Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
The Canadian mortgage stress test, explained + MORE Jul 19th
The Canadian mortgage stress test applies to anyone applying for a mortgage, refinancing their current home loan, or renegotiating the terms of their mortgage contract with a federally regulated lender. And while provincially regulated lenders have more flexibility when it comes to mortgage app.... More »
Housing starts near 10-year high on Toronto condo boom + MORE Dec 9th
Canada Mortgage and Housing Corp. says the pace of housing starts picked up in November, with condo building in Toronto driving the trend..... More »
Looking for a mortgage in B.C.? Don’t limit your options to the big banks + MORE Aug 11th
At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rat.... More »
Mortgage penalty calculator + MORE Jan 22nd
If you have a closed mortgage and decide to break your mortgage contract before the agreed-upon term has expired, you’ll likely have to pay a prepayment penalty fee. A mortgage penalty calculator can help you figure out exactly how much those fees will be and will make it easier to know whethe.... More »
Five-year prison terms handed to Fortress founders in mortgage fraud case Feb 22nd
The decision marks a significant enforcement outcome in a case that helped reshape scrutiny of Ontario’s syndicated mortgage market..... More »
Radius Financial
– canadianmortgagetrends.com
Company: Radius Financial Position: Regional VP, Ottawa-Atlantic Region Location: Ottawa, ON Regional Vice-President, Ottawa-Atlantic Region Radius Financial, a growing Canadian mortgage company is seeking a skilled sales person to further build & develop the broker network in the Ottawa/Atlantic region. The successful candidate will bring previous lending and strong sales experience within the residential mortgage lending/brokerage industry. Job Description Establish, maintain & manage key business relationships with mortgage brokerage firms, brokers & agents Use sales & service principals, practices & techniques to generate residential mortgage business Plan and implement effective business & marketing plans and sales & communication strategies to achieve required READ MORE
It’s getting harder to buy mortgage insurance in Alberta
– moneysense.ca
(Getty Images)TORONTO – Mortgage insurer Genworth (TSX:MIC) is making changes to its underwriting practices in Alberta as it braces for an increase in delinquencies in the region.
President and chief executive Stuart Levings said Genworth is exercising “heightened vigilance” in underwriting home purchases in Western Canada in light of the sharp decline in oil prices.
“We haven’t pulled out of the market by any means,” Levings told an investor conference hosted by National Bank on Tuesday.
“What we’re doing is we’re looking at the stacked risk factors a lot closer — so people that have higher debt service ratios, that are employed in the oil and gas sector, that may be dependent on one income versus two, that are buying a home with five per cent down — we’re going to take a lot closer look at that deal.”
Levings said deals with multiple risk factors represent about 10 per cent of the business that Genworth does in the region.
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Mortgage defaults, which have been at all-time lows in recent years thanks to fairly stable home prices and employment figures, are expected to rise “modestly,” Levings said…
Broker Market Share – Q4 2014
– canadianmortgagetrends.com
We just got our paws on year-end market share data for lenders in the broker channel. One stat jumped out in big neon lights. According to D+H data obtained from a source, the mortgage broker channel funded about 25% more volume in the fourth quarter of 2014 than one year prior. That’s a massive swing. What accounts for this surge, we can only speculate. Playing at least some role is the fact that broker rates were exceptional vis-à-vis the banks. Just as notable, banks took only 33.6% of the broker market in Q4. That’s down from 51.8% three years ago, when CIBC READ MORE
The Lowest 5 Year Fixed Mortgage Rate Ever: 2.48%
– ratesupermarket.ca
Great news for western Canadian home buyers: you now have access to a 2.48 per cent mortgage rate, the lowest five-year fixed pricing in history. This rate is currently offered by MortgagePal in British Columbia, Alberta, Manitoba and Saskatchewan for high-ratio buyers and competition in the region is down to a hair, with other small lenders and brokers offering between 2.49 – 2.50 per cent for the term.
2015 is shaping up to be one of the most competitive spring mortgage markets in memory; just last week, BMO and TD made headlines by setting a precedent among big bank lenders with a 2.79 per cent five-year fixed rate, available nationwide.
At press time, here’s where you can get a 2.50%-or-lower five-year fixed mortgage rate in Canada:
Alberta
British Columbia
Manitoba
Northwest Territories
Nunavut
Saskathchewan
Click here to see the best mortgage rates today in your region>
Rate Details:
2.48%
Term: Five-year fixed
Lender: MortgagePal
Availability: Alberta, British Columbia
High Ratio-Eligible: Yes – this rate is available only to buyers who plan to pay less than 20 per cent on their home purchase…
Verico Homeguard Funding Ltd.
– canadianmortgagetrends.com
Company: Verico Homeguard Funding Ltd. Position: Mortgage Underwriter Location: Newmarket, Ontario Mortgage Underwriter Full time, salaried position 2 years+ experience No Licence or designation required Homeguard Funding Ltd. is a very well established and respected mortgage brokerage with over 30 years in business. We are looking for an experienced full time mortgage underwriter to join our growing team to assist with a very large book of business. The underwriter will be responsible for packaging applications originated by brokers and agents to our lender partners. Experience with prime and alternative business is a must and experience with private READ MORE
