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.
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The Latest in Mortgage News – New Era, New Choices + MORE Apr 3rd

Here’s our latest recap of Canadian mortgage and real estate news. This week we look at: The latest housing affordability report, which came out with fairly predictable results How the post-OSFI stress test bump in business for credit unions may not be materializing What HomEquity’s 2017.... More »

The Latest in Mortgage News – Is the Housing Market Turning a Corner? Aug 10th

While Vancouver area home sales are still posting year-over-year declines, signs are appearing in the Greater Toronto Area that the worst of the housing correction is now over. Experts say that likely won’t be enough to stave off a slowdown in national GDP growth, however, which in part will b.... More »

Locking in your mortgage could save you money, but it depends on your plans + MORE Oct 19th

Homeowners with variable mortgage rates have seen their rates rise over the past year as the Bank of Canada has raised its key interest rate target four times..... More »
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The Latest in Mortgage News – Home Prices and Rate Hikes + MORE Oct 4th

Interest rates, and more specifically the growing certainty of higher rates to come, have been dominating headlines following the announcement of a new trade agreement between Canada, the U.S. and Mexico. With the expectation of rising interest rates, many eyes are also on the developments in the re.... More »
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Opinion: S&P Overstates Broker Fraud Driver + MORE Mar 22nd

A few weeks ago, S&P said Canadian bank risk was rising, and it blamed mortgage brokers in the process. The rating agency wrote: “…The growing share of residential mortgages originated via brokers, compound the risks of high household debt and house prices…As brokers do not bear credit ri.... 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…

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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 […]

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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 »

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