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mortgages: Re-financing your mortgage? Watch out for those insane penalties! - 04/30/09 01:29 PM
This from my friend and associate, Rita Cruse of Mortgage Alliance:
"There has never been a better time for people to take a close look at their current mortgages...However the Bank's are also aware of the fact that rates today are significantly better then they were 6 months ago... So watch out for the penalties.. We are seeing "HISTORICAL PENALTIES" that are being quoted with these new historical low mortgage rates... I had one client this week with $36,000 being quoted.In the last 2 weeks I have had clients penalties go from $4000 - $25,000 and up...How can the Bank's get … (0 comments)
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mortgages: The Magic Mortgage number seems to be 3 - 02/26/09 10:22 PM
In Canada, a recent search of various mortgage brokers shows that the best mortgage term seems to be three years.
For example, Mortgage Alliance states a variable rate of 3.75, TD Canada Trust 3.6%. In the latter's case, even the five-year variable is 3.6%, which begs the question "Why would anyone choose a risky 5 year term when the same rate is available fixed for 3 years? Proponents of variables, of course, will argue, but there is no doubt that in the current economy, a 3 year quarantee is very attractive.
The average 6-month is around 5%, 1 year 3.89% and … (0 comments)
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mortgages: Alternative private financing - 02/12/09 11:14 AM
This press release came across the wires this morning. An interesting alternatives for Canadians who have been told "No" to mortgages from banks, lenders, etc. A private operation by Moishe Alexander who is a unique individual representing private money in a fund calld the Canadian Funding Corporation.
"Toronto, Ontario (PRWEB) February 11, 2009 -- Mr. and Mrs. Granville of Orangeville, Ontario applied to Canadian Funding Corporation for a second mortgage to purchase a flea market commercial building in Orangeville, Ontario, with a loan to value of 91%. Canadian Funding Corp approved the deal after Jan Luistermans inspected the property, and … (0 comments)
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mortgages: Let's blame the banks - 01/22/09 11:34 AM
I came across an article today that speaks to the increasing frustration all of have with banks. (link below). Despite a downturn in the economy, banks boasted over $19.5 billion in profits for 2007 (not income, profits!).
The Bank of Canada has now lowered the lending rate to 1%, the lowest in history.
The CMHC has purchased over 33 billion in mortgages and the government has agreed to take another $75 million off the bank's books.
{Steve Foerster, a professor of finance with the Richard Ivey School of Business at the University of Western Ontario, said many people are basing their frustration on a trend they saw when … (1 comments)
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mortgages: Five-year fixed rates at 4.99! - 12/15/08 11:40 PM
My friend Rita from Mortgage Alliance, here in Dundas, is on top of things once again. Here's a little insight from her on mortgages in this challenging economic time:
"It looks like those who are sitting in variable rate mortgages or credit lines, are getting an early {New Year's gift} this year. As expected the Bank of Canada did announce a drop in the overnight rate {before Christmas} but what was a little surprising was the fact that it was a full .75% drop.... That places the overnight bank rate at 1.75% which is the lowest since 1958. The Bank's have dropped their Prime … (0 comments)
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mortgages: Renovate to stand out...and sell! - 12/10/08 03:35 PM
Okay, so they're telling us it's going to be harder to sell your home in 2009. Those of you who don't let others tell you what life is going to do to you have no doubt thought about some renovations you can do to your home that will make it stand out in the crowd when you sell.
This advice from Elizabeth Blair, a Licensed Mortgage Agent with Mortgage Edge in Richmond Hill, Ontario.
If you live in a freehold house, you should be spending an average of 1% of your home value annually, on maintenance, just to keep it in good … (0 comments)
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mortgages: Government buys $75m in Bank Mortgages - 11/17/08 11:53 PM
Finance Minister Jim Flaherty pledged today to triple the amount of mortgages the government can buy from banks to as much as C$75 billion ($61 billion). He also reduced the cost for banks to tap a government loan insurance program by 50 basis points after it went unused at the initial premium of as much as 185 basis points, or 1.85 percentage points.
What does this mean to the average Buyer contemplating the purchase of a home?
Flaherty admits that Canada's banks are amongs the world's safest but does that assure consumers that our banks can still provide not only competitive … (1 comments)
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mortgages: Mortgage rates not moving yet! - 10/27/08 12:06 PM
This one from my good friend Rita Amalfi Cruse at Mortgage Alliance in Dundas, Ontario:
"Wow have you been keeping up with all the media hype on the economy? I have, and sometimes I wonder if we didn't have all the "doom and gloom" coming at us from every which way then maybe the Laws of Attraction would really work.
If you think it, it will happen !!!!!! Well, think low interest rates because that is what is happening, right now, look at my chart.
*Rates may vary by province and are subject to change without notice. Rates last updated … (0 comments)
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mortgages: Last chance for 100% financing - 09/11/08 01:06 PM
On July 9, 2008 the government of Canada anounced it will no longer be insuring 40 year amortization or 100% mortgages effective October 2008. They have also announced there will be new minimum beacon scores for insured borrowers and more stringent confirmation on income. This potentially affects the stated income business for self borrowers. Canada Mortgage and Housing (CMHC) has not released anything yet but we anticipate they will do so soon.
This means that borrowers must have 5% down and their mortgage can only be amortized up to 35 years, as of October 15, 2008. If you know anyone that needs … (0 comments)
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Robert Morrow
Hamilton,
ON
More about me…
Chase Realty Inc. Brokerage
Office Phone: (905) 648-3333
Cell Phone: (905) 536-4644
Email Me
Blog by Hamilton Home Review's editor, Robert J. Morrow, a licensed Realtor with Chase Realty Inc., in Ancaster, ON, Canada.
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