money […]

The Federal Government announced this morning four new clampdowns on insured mortgages that will quickly come into effect on Monday, July 9th, 2012. These changes include: Reducing the maximum amortization period to 25 years from 30 years Reducing the maximum amount of equity homeowners can take out of their homes when refinancing to 80% from […]

An influential international body is urging Canada’s central bank to raise interest rates in the fall, and continue doing so through 2013 to cool housing prices and contain inflation.The Paris-based Organization for Economic Co-operation and Development’s prescription for monetary policy will stoke the already hot debate about whether the Bank of Canada’s interest rate stance […]

Canada’s mortgage brokers are warning the banking regulator that its proposed mortgage underwriting rules could result in people losing their homes.  The brokers are concerned about a number of the potential rules, but the one that worries them most outlines what banks would have to do when a consumer wants to renew or refinance their […]

With instability of the current European elections, we have seen the bond rate drop slightly. With so much European uncertainty there is potential to see the bond rate stay in this lower range.The low bond rate creates our low interest market.   Keep in mind we still have 2 lenders offering 10 year funds at 3.89%. […]

• With the Bank of Canada recently signalling that interest rates may rise sooner than many were anticipating, the question becomes how well-prepared Canadians are for higher rates? • Over the medium-term, interest rates will likely rise at least 2 percentage points and there is no doubt that a significant minority of Canadian households will […]

While most Canadians spend a lot of time and effort in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals. Omitting proper consideration at the time of renewal costs Canadians thousands of extra dollars every year. It’s important to never accept the first rate offer that […]

The 10-year fixed-rate mortgage has generated renewed interest lately as borrowers look to lock in for the long term and enjoy the security and peace of mind this brings. With mortgage rates at all-time lows, it turns out that fashion isn’t the only thing that comes back into style! In fact, 10-year fixed mortgage rates […]