Bank of Canada Prime Rate – 2.25% Remains

OTTAWA –  A recovery in economic activity is also under way in Canada. This resumption of growth is supported by monetary and fiscal stimulus, increased household wealth, improving financial conditions, higher commodity prices, and stronger business and consumer confidence. Volatility and persistent strength in the Canadian dollar are working to slow growth and subdue inflation [...]

News: Canadian Insured Mortgage Purchase Program

Last fall, when the credit markets were in near-panic mode, the government threw lenders a lifeline called the IMPP (Insured Mortgage Purchase Program).
The IMPP allowed the government to buy up to $125 billion of insured mortgages.  The goal was to add liquidity to Canada’s mortgage market.  At the time, lenders (and [...]

Rate Choices – Strategy Discussion

With Mortgage Rates Dropping, It’s Strategy Time
It was a little less than a year ago that the global financial crisis began to hit home, which is to say that mortgage rates spiked higher.  Now, the cost of mortgages is coming down. If you’re buying a home or renewing a mortgage, it’s time to review your [...]

Mortgage News Update – Prime Rate to Stay Low

OTTAWA — Despite growing confidence that economic growth is in the offing, monetary policy around the world is likely to remain “ultra-accommodative,” perhaps until 2011, as doubt remains as to whether or not the growth expected this quarter is sustainable, analysts say.
“The key message from Jackson Hole was … that monetary policy is likely to [...]

Mortgage Product Updates – July 2009

Product Updates for July, 2009
Concentra Financial
1)  Uses 3% of the outstanding balance on Lines of Credit for debt servicing ratios.  If a LOC is interest only, you must use at least 1% of the outstanding balance for debt servicing.
Firstline
1)  Effective July 6, minimum beacon score for each applicant must be 600.   Minimum beacon for rentals [...]

Prime Rate Announcement 2.25% – July 21st 2009

Bank of Canada maintains prime rate at 2.25% conditional commitment to hold current policy rate until the end of the second quarter of 2010
The global economy has suffered an intense, synchronous recession and considerable excess supply has opened up. Some of the early strength in domestic demand represents a bringing forward of household expenditures, which [...]

Lender’s Product Changes and Updates (June 2009)

Bridgewater Bank
1)  For all CMHC deals that run through Emili, make sure to include:  Profession & length of time in industry, Age of Property, Sq Footage of Property (Don’t include any basement suite area),   Original Purchase Price and Dates for Refinances.  BFS Income must be reasonable.
Firstline
1)  Revised Pricing on FNF  for BC only.  Land Titles [...]

Prime Rate Announcement: 2.25%

MORTGAGE RATE NEWS
Bank of Canada (June 4th) has announced to maintain the prime rate at 2.25%. In recent weeks, financial conditions and commodity prices have improved significantly.  Consumer and business confidence have recovered modestly and the underlying macroeconomic risks are roughly balanced. Conditional to the outlook for inflation, the rate can be expected to remain [...]

Lenders Product Updates and Changes March 2009

Product Changes & Updates for the month of March, 2009
ATB Financial (AB)  
1) Quick Close 30 days special = 5 yr rate of 4.15%
2)  Still do mortgages on Raw Land however no commission
3)  HELOC’s available to 80% LTV – pays 50 bps on funds used 60 days after Heloc is registered
       
Bridgewater Bank   
1)  Advantages of working with [...]

CMHC Self Employed Policy Change

CMHC will no longer accept applicants under their Self Employed program who own and incorporate a company. CMHC will still however do “sole proprietor” under that program. If applicant is incorporated they will now have to fully qualify.
Other high ratio mortgage insures in Canada also include Genworth and AIG. However, the lenders must adopt the [...]