Interested in learning more about property mortgages in Canada? Look no further!
Latest News
As expected, rates are beginning to fall + MORE Jul 17th
Some good news on mortgage rates…
Mortgage Brokers are receiving good news this week from many financial institutions. Wholesale fixed mortgage rates are falling. Great news for anyone buying, refinancing or renewing their mortgage in the near future.
The news co.... More »
Millennials Could Be Hit Hardest by the Bank of Canada’s Interest Rate Hike + MORE Jun 3rd
Canadians, get ready to pay more to borrow money: The Bank of Canada, or BoC, announced a 0.50 per cent interest rate hike today to tame inflation, bringing its key interest rate up to 1.5 per cent, and signalled more hikes will come.
After slashing its key interest rate to 0.25 per cent at the o.... More »
Changes to Canada’s CMB program could have unintended consequences, experts say + MORE May 31st
As the federal government considers streamlining its process for funding mortgages, some worry that changes to the Canadian Mortgage Bond (CMB) program could have unintended consequences..... More »
Bank CEOs see mortgage risk easing as attention turns to political uncertainty + MORE Jan 8th
The heads of Canada's biggest banks are finally seeing risks around mortgage renewals easing, only for worries about tariffs and political uncertainty to take their place..... More »
Fixed mortgage rates are rising. What’s the deal? + MORE Apr 21st
As variable-rate mortgage holders eagerly anticipate the Bank of Canada's first rate cut, fixed rates are heading in the other direction: up..... More »
Couple's retirement plan meets cold reality
– theglobeandmail.com
In their 50s and mortgage-free, Hank and Haley aim to quit work early – but planners say the numbers don’t work
CMHC Raises Mortgage Premiums
– canadianmortgagetrends.com
People without a 20% down payment will be paying more to buy a house. Come May 1, the nation’s largest default insurer is bumping up its standard premiums by 0.10…
Mortgage Careers of the Week
– canadianmortgagetrends.com
Company: Firm Capital Position Title: Mortgage Portfolio Accountant Previous Experience Required: Knowledge of the mortgage industry Licences or Registrations Required: No Location of Position: Toronto, Ontario Applicants may contact: careers@firmcapital.com…
CMHC raising rates for mortgage insurance
– moneysense.ca
OTTAWA - Canada Mortgage and Housing Corp. is raising the rates it charges to insure mortgage loans.
The federal agency said Friday the new premiums will go into effect May 1 and apply to new mortgages, not those already insured.
How much the rates will increase depends on how much a prospective home buyer is putting down on their purchase.
Financial institutions generally require mortgage loan insurance for buyers making a down payment of less than 20 per cent.
The insurance protects the lenders from defaults but the costs usually are borne by the borrowers.
Buyers putting down a 10 per cent downpayment will see premiums rise to 2.4 per cent from two per cent; those with a 15 per cent down payment will see an increase to 1.8 per cent from 1.75 per cent.
The increases could add thousands to the overall cost of buying a home for those borrowing large amounts and putting little down, but CMHC estimated the increase will add about $5 per month to an average buyer’s mortgage payments…
The federal agency said Friday the new premiums will go into effect May 1 and apply to new mortgages, not those already insured.
How much the rates will increase depends on how much a prospective home buyer is putting down on their purchase.
Financial institutions generally require mortgage loan insurance for buyers making a down payment of less than 20 per cent.
The insurance protects the lenders from defaults but the costs usually are borne by the borrowers.
Buyers putting down a 10 per cent downpayment will see premiums rise to 2.4 per cent from two per cent; those with a 15 per cent down payment will see an increase to 1.8 per cent from 1.75 per cent.
The increases could add thousands to the overall cost of buying a home for those borrowing large amounts and putting little down, but CMHC estimated the increase will add about $5 per month to an average buyer’s mortgage payments…
CMHC To Boost Premiums
– ratesupermarket.ca
Yesterday, the Canada Mortgage and Housing Corporation (CMHC) geared up for a big announcement. Today, it has officially announced that it will be raising its insurance premiums effective May 1st of this year for anyone seeking a mortgage with less than 20 per cent down payment. The new premiums will apply to owner occupied, self-employed and 1-to-4 unit rental properties. Mortgages premiums at this time will increase by approximately 15%, on average, for all loan-to-value ranges.What is Mortgage Insurance?
Mortgage loan insurance applies to home buyers who have a 5% to 20% downpayment. The insurance protect the lender in case of default since mortgage shoppers with downpayments under 20% are viewed as “slightly higher risk”. The premium is paid by the homeowner as either a single lump sum, or it can be added to your monthly mortgage payments. The CMHC is a government organization that is the largest provider of mortgage loan insurance in Canada.
Who is affected?
The rise will have no affect on mortgages currently insured by CMHC, only new mortgage insurance requests submitted on or after May 1st will be subject to these higher rates, regardless of the closing date…
