Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Prime Rate Falls to 2.95%, Some Banks Increase Variable Premiums + MORE Mar 20th
For the second time in two weeks Canada’s prime rate has fallen by 50-percentage points. Following the Bank of Canada’s emergency rate cut on Friday, RBC led the way in passing along the full 50 bps of rate cut on Monday, with most of the other big banks soon following suit. That lowered the c.... More »
Early cracks in household credit hint at mortgage stress by 2026, CIBC’s Benjamin Tal warns + MORE Nov 6th
Household credit strain is creeping in at the edges, and CIBC economist Benjamin Tal says it could spread to mortgages as payment shocks peak next year..... More »
First National sees Q2 drop in single-family originations, but mortgage portfolio expands + MORE Aug 14th
Despite a drop in single-family mortgage originations, First National’s commercial lending and overall mortgage portfolio showed robust growth in Q2..... More »
When You Might Need an Alternative Lender Mortgage + MORE Sep 21st
The majority of homeowners are blissfully unaware of alternative mortgages. They presume everyone is entitled to sub-3% mortgage interest rates, with no fees of any kind. But there is a growing, significant percentage of borrowers who need a different type of mortgage financing solution. Sometimes t.... More »
Variable Mortgage Rates to Rise as Prime Rate Jumps to 3.20% + MORE Apr 16th
Variable-rate mortgage holders are about to see their interest costs rise again after Canada's Big 5 banks announced a 50-basis-point hike to prime rate on Wednesday..... More »
Scotiabank Launches eHOME; Moving Entire Mortgage Application Process Online
– ratesupermarket.ca
As banks and financial institutions are looking for new ways to simplify daily banking and provide access to more products and services online, Scotiabank recently launched an online mortgage service called eHOME.
The new service allows Scotiabank customers to fill out a mortgage application online and track it in real-time as it goes through the review process. Mortgage applicants can also complete closing with a lawyer online, without having to book an in-person appointment with a mortgage specialist or financial advisor. Supporting documents can be uploaded to the service through a secure online portal and customers can call a team of specialists if they have any questions or concerns.
“It’s simplicity, security, transparency in the process, and the ultimate convenience to apply anytime, anywhere, on any device. It’s truly your mortgage on your time,” says Janet Boyle, Senior Vice President, Real Estate Secured Lending.
Home buyers can apply for a mortgage through eHOME if they are a Canadian citizen or permanent resident, they’ve already signed a Purchase and Sale Agreement on a property (so not for mortgage pre-approvals or rental properties), and there are no more than two borrowers applying for the mortgage…
Lender Calls – Q4 Roundup
– canadianmortgagetrends.com
Fourth-quarter earnings for the country’s key broker channel lenders wrapped up another tumultuous year that delivered a mixed bag of results. Street Capital President and CEO Duncan Hannay summed up 2018 as a “challenging year, driven by disruptive regulatory and competitive forces in the mortgage market.” All three lenders continued to report strong renewal rates, […]
Is Common-Sense Lending Making a Comeback?!
– canadamortgagenews.ca
I’d like to think the Total Net Worth Program reintroduced by a lender recently is an indication of what’s to come!
I’m excited about this program. It allows borrowers with good net worth to gain access to money. This is old-school lending – nothing new – but it’s a comeback worth celebrating!
The program’s designed to provide additional mortgage solutions to Canadians with moderate incomes who have a significant amount of verifiable liquid assets and strong credit scores. The maximum amortization is 30 years, which is also promising.
This is long overdue. The program was brought back thanks to a shrinking mortgage market. In other words, there are less mortgages up for grabs and heated competition. The lender is being proactive because it believes these types of borrowers are low-risk, and it wants more business.
This is good news for those who are coming up for renewal as well, since the government stress test has posed issues when a mortgage term expires even though they qualified for the initial mortgage on the property under previous rules…
The Latest in Mortgage News – An Eye on Real Estate
– canadianmortgagetrends.com
A number of reports this month have provided some insight into the latest movements in Canada’s housing market. New data shows that home sales and prices continue to fall in Toronto and Vancouver, with the exception of Toronto condo sales, which have reached a new high. RBC also came out with its latest affordability report, […]
