Scotiabank “intentionally slowing” its mortgage portfolio + MORE Mar 2nd

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: record population growth to keep upward pressure on home prices + MORE Jul 21st

Canada's expected population growth will worsen the already limited housing supply and result in even higher home prices, according to a new report.... More »
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Mortgage brokers are slowly embracing AI tools like ChatGPT + MORE Jul 15th

AI is creeping into every industry imaginable, from oil and gas to fintech, and the mortgage industry is no exception..... More »
 Canada mortgage

Unleashing the power of LinkedIn: essential strategies and hidden gems for mortgage professionals + MORE Jun 27th

In today's digital age, LinkedIn has become a powerful tool for professionals across industries to connect, network, and showcase their expertise..... More »

CMHC consumer survey reveals the importance of follow-up contact by mortgage brokers + MORE May 13th

There was a simple but important lesson for mortgage brokers in CMHC's 2023 Consumer Survey released Wednesday: follow-up contact leads to more satisfied clients..... More »

Scotiabank’s return to competitive mortgage pricing is “huge” for brokers + MORE Aug 2nd

Scotiabank is back. After “intentionally slowing” its mortgage portfolio last year due to funding constraints, Scotiabank has announced to its broker partners that its competitive pricing is back, along with an expanded retail package program. As Ron Butler of Butler Mortgage described, .... More »
Over 70% of CIBC’s variable-rate customers are seeing all of their mortgage payments go towards servicing interest costs.

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The CHIP Reverse Mortgage from HomeEquity Bank allows Canadian homeowners age 55+ to access up to 55% of their home’s value and turn it into tax-free cash without having to move or sell.

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Fixed mortgage rates back on the rise

– canadianmortgagetrends.com

Fixed mortgage rates in Canada surged last week thanks to a fresh run-up in bond yields.

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With its new CEO now at the helm, Scotiabank has laid out its plans for a shift in focus in terms of how its funds its loan book.

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Problem & Solution: I Bought A New Home, But Haven’t Sold My Old OneHigher interest rates are causing a lot of problems for homeowners. Not just in terms of being able to purchase a home – but also in terms of being able to sell the existing one. Unfortunately, this is a problem I’ve been getting far too many calls about these days. Finding a new home is really only half the battle. Selling your current home to complete the transaction is the real challenge, especially in this market.

It’s easy to feel stuck when you’re in this situation. Luckily, with the right people and the right guidance, there’s always a solution. Here’s an example of a client we were able to get out of a pretty tight corner.

Background

The borrower, our client, owned a condo worth about $500k and had an outstanding mortgage balance of roughly $200k. He bought a new condo for $550k with the expectation that he could use the equity in his existing condo towards the down payment. Sounds like a reasonable expectation, right? 

Very few people can afford to carry two mortgages at once…

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