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The best five-year fixed mortgage rates in Canada 2022 + MORE Dec 10th
Mortgages
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Latest in Mortgage News: OSFI leaves stress test rate unchanged + MORE Dec 13th
Canada’s banking regulator confirmed today it will leave the mortgage stress test for uninsured mortgages unchanged..... More »
Average 30-year loan rate falls to 3.57 per cent, 3-year low + MORE May 12th
WASHINGTON – Long-term U.S. mortgage rates fell this week for a third straight week, posting new lows for the year. The benchmark 30-year rate reached a three-year low.
The low rates come amid the spring home buying season, luring prospective purchasers.
Mortgage buyer Freddie Mac said Thursda.... More »
Reverse Mortgages growing in popularity… Product of the year 2018? + MORE Feb 23rd
Mortgage stress test is the buzz phrase in mortgage lending for 2018. Every borrower, regardless of how much down payment you’re making, must pass a stress test to qualify for a mortgage. The math is simple, yet intimidating. Lenders must now use your mortgage contract rate PLUS 2.00% to qual.... More »
Avoiding an Economic Deep Freeze + MORE Feb 21st
February has been a busy month for finance headlines, as global markets and governments rally against possible economic downturn. Oil prices have jumped slightly in response to news of an OPEC production freeze – will there be a positive impact for Canada? Meanwhile, all eyes are on the Liber.... More »
How An Income Suite Can Help You Qualify For a Mortgage
– ratesupermarket.ca
Thinking of jumping into the housing market fray? It’s a high-priced jungle out there, with the average detached home hitting above the $1-million mark in Canada’s urban centres. Even with today’s record low mortgage rates, and the recent cut to the national cost of borrowing, buyers face steep affordability challenges between them and their property goals.
Also read: Bank of Canada Cuts Rate to 0.50%>
To ease unaffordability, the Canada Mortgage and Housing Corporation (CMHC) has thrown some buyers a bone. Last week, the Crown corporation announced new rules that allow homeowners who rent out a portion of their home to factor that prospective income into their mortgage qualification. Under the new rules, which go into effect September 28, 2015, the CMHC says it will allow 100 per cent of rental suite income when qualifying for a mortgage of a two-unit owner-occupied property. Previously, only 50 per cent was allowed.
When qualifying for a mortgage, lenders use two debt service ratios to determine out how much you can afford to borrow: Gross Debt Service Ratio (GDS), and Total Debt Service Ratio (TDS)…
Hey, what happened to the BMO “Low Rate Mortgage”?
– canadamortgagenews.ca
Remember the BMO “Low rate mortgage”? It seems to have disappeared… Well, not really. BMO has quietly changed the label and now calls it the ‘Smart Fixed Rate Mortgage’. Sounds impressive…but it’s not. I’ll save the suspense. This is the same product that’s full of limitations, restrictions and an inflated prepayment penalty […]
More on Benchmark Changes
– canadianmortgagetrends.com
Our recent story on changeovers in the benchmark 5-year bond sparked some good questions about how and when the benchmark changes. As noted in that previous story, when the market rolls over to a new benchmark bond, it can play havoc with bond yield charts (which many mortgage pros watch for clues on rate direction). Here are some related FAQs on bond issuances and benchmarks: Question: How often does the Bank of Canada (BoC) auction off new 5-year government bonds? Answer: The Bank of Canada currently auctions two new 5-year bonds per year. Thereafter, each of those bonds is re-opened (re-auctioned) two READ MORE
