It doesn’t matter if you’re buying a new home or your first one, home buyers are always looking for the best deal! But it can be easy to focus on the rate before you even know if you’ll qualify. Online calculators never show the whole story. Even if you’ve been through the home buying process …
A Very Basic Overview of Mortgage Qualification in BC Read More »
According to the Canadian Mortgage Brokers Association BC, the Office of the Superintendent of Financial Institutions (OSFI) restarted its consultation on the minimum qualifying rate for uninsured mortgages and re-emphasized the importance of sound mortgage underwriting. The new proposal for the qualifying rate for uninsured mortgages is the higher of the mortgage contract rate plus …
Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, continues quantitative easing. The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank …
Bank of Canada Policy Rate Announcement – March 2021 Read More »
Bank of Canada will keep present level of policy rate until inflation objective is achieved, recalibrates its quantitative easing program The Bank of Canada today maintained the target of its for the overnight price on the highly effective lower bound of ¼ %, with the Bank Rate at ½ % along with the deposit rate …
Bank of Canada to maintain current level rate policy Read More »
Fixed or adjustable – it is the ongoing mortgage product decision many mortgage buyers are faced with. And it has only been made more complex since the beginning of the pandemic. Towards the second half of 2019, variable rates have been the most obvious and popular choice. But a great deal has changed since then. …
The Canadian national mortgage benchmark qualifying rate, or stress-test rate, has dropped for the second time in the past three months after 5-year fixed posted rate cuts by Canada’s major banks. The qualifying rate is now 4.79%, down from 4.94%. The current benchmark rate of 4.79% is just 0.15% above the all-time 2017 low of …
Understand Discounted Rates and Understand the Possible Penalties. The truth about the Best Mortgage Rates in BC. If it’s too good to be true it often is… Sometimes you’ll see a you found a deeply discounted rate advertised in BC. Is the broker local in Victoria or in another city and can you go and …
Canadians are looking to their mortgage for low-cost funds. According to a 2015 survey by Mortgage Professionals Canada, for those who were qualified to do so (homeowners with at least 20% equity), and did take equity out of their home, the average amount withdrawn was $70,000, up from $51,000 in the previous survey. The top …
Consumers are becoming much more informed about mortgages and mortgage products before taking the plunge into home ownership. According to the Canadian Mortgage and Housing Corporation’s (CMHC) 2016 Consumer Survey, 72% of mortgage consumers did online research, 65% compared various mortgage products with professionals and 69% used a mortgage calculator. Because consumers are highly engaged, …
It’s easy to look online for a mortgage rate. But rate is only one aspect of saving money on your mortgage over the long term. It’s essential that you also consider mortgage features. Here are the big ones: Early Payout Penalties. There are lots of reasons why it makes good financial sense to break your …
For many Canadians, mortgage payments are their single biggest expense. Yet most don’t comparison shop to ensure they’re getting the best mortgage rate and terms available, which can cost tens of thousands of dollars over their mortgage years. Don’t make the same mistake! Take a look at what makes a mortgage broker tick, and make …
The Bank of Canada announced today that it is holding the key rate steady for the seventh straight time, noting that “the economy’s structural adjustment to the oil price shock continues,” and the Alberta wildfires will cause a weaker than predicted second quarter, although the economy is expected to rebound in the third quarter “as …
Gordon Isfeld | December 16, ANALYSIS OTTAWA — Don’t hold your breath. Just because the U.S. Federal Reserve did what most expected it to do Wednesday — slowly raising its key interest rate for the first time in nearly 10 years — Canada’s central bank is unlikely to adjust its trendsetting lending rate any time …
As the housing market thaws from a cold winter, mortgage rate specials are popping up like spring flowers. But even as they compete to offer rock-bottom rates, banks have largely kept their posted mortgage rates unchanged. Few borrowers give posted rates a second glance, since they’ll rarely be paying the actual sticker price on a …
