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.
Latest News

RBC bracing for renewal impact: three quarters of its mortgages to see higher rates by 2026 Dec 4th

Despite interest rates having been elevated for over a year, Canada's largest bank said the bulk of the impact is yet to be felt with nearly three quarters of its mortgage portfolio coming up for renewal over the next three years..... More »

Technology’s Role in Canada’s Evolving Mortgage Industry May 29th

COVID-19 has dramatically changed the course of many industries and threatened the physical, mental and financial wellness of millions of Canadians. In the housing sector, real estate sales volumes have dropped significantly and rapid increases in unemployment have added uncertainty to many transact.... More »
 property

Affordability tips for first-time home buyers to securing a mortgage + MORE Oct 29th

Q. My partner and I rent a two-bedroom apartment in Toronto in a great neighbourhood for $1,850 a month—so, a great deal. We have been living together for three years and would like to buy a house together next year, when we both turn 30. Get the mortgage rate that works for you.Find the bes.... More »

How a Mortgage Pre-Approval Can Protect You from Rising Rates Nov 1st

In times of steady or declining rates, you barely pay attention to your pre-approval rate. But these days, this rate hold can be a total game-changer..... More »
 finance

Is this frugal Toronto artist’s $70,000 in savings enough for her to buy a property in the U.S.? Jul 3rd

If Joy were to buy a house in the U.S., writes financial expert Jason Heath, it’s probably best she get a pre-approved a mortgage before house hunting..... 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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