The Canadian Mortgage Wars are on Again!
Canada has already seen its share of mortgage wars between lenders across the country. Back in January, BMO dropped their rate to a historical low of 2.99% on a five-year fixed term, and all the other major banks followed suit. Then they did the same thing in March and once again, most of the Big…
Read moreHow to Avoid Mortgage Break Fees
A mortgage is a contract that you can expect to live with for 15, 20, 25 years or longer. But what if during that time, you decide that you want a new mortgage completely, either because you want to switch to a different lender, or you sell your home? In Canada you’ll need to break…
Read moreOECD Calls on BoC to Raise Rates
Many analysts and experts in Canada think it’s time that the Bank of Canada raised their rates and now, there’s one more body that thinks so: the Organization for Economic Co-operation and Development (OECD.) One senior economist in this organization says that the rule changes that have been implemented thus far aren’t enough for some…
Read moreCanadian Banks Undergo a Stress Test
A Fitch Ratings’ special report titled “Evaluating Canadian Banks’ Residential Mortgage Exposure” was released yesterday and in it, the global rating agency placed Canada’s Big Six banks under a stress test to see how they are doing, and how they will do in the near future, when it comes to residential mortgages. After the stress…
Read moreShould we need to Re-qualify when we Renew?
After the OSFI released their proposed guideline changes to the way banks and other lenders handle mortgages, everyone started talking about all the new rules being applied to mortgages in Ottawa. Changes are nothing new for us of course; Finance Minister Jim Flaherty has changed the rules three times since the beginning of last year….
Read moreCMHC “Ready” for OSFI
After it was announced by Jim Flaherty that there would be changes to CMHC and the way they handle mortgages in Ottawa, everyone had an opinion about it. Many didn’t think that the oversight was necessary, while others thought that the Finance Minister was just doing it so that when the bubble burst, the blame…
Read moreAre Silent Second Mortgages Legal?
It’s not a rare thing for homeowners to take out a second mortgage such as a home equity loan or HELOC on their home. But, it is quite rare when homeowners start looking for “silent” second mortgages. What are these mortgages? And are they legal in Canada? A silent second mortgage is a mortgage in…
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