Posts tagged ‘Mortgage Interest Rates’
Impact of CMHC Tightening Being Felt on The Danforth
The retail mortgage transaction as you and I know it is just a tiny part of the trillion dollar Canadian mortgage industry. While we are focused on the everyday mechanics of mortgage financing i.e. down payment, proof of employment, bi-weekly vs. monthly payments etc the main show is happening behind the scenes on your mortgage [...]
Bank of Canada Leaves Prime Rate Unchanged
For the 13th consecutive time there is no change to report regarding the Bank of Canada’s prime rate. This came as no surprise to economists and observers but of note was the rosier picture being painted of the Canadian economy. In the last paragraph of their press release the BoC indicated that the time for [...]
10 Year Fixed Rate Mortgage or 5 Year Fixed Rate Mortgage
Should You Take A 5 Year Fixed Or A 10 Year Fixed Rate Mortgage? Mortgage borrowers hava lots of choice when it comes to the term of their mortgage. Here in Canada, the most popular option is the 5 year term. The hard part was deciding between fixed vs. variable. But with variable rate mortgages [...]
Benjamin Tal’s Economic Buzz Winter 2012
Every quarter our support staff at The Mortgage Centre head office go through pages and pages of Benjamin Tal’s economic reports to give us a reader’s digest version of what is making economic news. The Economic Buzz report is easy on the eyes and can be read in a minutes time. Benjamin Tal is the [...]
Canada Looks To Tighten Mortgage & Credit Lending Rules In 2012
This week there are two headlines grabbing the attention of mortgage brokers, bankers and borrowers in Canada. Both have far reaching implications in the mortgage industry and it may not be a fluke that both are making headlines in Canada at the same time. On the one side we have the government of Canada expressing [...]
Reaction to BMO’s 2.99% Fixed 5 Year Mortgage
Yesterday Bank of Montreal announced a new fixed 5 year rate mortgage that has set a new all time low for mortgage rates in Canada. Is it the lowest rate? Yes. Is it the best mortgage? Maybe not. Watch the video below to learn why.
What Is A Cashback Mortgage?
Bank branches sometimes promote them and you may have come across paper and online ads for them. So what is a cashback mortgage, and more importantly, who should consider them? A cashback means that the lender will give you 5% of your mortgage amount back as cash. So, if you borrow $100,000 they will also [...]
3.25% For A Fixed 5 Year Mortgage: A New Low
I stand corrected. Earlier this fall I mused on my blog that fixed rate mortgages had run their course and would hold steady or trend upwards gradually into 2012 and beyond. I thought that the period of ultra low fixed rate mortgage money was over and that banks wouldn’t pass on rate discounts to borrowers [...]
Mortgage Interest Rate Review December 6th 2011, Prime Rate Remains Unchanged
The Bank of Canada met this morning for the last time in 2011 to make their interest rate announcement. As was widely expected the bank left the prime rate unchanged at 3.00%. If you have a variable rate mortgage or a line of credit your monthly payment won’t change. The bank reported that conditions in [...]