Mortgage, Money and Dream – Our thoughts on Canadian Mortgage Market
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CMHC abandons mortgage loan insurance for condominium development.

Canada Mortgage and Housing Corporation announced that it is bringing in two changes in its mortgage insurance business. The Crown Corporation has been struggling in many fronts. While it is not exactly in a financial trouble but it has drawn critics from many areas. Some of them […]

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Canadian mortgage market – a report by CAAMP

June 2014 - total number of Canadian Home owners by mortgage type
Canadian Mortgage Market - Outlook CAAMP publishes a regular report on Canadian mortgage market. The report made an argument that the mortgage regulation changes made in 2012 were detrimental towards housing market. The report pointed out that growth of residential mortgage demand is slowing down year-over-year. According [...]Read more

Canada Guaranty changes rental income formula

There are various ways how rental income can be included in debt service calculation. The major Canadian mortgage insurers generally adapt to two methods. Rental offset Rental income Rental offset: Rental offset calculation method takes care of the rental expense minus rental income before it gets added […]

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Rate structure of lenders – a graphical guide for mortgage shoppers

Rate Shoppers

In the confusing world of rates – how do you shop? To make it simple, the best way is to talk to a mortgage broker.

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Prime -1% variable rate mortgage is finally back

1.99% variable rate is back in Canada

Investor’s Group yesterday announced that they are introducing 101 basis points discount over prime rate on three years variable rate mortgages. That translates to 3% (Prime) minus 1.01% equals to 1.99% interest rate for three years – provided that prime rate does not change. Before 2010, Prime […]

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Do you really need a pre-approval?

home-buyers-preapproval-plan

For many home buyers out there, shopping in a tight market is a very stressful and difficult task. To add to that if the buyer does not know the limit of his or her borrowing ability then it is like a blind date. You may end up […]

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Cashback mortgage – pros and cons

Cash-back mortgages in Canada are somewhat popular among borrowers. For some borrowers, extra cash in their hand after closing the deal is a good choice. Not everybody look for a cash-back mortgage, rather some look for the best interest rate. Regardless of what they are looking for […]

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Best Practices for a Mortgage Insurer – Introduced by OSFI

Almost two years ago, OSFI introduced the idea of Residential Mortgage Underwriting for the lenders. It promised that there will be one for the insurer too. Now it has delivered on that promise. In its new B-21 guideline it has outlined the expectations for prudent residential mortgage […]

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Interest rates – are they really going up?

Canadian five years bond yield - 2014- April
In the broader residential mortgage perspective there are two types of interest rates. One is variable interest rate, another is fixed interest rate. Variable rates depend on bank prime rate which is supposedly anchored to Bank of Canada overnight lending rate. The central bank’s target rate is [...]Read more

Whatever will happen to mortgage rates if house price fall

Mortgage rate and house price both are very much intertwined. Experts often argue about which one of the two influences the other. Actually it is impossible to say which of two things went down/up first or caused the other to surge/drop. So far, in last ten years […]

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Fixed Vs Variable – No Clear Winner

Economists from BMO thinks that fixed rate mortgages have made a comeback in recent months. How much of this is actually applicable to an individual – remains debatable. The real truth about a mortgage is that it is unique for each of us. Each borrowers and lenders […]

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Mortgage for “work – permit / visa” holders – more choices are available

A Canadian Citizen or a Landed Immigrant (permanent resident) has more mortgage options than someone with work permit. Mortgages are easily accessible to persons with established ties with Canada than the ones who are on a business trip. Understandably the lenders offer fewer mortgage choices to the […]

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