Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Two Thirds of Canadians Don’t Understand Their Mortgage Agreement + MORE May 13th
Did you know: two in three Canadians are signing over thousands of dollars in contracts they don’t fully understand? It sounds foolhardy – but that’s the reality in Canada’s mortgage market, according to Scotiabank’s annual mortgage poll. The survey found just 33 per c.... More »
Broker Lender Market Share – Q3 2016 Dec 27th
Mortgage volumes in the broker channel surged in the third quarter, up 9.6% year-over-year. That’s according to data from D+H. This data precedes the government’s transformative mortgage rule changes which kicked in on October 17 and November 30. The top 10 broker channel lenders acc.... More »
6 ways to pay off your mortgage faster + MORE Feb 16th
While the Bank of Canada has yet to raise their overnight rate—a rate that dictates what happens with variable mortgage interest rates—there are changes within the current Canadian mortgage climate.
In late 2016, TD Canada raised it’s variable rate mortgage—not just for new mortgage bus.... More »
Breaking down bank fees + MORE Jul 16th
The COVID-19 pandemic has hit a lot of Canadians hard—emotionally, physically and financially. So it isn’t surprising that many are calling out banks that raised their fees to consumers at a time when so many people are struggling. Given the number of banks that have also reported record profits.... More »
U.S. Federal Reserve Raises Rates Again + MORE Jun 17th
For the third time in six months, the U.S. Federal Reserve has raised its benchmark interest rate – this time, by a quarter-point. The announcement, widely predicted by economists, is the latest vote of confidence in the U.S. economy. It’s also an indication that Federal Reserve Chairperson.... More »
Home Inspections 101: How to Hire Your Pro
– ratesupermarket.ca
Do you really need a home inspection? The short answer: yes! In a hot housing market, would-be-buyers may be tempted to submit a “clean” offer on a home, meaning their offer doesn’t include any conditions on it, such as confirmation of financing or a home inspection. Most smart shoppers will have spoken with their bank or broker to verify how much of a mortgage they’d qualify for before going to their first open house, but forgoing an inspection can be a risky gamble. Here’s what you need to know about the home inspection process, and how to hire a pro.
Also read: How to Make Offer Conditions During a Bidding War>
Hiring an Inspector
Fees will vary depending on your location, how far the inspector has to travel, and their experience, but $400 is a rough ballpark price. In addition to a checklist of the various flaws noted on the inspection, the inspector will also leave you with a binder full of background information on how to understand and maintain the various components of your home…
Republican House bill curbs budget for consumer watchdog of unfair, illegal bank practices
– canadianbusiness.com
WASHINGTON – The Republican-controlled House has passed legislation curbing the growth of the Consumer Financial Protection Bureau, the agency established by the 2010 overhaul of financial regulations to enforce laws aimed at protecting consumers from unfair or illegal practices by banks, mortgage lenders and other financial services providers.
The measure would cap the agency’s budget at $655 million in 2020 and $720 million in 2025. This year’s budget is $582 million.
The budget cap was added to a separate bipartisan bill to give small businesses a greater voice in influencing the bureau’s decisions.
The 235-183 vote fell well short of the two-thirds margin required to overcome a White House veto threat.
The White House said the budget curbs could undermine “critical protections for families from abusive and predatory financial products.”
The post Republican House bill curbs budget for consumer watchdog of unfair, illegal bank practices appeared first on Canadian Business – Your Source For Business News.
The measure would cap the agency’s budget at $655 million in 2020 and $720 million in 2025. This year’s budget is $582 million.
The budget cap was added to a separate bipartisan bill to give small businesses a greater voice in influencing the bureau’s decisions.
The 235-183 vote fell well short of the two-thirds margin required to overcome a White House veto threat.
The White House said the budget curbs could undermine “critical protections for families from abusive and predatory financial products.”
The post Republican House bill curbs budget for consumer watchdog of unfair, illegal bank practices appeared first on Canadian Business – Your Source For Business News.
Mortgage Policy Nuggets
– canadianmortgagetrends.com
The Conservative government touched on some new mortgage-related measures in its federal budget Tuesday. Among them… More mortgage prepayment disclosure The Department of Finance (DoF) plans to expand its “voluntary mortgage prepayment disclosure” initiative to non-federally regulated mortgage lenders. It’s a worthy consumer initiative, especially since some lenders fail in the verbal disclosure department, and too few Canadians truly appreciate the penalty cost differences among lenders, especially between the big banks and many smaller lenders. Most non-OSFI regulated lenders will likely comply with the federal government’s ask on this (despite Ottawa’s lack of direct jurisdiction over them). Perhaps provincial regulators READ MORE
CMHC increased insurance premiums… again.. but still cheaper than 10 yrs ago.
– canadamortgagenews.ca
Last May, CMHC increased all their insurance premiums. The move wasn’t really a surprise to industry insiders. CMHC’s product line has been reduced. No more rental property mortgages. No more refinancing mortgages. No more secured lines of credit mortgages. That’s a big chunk of business gone. And when revenues go down for this crown corporation, what […]
The Perfect Pro: Your Guide to Working with Mortgage Professionals
– ratesupermarket.ca
Embarking on a home purchase? It’s time to put together your dream team. Connecting with a real estate agent is step one for many prospective buyers, but there are a number of pros you’ll need to connect with along the way before calling that home your own – and it’s up to you to hire them.
Here’s a list of the pros you can expect to work with during the buying process – and what you should know about them.
The Mortgage Broker
What they do: The mortgage broker’s role is to find you the perfect mortgage rate. This pro will navigate the lender marketplace on your behalf, and will be your point of contact with the bank when negotiating your financing. Brokers have access to a number of rates offered by various lenders, and can likely score you a better deal than you would have found on your own. They also work with your specific budget and credit standing to find a mortgage product truly suited to your needs.
What it’ll cost you: Nothing – brokers are paid by commission from lenders when they close your mortgage deal…
