The Latest in Mortgage News – An Eye on Real Estate + MORE Mar 30th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Mortgage Pre-Approval: How to Improve Your Credit Score + MORE Jul 5th

Are you interested in learning about the mortgage pre-approval process? Or, do you want to learn how to improve your credit score? One of the biggest steps you’ll take in life is buying a home. And, while you might want to go and pick out your dream home first, this is a mistake. You need to get .... More »
mortgage

Construction Mortgages: What They Are and How to Get One + MORE Apr 24th

Needless to say, building your dream home involves a lot more work as opposed to buying a ready-build – it’s more than just drawing floor plans and picking out counter finishes. Buying a piece of land and constructing your own home from scratch also requires you to get a different type of mortg.... More »

Mortgage Growth Slows, Alt-Lender Share Grows: CMHC Jul 17th

Canada’s mortgage market grew by its slowest pace in more than 25 years in 2018, according to new data released by the Canada Mortgage and Housing Corporation. At the same time, the share of the market controlled by alternative lenders—which typically lend to riskier clients and charge higher in.... More »

Latest in Mortgage News: Stress-Test Rate Drops After a Year of No Change Jul 20th

The benchmark posted 5-year fixed rate, which is used for stress-testing Canadian mortgages, fell yesterday in its first move since May 2018. The Bank of Canada announced the mortgage qualifying rate drop to 5.19% from 5.34%. This marks the first reduction in the rate since September 2016. The rate .... More »
 home equity

Should You Apply For a Loan or Line of Credit? Apr 8th

Banks offer a variety of products to give you access to cash. But is every borrowing option the same? If you’re weighing the alternatives, you may struggle with the choice between a loan and line of credit. Only you can decide what’s best for you, but there are some factors to consider..... More »
Scotiabank Launches eHOME; Moving Entire Mortgage Application Process Online
As banks and financial institutions are looking for new ways to simplify daily banking and provide access to more products and services online, Scotiabank recently launched an online mortgage service called eHOME.
The new service allows Scotiabank customers to fill out a mortgage application online and track it in real-time as it goes through the review process. Mortgage applicants can also complete closing with a lawyer online, without having to book an in-person appointment with a mortgage specialist or financial advisor. Supporting documents can be uploaded to the service through a secure online portal and customers can call a team of specialists if they have any questions or concerns.
“It’s simplicity, security, transparency in the process, and the ultimate convenience to apply anytime, anywhere, on any device. It’s truly your mortgage on your time,” says Janet Boyle, Senior Vice President, Real Estate Secured Lending.
Home buyers can apply for a mortgage through eHOME if they are a Canadian citizen or permanent resident, they’ve already signed a Purchase and Sale Agreement on a property (so not for mortgage pre-approvals or rental properties), and there are no more than two borrowers applying for the mortgage…

Continue Reading On ratesupermarket.ca »

Lender Calls – Q4 Roundup

– canadianmortgagetrends.com

Fourth-quarter earnings for the country’s key broker channel lenders wrapped up another tumultuous year that delivered a mixed bag of results. Street Capital President and CEO Duncan Hannay summed up 2018 as a “challenging year, driven by disruptive regulatory and competitive forces in the mortgage market.” All three lenders continued to report strong renewal rates, […]

Continue Reading On canadianmortgagetrends.com »

Is Common-Sense Lending Making a Comeback?!
I’d like to think the Total Net Worth Program reintroduced by a lender recently is an indication of what’s to come!
I’m excited about this program. It allows borrowers with good net worth to gain access to money. This is old-school lending – nothing new – but it’s a comeback worth celebrating!

The program’s designed to provide additional mortgage solutions to Canadians with moderate incomes who have a significant amount of verifiable liquid assets and strong credit scores. The maximum amortization is 30 years, which is also promising.
This is long overdue. The program was brought back thanks to a shrinking mortgage market. In other words, there are less mortgages up for grabs and heated competition. The lender is being proactive because it believes these types of borrowers are low-risk, and it wants more business.
This is good news for those who are coming up for renewal as well, since the government stress test has posed issues when a mortgage term expires even though they qualified for the initial mortgage on the property under previous rules…

Continue Reading On canadamortgagenews.ca »

A number of reports this month have provided some insight into the latest movements in Canada’s housing market. New data shows that home sales and prices continue to fall in Toronto and Vancouver, with the exception of Toronto condo sales, which have reached a new high. RBC also came out with its latest affordability report, […]

Continue Reading On canadianmortgagetrends.com »

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