How BMO is Doing It
Bank of Montreal knows that those who fail to plan, plan to fail; and that’s why when they hugely slashed their mortgage rates last week, they were prepared. And they made sure that Ottawa was too. When BMO first offered the limited-time mortgages in January, it gave Ottawa great cause to worry. Here they were,…
Read moreWhich is Better: CMHC or Private Mortgage Insurance?
At the beginning of February CMHC announced that they were getting near their mortgage insurance cap of $600 billion dollars. This sent up some semi-panic, and speculation about whether or not the government would raise that cap. But now some, such as the C.D. Howe Institute, and the Macdonald-Laurier Institute are asking whether or not…
Read moreWill the Sale of FirstLine be Everything CIBC Hopes For?
It’s official. After weeks of speculation, CIBC has announced that they will be selling FirstLine and therefore, will be pulling out of the mortgage broker channel. The only question left now is: will it pay off for them? With their announcement CIBC did give a couple of reasons for the move, saying, “Benefits of this…
Read moreBMO Cuts Mortgages, Other Banks Quick to Follow
When Bank of Montreal announced on Wednesday that they were lowering their rates to an unheard of 2.99% for a 10-year fixed term, and 3.99% for a 5-year fixed term, many experts believed that other banks would be quick to follow. Yesterday, we found out that they were right. The Royal Bank of Canada, TD…
Read moreBank of Canada Keeps Lending Rate the Same
While some experts may have toyed with the idea that the Bank of Canada would actually lower its lending at the historically low rate of 1% it’s been at since September 2010, it was announced yesterday that it would remain the same. What did change was the positive tone of the statement. While all other…
Read moreBMO Stirs the Mortgage Pot Once Again
Remember back in January when many of the major Canadian banks slashed the rates on their mortgages and offered fantastic, short-term deals? If you remember that, then you can probably also recall how just a couple of weeks later, most of those same banks pulled those offerings from the table, angering Canadian consumers. At the…
Read moreTD Pulls out of Non-Prime Mortgages
It’s no wonder customers are getting frustrated. With CIBC selling FirstLine, then the bank pulling out of stated income mortgages, and most major Canadian banks pulling out of discounted mortgages in the last six weeks, it’s easy to see why customers are starting to think they can no longer rely on the banks. Now, another…
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