Interested in learning more about property mortgages in Canada? Look no further!
Latest News
How Does the Home Capital Crisis Affect Me? + MORE May 12th
As of late, Home Capital Group is dominating the headlines. To quickly summarize, on April 19, the Ontario Securities Commission (OSC) claimed that brokers had falsified information on mortgage applications submitted to Home Trust. As a result, shares in the company dropped while customers withdrew.... More »
What the CMHC premium hike means for you + MORE Mar 19th
The CMHC is raising mortgage insurance premiums as of today.
Luckily, if you already have a mortgage or if you applied for one before March 17, these changes won’t affect you. If you’re planning to buy a home with a down payment of less than 20%, however, be aware that you’ll have.... More »
It’s Financial Literacy Month Nov 10th
We’re celebrating Financial Literacy Month!
Join Senior Economist, Ted Tsiakopoulos and Mortgage Broker, Steve Garganis Thursday, Nov 12, 2020, at 1:00 PM Eastern Time for a chat about budgets, savings, debt, and more.
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Register Now: https://buff.ly/3lhmUl3
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One quarter of TD mortgages now have an amortization of 35+ years + MORE Dec 4th
Over a quarter of TD Bank's residential mortgage portfolio now has an effective amortization of 35 years or longer..... More »
Challenges and opportunities for mortgage brokers in the current rate cycle + MORE Sep 13th
The current rate environment presents new hurdles for mortgage brokers while also opening up potential growth opportunities for those able to adapt..... More »
Restricted Mortgages. The Rate Sells.
– canadianmortgagetrends.com
One basis point (“bps”) equals one one-hundredth of a percentage point (0.01%). On a $300,000 mortgage, a rate that is one bps higher boosts the payment by a scant $1.49 a month. From the way some folks select a mortgage, however, it might as well be $149 a month. Many consumers simply have the blinders on to anything other than the interest rate. That’s leading more and more lenders and brokers to undercut each other by as little as one bps. This is often all it takes to get their phones to ring. According to this author’s mortgage comparison website data, the lowest rate for a given READ MORE
CMHC Reports $14 Billion Mortgage Insurance Decline
– ratesupermarket.ca
In Canada, anyone who pays less than 20 per cent down on their home purchase is required to take out mortgage default insurance. The biggest provider of this insurance is the Canada Mortgage and Housing Corporation (better know as the CMHC). As the CMHC is a Crown corporation, it’s backed by government funds – and that means taxpayers are ultimately on the hook should any of those mortgage insurance policies go belly up.
It has been a mandated goal for the CMHC to reduce the risk of these defaults on Canadian taxpayers – and their 2014 annual report shows they’ve been successful. One of the biggest revelations was that the organization had lowered “the aggregate exposure of…mortgage loan insurance activity” by $14 billion last year. Sounds like great news – but some mortgage borrowers have felt the squeeze as a result. Here, we explain the biggest report highlights, and how they’ll affect your ability to borrow.
Mortgage Restrictions Have Been Effective
Anyone who’s paid even passing attention to the mortgage market over the past couple of years knows that the federal government has been very actively trying to avoid a mortgage-related financial crisis such as the subprime crash in the U…
