Invis and Mortgage Intelligence + MORE Jan 13th

Company: Invis and Mortgage Intelligence Position: Mortgage Specialist Location: Mississauga, ON Apply to: hr@invismi.ca Mortgage Specialist   Be Bold! Be Bold! Award winning national mortgage brokerage Invis and Mortgage Intelligence is the professional home for mortgage brokers adhering to the highest industry standards. Our exceptional suite of bold resources help our brokers run their day-to-day businesses, earn more income, and offer the marketing and customer relationship management programs needed to build volume. Our wide-ranging insurance programs go beyond creditor insurance to increase and diversify their income. Our national conference provides education on changing market dynamics. We help our brokers turn READ MORE

Q: My partner and I want to move closer to family and this would require moving to another province. We’re fairly certain that we can find full-time employment in our new city but we’re a little worried that mortgage lenders won’t look favorably at us as borrowers. We have equity in the home we want to sell. Is there anything we can do to better our chances of getting a mortgage after recently changing employers?    — Jumping ship, Regina, Sask.

Answer 1: It depends on what you are willing to pay for your new mortgage. Traditionally lenders and banks want to see someone employed—whether it is full-time, part-time, self-employment or even generating pension/retirement income. You don’t mention quite how much equity you have in your current house, so it’s difficult for me to assess your situation further.
I can tell you that the track record you have in one province would not hold much weight in another, not these days. And even if you do find employment, you’ll be on probation, and many lenders will absolutely not review a mortgage application when you’re still on employment probation…

Want to save more than $53,000 on the purchase of a home? Then be prepared to comparison shop for the best mortgage rates and terms. According to a new RateHub.ca survey, consumers that shopped around for the best rates saved $53,089 (based on a $500,000 mortgage, amortized over 25 years)—the difference between a lender’s posted mortgage rate and the discount rate, over a five-year term.

Canadians are actually beginning their mortgage search earlier with the help of technology. Two separate RateHub.ca user surveys showed that the majority of searches still originated using a home computer (either laptop or desktop). Still, mobile searches using smartphones increased in the last few years: In 2013, only 25% used a phone or tablet when accessing RateHub.ca. This increased to 37% by 2015.

According to Google search analytics, Canadians search for mortgage-related keywords more than 700,000 times each month. The CMHC 2015 Mortgage Consumer Survey showed that 78% of Canadians now go online to find mortgage information…

TORONTO – CIBC has become the latest among the big banks to increase some of its mortgage rates.
The bank (TSX:CM) has raised its special offer, three-year fixed rate by 10 basis points to 2.59 per cent.
Meanwhile, its special offer, four-year fixed rate has also gone up by 10 basis points, to 2.84 per cent.
A CIBC spokeswoman says the changes came into effect on Jan. 9.
Mortgage rates are rising »
Special offer rates are discounted rates that are available only to qualified borrowers.
The move comes after similar rate increases from other lenders including Royal Bank (TSX:RY) and TD Bank (TSX:TD).
RBC said on Jan. 6 that its special offer, five-year fixed mortgage would rise by one-tenth of a point to 3.04 per cent. On Dec. 18, Toronto-Dominion Bank (TSX:TD) increased its one-year closed and four-year closed special rate, both by one-tenth of a point, or 10 basis points.
The post CIBC increases some of its mortgage rate products appeared first on MoneySense.

The events of 2015 were another reminder that the mortgage market never stops evolving, especially when it comes to policy-making. CMT’s Top 5 stories of last year (listed below) told part of that tale. We saw: Ottawa raise the minimum down payment Long-term effect: Minimal in major housing markets; somewhat negative for higher-end homes in smaller markets. FICOM propose to reveal broker compensation Long-term effect: Potentially, a small reduction in broker income, a minor advance in consumer protection and little or no improvement in borrowers’ ability to choose the best mortgage. More Home Trust terminate rogue brokers Long-term effect: A meaningful tightening of anti-fraud measures industry-wide. The Bank READ MORE