Vancity Divorces Brokers + MORE Jul 20th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News

How financially viable is your rental property? Apr 13th

After rising steadily in many cities across Canada for many years, real estate has been on a particular tear over the past year—and rental property investing has become an area of interest for plenty of people as a result.  But a soaring market isn’t a guarantee of success. If you’re thinking.... More »

Mortgage insurers clarify qualification rules for VRM applications amid rising rates Jul 22nd

The Bank of Canada's historic 100-bps rate hike last week has led to confusion over how the stress test should be applied to variable rate mortgage applications already in lender pipelines..... More »

5 surprises to avoid when switching mortgages before your term ends + MORE Jul 31st

These days, being a home owner with a mortgage can feel like you’ve ordered the chicken dinner before realizing there was a steak special. You orchestrate a last-minute switch before your meal arrives, and it’s only once your overcooked steak is served that you know you’ve made a mistake. .... More »

Millennials Could Be Hit Hardest by the Bank of Canada’s Interest Rate Hike + MORE Jun 3rd

Canadians, get ready to pay more to borrow money: The Bank of Canada, or BoC, announced a 0.50 per cent interest rate hike today to tame inflation, bringing its key interest rate up to 1.5 per cent, and signalled more hikes will come. After slashing its key interest rate to 0.25 per cent at the o.... More »
 finance

You Lawyer May Be Overcharging You Jun 13th

Picture this: you’re buying a home or refinancing your mortgage. You hire a lawyer to facilitate the transaction. You decide to go with a mortgage that is NOT through one of the big six banks, like hundreds of thousands of Canadians do every year. Suddenly, you get a call from your lawyer. They wa.... More »

Mortgage Career: Equitable Bank

– canadianmortgagetrends.com

Company: Equitable Bank Position: Residential Prime Mortgage Underwriter Location: Toronto, ON Apply to: Click here Residential Prime Mortgage Underwriter Department: Single Family Residential Mortgage Department Reports To:  Manager, Residential Prime Mortgage Underwriting ________________________________________________________________ Job Summary: The Residential Prime Mortgage Underwriter is responsible for assessing all new mortgage applications and increases to existing mortgages in a timely and prudent manner within established guidelines.  This must be done as efficiently as possible while exercising sound lending judgment and without compromising service and profitability.   Main Activities: On a daily basis incumbents must promptly review received applications, verify the supporting documentation to ensure READ MORE

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Vancity Divorces Brokers

– canadianmortgagetrends.com

The nation’s biggest credit union, Vancity, is pulling out of the mortgage broker channel. The Vancouver-based company sent an email to notify brokers this morning. It has been in the mortgage broker channel since 1991, when it acquired Citizens Trust Company. The channel was administered through Vancity’s subsidiary, Citizens Bank, until 2007 when it was transferred directly to Vancity. When asked why it was leaving, John Derose, Vancity’s Director of Mobile Sales, explained: As a member-owned financial co-operative we place a high priority on building strong relationships with our members. The business we generate through our mortgage broker channel often does READ MORE

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Robo Mortgages

– canadianmortgagetrends.com

“…Robots are racing to replace mortgage brokers.” Like it or not, we’re going to see more and more headlines like this. This particular story comes from the UK, where British entrepreneurs have a head start on automating mortgage services. On this side of the Atlantic, brokers seem largely unconvinced about robo-lenders eating their lunch. This recent ilovemortgagebrokering.com podcast is one example. “Am I concerned that I’m going to be disrupted out of a job by an app? I am not,” said co-host Dustan Woodhouse, arguing that a human touch is needed because mortgage clients have unique requirements and large sums of money at READ MORE

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