Mortgage, Money and Dream – Our thoughts on Canadian Mortgage Market
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Lowest qualifying rate in recent history – 4.99%

Variable rate qualifying rate drops again

Many lenders are still qualifying borrowers with an above 5% interest rate. According to Bank of Canada the lending rate (Conventional mortgage – 5-year) stands at 4.99%. The same rate is generally used to qualify a borrower who is seeking less than 5 years fixed terms or […]

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Qualifying rate went down by 0.1 percent

bond-yield-qualifying-rate-5.24-January-2014

The lenders in a recent rate reduction move – pulled the qualifying rate down by a tiny fraction – 0.1% – from its previous 5.34% to 5.24%. Does it really matter much? In one word no! – for borrowers who do not push the boundary of their […]

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Bank of Canada – Target Overnight and Qualifying rate standing still

Bank Of Canada Benchmark Five Years Bond Yield Vs Qualifying Rate December 2013

in Soon, Bank of Canada will announce its target overnight rate for next month and a half. All the speculations are pointing towards no change. Recent weakness in Canadian currency is not a reason for the bank to be alarmed and it is a good thing for […]

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Qualifying rate went up – A quick review

bond-yield-qualifying-rate-5.34-sept-2013

Bank of Canada finally changed the qualifying rate to 5.34%. That means a borrower either have to show a bit more income or have a lower budget to purchase a home. That is applicable if only you are interested in a less than five years fixed mortgage […]

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Qualifying rate will go up soon

bond-yield-qualifying-rate

Yesterday BMO moved its special discounted rates up by 0.2%. Today RBC followed the same road. They have jacked up their rates by the same amount. Along with its discounted rates RBC went a step further – it has increased the posted five years fixed rate to […]

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What if you have to re-qualify at the time of renewal

You have purchased your home and had a lender give you a loan based on your credit situation. You took out a five years fixed mortgage and have received a very nice interest rate. Now imagine a situation after five years when you have to renew your […]

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Qualifying Rate Will Drop Soon

Canadian Finance Minister thanked the big banks (except BMO) for not getting into rate cut game along with BMO. I guess for now they will remain in the good book of our minister and let BMO have all the businesses :(. Fighting back or not – Canadian […]

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TD Changes Equity Lending Policy

Yesterday in a communication to brokers TD announced the following changes. According to TD these changes are implemented to comply with the recent regulatory requirement. Changes in Equity Lending: For salaried customers TD will no longer accept Equity lending applications. TD lends money using the equity lending […]

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Qualifying Rate – Then and Now

Canadian government announced changes in mortgage regulation to curb variable rate borrowing – about two years ago. The financial market did not look very rosy and despite of that fact – housing market was booming. This unusual trend forced the government to take action to slow down […]

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Increasing qualifying rate – How it impacts a borrower

Bank of Canada finally jacked the qualifying rate long after TD and RBC raised their posted fixed rates last month. Bond yield did not show much movement but the rates went up signalling that the lenders are leaning for the fixed rate mortgages. Qualifying rate influences your […]

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Rate war is coming to an end.

Today, RBC and TD decided to call it a quit. Enough is enough, probably they said to themselves. Two times BMO sparked this rate war and others matched. This time two of the major lenders decided not to follow any more. Bond yield had been going up […]

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Mortgage Rates – Went Down, Moving Up – Rate Rage Remains

Today once again mortgage rate made a national headline. Most of the headlines read as if the rates are going up again and the low rate feast is over. A nationwide media coverage forced few lenders to react and send messages – that the rates did not […]

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