Canadians are seeking the best mortgage price, even if that means using an online lender and sacrificing personalized advice. As little as 0.05%-points can sway some mortgage shoppers.
The Bank of Canada cuts key interest rates amid fears of deepening economic downturn. Fixed mortgage rates are now at their lowest level since the fall of 2019, making this an ideal time to shop the market.
Here’s what to consider if you want to buy a new home, refinance or accelerate the pace of your mortgage debt payments, so you can avoid prepayment penalties.
Mortgage brokers have access to rates from many mortgage-specific lenders and major banks, enabling them to find the best product for you. This is how they can save you money.
The Office of the Superintendent of Financial Institutions (OSFI) is proposing stricter rules on uninsured mortgages that could have an even more profound effect on the housing market. Will house prices decrease? Will there be less competition?
As the latest numbers released by CREA show sales were down 17.4% in December, it looks like Canada’s housing market is downright frozen – but will spring’s traditionally hot mortgage market help turn things around?
Bank of Canada Rate: No Change Here! Nothing like kicking off the week with a Bank of Canada rate announcement! There wasn’t much drama to be had, though, as it was confirmed the target for the overnight lending rate would remain at one per cent for the time being. The lack of movement was hardly …
5 year fixed mortgage rates hit a new low this week, at 2.77%. This full service mortgage is available in Ontario and accessible to high ratio borrowers. Could we see more downward movement before next year’s anticipated rate hike?
Canada’s economic stance is one of caution, as risk of a recession looms globally and action pends on the U.S. fiscal cliff. As a result, there is no anticipated end to stimulus efforts on the home front, with mortgage rates remaining unchanged for the coming month.
Finance Minister Jim Flaherty stated plans this week for the eventual privatization of the CMHC. Would would this mean for the mortgage market and borrowers?