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mortgage rate: Will the tighter mortgage rules lead to excessive cheating? - 03/31/10 11:05 PM
In response to the recent Financial Post article (link below), do you feel like the tighter mortgage rules will show a great deal more cheating?
I'm torn because I know that a 20% downpayment from an investor is difficult, though not "impossible" as this article states, to find for some investors. But I have to wonder if it is not exactly what we need to protect the market from people who really shouldn't be investing in some cases. Speaking from personal experience, it takes a good deal of credit and/or liquid assets to manage a property properly and not be hanging … (2 comments)

mortgage rate: It's finally happening, mortgage rates starting to rise in Canada - 03/31/10 11:22 AM
We all expected to see this but I'm surprised to see it happening so soon. Undoubtedly rates will now only continue to rise.
GB
 
Banks bump up mortgage rates
Other banks expected to follow suit
www.cbc.ca
Mortgage rates have begun to rise from their record lows, with news Monday that several Canadian banks are increasing several fixed mortgage rates by up to 6/10ths of a percentage point.
The biggest jump is attached to the popular five-year fixed closed rate, which moves from 5.25 per cent to 5.85 per cent at Royal Bank, TD Canada Trust, and Laurentian Bank. … (4 comments)

mortgage rate: US News: Why Canada Avoided a Mortgage Meltdown - 03/19/10 09:14 AM
By ALEX J. POLLOCK
Suppose we agree that we would like our society to have widespread home ownership and a property-owning citizenry. Does it take government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac with implied taxpayer guarantees, tax advantages for the interest paid on home mortgages, and government pressure for "creative" mortgage lending to achieve this?
The Canadian experience shows that it doesn't.
Canada makes a useful comparison for the U.S. Both countries are rich, advanced, stable, have sophisticated financial systems and pioneer histories, and stretch from Atlantic to Pacific. But Canada has no housing GSEs. Mortgage interest is not … (1 comments)

mortgage rate: New Mortgage Rules Leave Homebuyers Confused: Insured buyers must show 'ability to pay' - 03/18/10 09:49 AM
 

Frank and Susan Williams bought a house near Hamilton, Ont., this month, they followed a time-honoured tradition of using leveraged financing.
With mortgage insurance they only had to put down 5% of the $270,000 purchase price. They went with a closed variable rate at 2.25% and amortized the loan over 35 years. The deal was initiated with a mortgage broker, with Bank of Nova Scotia providing the financing.
"It's a three-bedroom bungalow. That was attractive to us. We have a dog and we like to do things in the backyard. We did not have the type of money we … (0 comments)

mortgage rate: Canadian Mortgage Rates Expected to Rise 2-3% Over Next Two Years - 03/12/10 02:43 AM
I heard an interesting fact today about the financial state of first time homebuyers: According to reports, 75% of 18-34 year old first time homebuyers would be in trouble if their paycheck was delayed one week.
That's huge. Mortgages are expected to rise up to 3 percent over the next two years. Will we be faced with an influx of foreclosures when mortgage rates rebound?
I certainly hope not and there are changes currently being introduced to avoid such an issue. One such change is documented in a recent news article:
"Mortgage loans will be income-tested against the five-year posted interest rate, as opposed … (0 comments)

 
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Gina Burgio

Ancaster, ON

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VERICO Designer Mortgages Inc.

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