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.
“If you don’t view yourself as a technology company that does mortgages, you’re missing it.”—Bill Emerson, Vice Chairman, Quicken Loans That quote encapsulated this week’s third annual Digital Mortgage Conference in Las Vegas. To compete in the next decade, brokers and lenders wil.... More »
Ever since the US 2008 sub-prime mortgage crisis, we’ve seen a never-ending string of change. Mortgage lending rules have become tougher and tighter. Underwriting is stricter and more thorough. (As usual, the government has not missed an opportunity to stick their nose into your business by m.... More »
It’s a mortgage broker’s job to remain in touch with their clients. But because years can pass between dealing with these clients, and perhaps for a lack of organization skills, that doesn’t always happen. Unfortunately, when it’s time to refinance or renew the mortgage, these fo.... More »
The latest data released over the past couple of weeks are helping to provide a reading on how different jurisdictions in the country are faring when it comes to economic growth and housing affordability. The Conference Board of Canada’s latest Metropolitan Outlook, for example, breaks down re.... More »
What do you do when your competition has a 32-year head start? If you’re Equitable Bank, you pay brokers 150% more than normal. That’s the surprising move Equitable has made to build momentum in its reverse mortgage business. This degree of compensation is virtually unprecedented in this sector..... More »
According to a new report by the Mortgage Professionals of Canada (MPC), new stricter mortgage rules are leaving 18 per cent of home buyers out of the market. The MPC report found that while many Canadian home buyers could afford to make monthly payments at the bank’s contract rate, the higher bar set for qualification meant they would have to settle for a smaller mortgage.
Prior to Jan. 1, 2018, the stress test only applied to people with a down payment of less than 20 per cent. However, it now it applies to everyone buying a home, regardless of down payment size. In order to get a mortgage, financial institutions now require all borrowers to qualify at the greater of two options: either the five-year benchmark rate published by the Bank of Canada (currently 5.34 per cent), or the contractual mortgage rate plus two percentage points.
“The stress tests mean that many prospective buyers will have to borrow less than they planned to, and which they can afford,” says MPC Chief Economist Will Dunning, who prepared the report…