Reverse Mortgages growing in popularity… Product of the year 2018? + MORE Feb 23rd

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News

2018 – Year in Review Jan 2nd

We’re about to turn the page on 2018, and many may feel not a moment too soon. Climbing fixed rates weren’t the only thing making mortgages less accessible in 2018. This was the first full year to measure the impacts of new federal mortgage rules. Provincial policies in B.C. and Ontario also.... More »

Brokers: How to Stay in Touch with Your Clients Oct 13th

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 »
 loan

Looking to boost Cash Flow? New Flexible Mortgage could be a game-changer! + MORE Aug 1st

There’s a great new flexible interest-only mortgage product that could prove beneficial for a number of borrowers, including first-timers, real estate investors, professionals, seasonal workers and others looking for lower monthly mortgage payments. Designed to help borrowers increase monthly .... More »
 line of credit

Mortgage borrowing slides to lowest since 2014 + MORE Jun 14th

Canadian mortgage borrowing over the first three months of 2018 fell by $2 billion to $13.7 billion — the lowest level since 2014 — following the introduction of new lending rules and a rise in interest rates..... More »
 mortgage penalties

Vancouver Feb. home sales fall amid mortgage, interest rate changes + MORE Mar 4th

VANCOUVER _ Home sales in Metro Vancouver fell more than 14 per cent below the 10-year average in February as buyers contended with stricter mortgage rules and higher interest rates, according to statistics released Thursday. The Real Estate Board of Greater Vancouver’s data showed that 2,207 .... More »
TORONTO _ The Canadian Imperial Bank of Commerce set the tone for banks’ earnings season with a dividend hike and better-than-expected first-quarter net income, helped by a boost in earnings in its U.S. division as it looks to expand south of the border amidst slowing mortgage growth at home.
Canada’s fifth-largest lender said Thursday it continues to see benefits from the purchase of Chicago-based The PrivateBank, which CIBC acquired in June 2017 and rebranded in September as CIBC Bank USA. As part of its strategy to ramp up its U.S. presence, it also purchased Chicago-based wealth management firm Geneva Advisors for roughly US$200 million last year.
“With a second full quarter’s contribution from CIBC Bank USA, we continue to perform well and deliver against our commitment to build client relationships north and south of the border,” CIBC chief executive Victor Dodig told analysts on a conference call.
In the latest quarter, CIBC’s U.S. commercial banking and wealth management division reported net income of $134 million in the latest quarter, up $105 million from the same period in 2017, contributing to a more than 22 per cent increase in adjusted net income year-over-year despite slowing mortgage growth…

Continue Reading On canadianbusiness.com »

The fallout from OSFI’s new mortgage stress test continues to play out across the mortgage industry. Some mortgage brokers are reporting an increase in their clients’ applications being rejected by the big banks and monoline lenders as a result of the new qualification rules. In some cases, the rejection rate has jumped 20%. And in […]

Continue Reading On canadianmortgagetrends.com »

Reverse Mortgages growing in popularity… Product of the year 2018?
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 qualify you.
Yes, that’s correct. You need to qualify at a rate that’s 2.00% higher than your actual rate. And it doesn’t matter if you have 35%, 40%, 50%, 60% or even 70% down payment. That will not have any impact on your approval. It’s all about how much income you can prove you earn and the strength of your credit worthiness.
For many, this new rule will prevent them from qualifying for a mortgage. And for seniors or people approaching retirement who still require a small mortgage to get through the next 10 or 20 years, these new mortgage rules are a killer. The stress test is surely causing stress among many Canadians!
I’M RETIRING AND WANT TO STAY IN MY HOME…
A reverse mortgage is a terrific option for homeowners who are at least 55 years old…

Continue Reading On canadamortgagenews.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!