Friday Mortgage Round Up: February 17th, 2012
Mortgage News / Mortgages

Friday Mortgage Round Up: February 17th, 2012

After the CMHC announcement hit headlines last week, a few lenders changed their guidelines for promotional rates offered. The lenders revealed that the promo rates are no longer offered for conventional mortgages anymore and they are only looking at high-ratio deals. CMHC claimed that their cap wouldn’t affect qualified home buyers nor would it affect the cost of buying a house. Ahemm… the last time I checked, putting LESS money down on a home to qualify for a lower promotional rate, increases the interest payments made over the life of your mortgage, thereby directly affecting the cost of buying a house! Continue reading »

Bank of Canada Rate Announcement – No Change to Interest Rates
Economic News / Mortgage News / Mortgages

Bank of Canada Rate Announcement – No Change to Interest Rates

The Bank of Canada announced this morning that interest rates will remain unchanged for the 11th consecutive time over the past 15 months. The last time the BOC made a change to the overnight lending rate was in September 2010 with a moderate increase of 0.25 per cent. The news is really no news at all, given that nearly all industry professionals and top economists were anticipating no change. But what should be of interest to consumers is the justification behind the decision. Here’s why the Bank of Canada is keeping interest rates where they are. Continue reading »

Canadian Banks Pushing Mortgage Shoppers Towards Fixed Rates
Mortgage News / Mortgages

Canadian Banks Pushing Mortgage Shoppers Towards Fixed Rates

The Financial Post reported that Canadian banks are encouraging customers to take out fixed rate mortgage versus variable rate loans as they are losing money on variable rate deals. This has come about as the banks have decreased the discount on their variable rate products that are based on their Prime rates. A few weeks … Continue reading »