There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.
Latest News
$100 to protect your home from a lightning strike + MORE Jul 1st
It’s beautiful and alluring. It can also be devastating. According to the U.S.-based Insurance Institute, lightning strikes rarely destroy a home, but they can cause quite a bit of damage. In 2009, the average homeowner insurance claim damage, due to lightning was US$4,324. But add up and thos.... More »
Berkshire profit climbs 9.8 per cent on insurance, railroad + MORE May 3rd
Net income rose to $5.16-billion (U.S.), or $3,143 per share
.... More »
The different types of home insurance—which one do you need? Jan 7th
Over the course of your lifetime, you’re sure to find yourself in different living arrangements. From your childhood bedroom to eventually purchasing your own house (and all the fun stuff in between), our different homes reflect the transitions of our lives. From the moment we start to live alone.... More »
Inside the Trillion-Dollar Wellness Industry Oct 11th
As a health-and-wellness-industry reporter for publications like Fast Company and The New York Times, Rina Raphael spent years covering fitness, food and far-out trends. (Crystal healing, anyone?) But by her mid-30s, she realized her obsession with health was making her feel worse, not better. These.... More »
What Brexit could mean for Canada Jun 27th
One of the few bright lights in the world economy just went out.
It took some time for the United Kingdom to get going again after the financial crisis. But through 2015, it was the only country in the Group of Seven’s rich industrialized nations to post economic growth in excess of two per cent f.... More »
Citigroup, Banamex USA disclose subpoenas concerning compliance with Bank Secrecy Act
– canadianbusiness.com
NEW YORK, N.Y. – Citigroup and affiliate Banamex USA have disclosed grand jury subpoenas concerning compliance with the Bank Secrecy Act and anti-money laundering requirements under federal laws and banking regulations.
Citigroup Inc. said in a regulatory filing on Monday that the bank and Banamex USA received subpoenas from the U.S. Attorney’s Office for the District of Massachusetts. Banamex USA also received a subpoena from the Federal Deposit Insurance Corp.
Citi says it is co-operating fully with the inquiries.
On Friday, Citi announced that it lowered its 2013 earnings by $235 million, saying it was a victim of fraud committed by Mexican oil services company Oceanografia S.A. de C.V., or OSA. Citi said that OSA overstated by $400 million the business it was doing with Mexico’s state-owned oil company Petroleos Mexicanos, or Pemex. OSA used falsified invoices as collateral for $585 million in loans from Banamex, Citigroup said. But after an investigation, Citigroup could only verify $185 million of invoices…
Citigroup Inc. said in a regulatory filing on Monday that the bank and Banamex USA received subpoenas from the U.S. Attorney’s Office for the District of Massachusetts. Banamex USA also received a subpoena from the Federal Deposit Insurance Corp.
Citi says it is co-operating fully with the inquiries.
On Friday, Citi announced that it lowered its 2013 earnings by $235 million, saying it was a victim of fraud committed by Mexican oil services company Oceanografia S.A. de C.V., or OSA. Citi said that OSA overstated by $400 million the business it was doing with Mexico’s state-owned oil company Petroleos Mexicanos, or Pemex. OSA used falsified invoices as collateral for $585 million in loans from Banamex, Citigroup said. But after an investigation, Citigroup could only verify $185 million of invoices…
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…
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…
Buffett's company says 4Q profit up 10 per cent as insurance, rail, energy units post gains
– canada.com
OMAHA, Neb. – Warren Buffett’s company said Saturday that fourth-quarter earnings rose 10 per cent to nearly $5 billion as its insurance, rail and energy businesses generated major gains in the improving economy.
CMHC Announcement: 5 Potential Changes For The Mortgage Market
– ratesupermarket.ca
The Canada Mortgage and Housing Corporation, the Crown corporation that provides mortgage insurance to high-risk home buyers, is to make an announcement tomorrow at 11 a.m. EST.
While the topic du jour has yet to be revealed, the impending statement has set the mortgage industry buzzing – will CMHC’s announcement alter the Canadian mortgage landscape or further restrict home buyers’ purchasing power?
It wouldn’t be the first time the CMHC would be used to restrict the mortgage market. Finance Minister Jim Flaherty has used the crown corporation four times already to introduce change, most recently last summer when the maximum for high-ratio (less than 20 per cent down paid) mortgages was cut from 25 years to 20, and the debt ratio requirements for mortgage qualification were tightened.
While we can only speculate what new developments are in store, here are a few choice possibilities… and the impact they could have on Canadian home buyers.
Scenario 1: CMHC Will Hike Insurance Premiums
Everyone who pays less than 20 per cent down on their home purchase must take out mortgage default insurance, which covers the lender’s losses should owners not make their mortgage payments…
