canada: Will the tighter mortgage rules lead to excessive cheating? - 03/31/10 04:05 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 … (3 comments)

canada: New Mortgage Rules Leave Homebuyers Confused: Insured buyers must show 'ability to pay' - 03/18/10 02:49 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 … (2 comments)

canada: Looking forward to an exciting spring market - 03/11/10 12:30 AM

I can forsee this spring in Canada being huge for mortgages and real estate. With an already booming real estate market and incredible mortgage rates business looks like it will be great. I can imagine a big push on sales before the HST comes into play. And with spring already being the prime season for the industry I'm prepping myself for some late nights and long weekends working. And very excited to do so, if I may say so!
I'm interested to know your take on the situation? Do you think it will be a lot of hype?

canada: Bloomberg Update on Canadian Dollar Trades - 03/11/10 12:21 AM
Canada Dollar Trades Near Five-Month High on Growth Outlook
Canada's dollar traded near its strongest level in almost five months as investors bet the nation's economy will be among the strongest during the recovery...  
With trade data out tomorrow ahead of Friday's employment data, a lot of players may be in ‘wait and see' mode given much of this dollar-Canada move has been on more bullish Bank of Canada rate expectations," Sacha Tihanyi, a currency strategist at Bank of Nova Scotia in Toronto, wrote in an e-mail. "A very good employment print will push these expectations and help drive dollar-Canada even … (0 comments)

canada: Choose mortgage words carefully - 03/10/10 01:13 AM
Many consumers fail to understand meaning of terms
By GARRY MARR, Financial PostMarch 10, 2010    
When it comes to your mortgage contract, watch your language.
Most consumers only look at their mortgage contract -- one of the most important documents they will ever sign -- just before they are about to close on a house, says Toronto real-estate lawyer Steve Brett.
"It's very rare they come to me [first].
In residential transactions, they usually strike the deal first," he says. "The mortgage commitment comes shortly prior to closing. I'll talk to people over the phone and they'll say, … (2 comments)

canada: Bank of Canada Cuts Rate to 0.50% - 03/03/09 04:31 AM
The Bank of Canada cut its lending rate today by half point to 0.50%, the lowest level ever. The decrease was inline with most economists expectations.
Various Canadian Banks followed this announcement by cutting their Prime Rate by 0.50% to 2.50%.
The Bank of Canada also stated that its latest projections for the Canadian economy now look optimistic in the light of the latest economic data.

Gina Burgio, Mortgage Agent FSCO Lic. No. M08008590VERICO Designer Mortgages Inc.FSCO Lic. No. 10194 Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email:

Each VERICO Broker is an independent owner operator.


canada: Bank of Canada cuts Interest Rate to 1.00% - 01/20/09 01:04 AM
Bank of Canada cut its overnight lending rate by 0.50% to 1.00%, the lowest since the central bank was formed in 1934. The decrease was inline with most economists expectations.
The previous lowest rate level set by the Bank of Canada was last seen at 1.12% in 1958.
In the past few days leading up to this morning’s announcement by the Bank of Canada, a few lenders began cutting some of their fixed term mortgage rates. It is expected that the various Canadian Banks will announce cuts to their Prime Rate either this afternoon or tomorrow.

Gina Burgio, Mortgage Agent … (4 comments)

canada: Interest Rate Expected to Reach Record Low - 01/15/09 05:43 PM
Many economists expect that the Bank of Canada will cut interest rates to a record low next week on January 20th to stimulate the economy. Its expected that the Bank of Canada will cut its rate by 0.50% to a record low of 1.00%. The Canadian Banks are expected to follow with a cut to their prime rates, which are currently sitting at 3.50%.
European Central Bank to cut its trendsetting interest rate to two per cent on Thursday.

Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email:

Each VERICO Broker … (5 comments)

canada: RRSP Loans - 01/14/09 12:54 AM
Recent post found regarding RRSP Loans. I have included the link below. Thanks Carolyn Moshtagh for the post! Click Here for the Link.
Don't forget the March 2, 2009 RRSP deadline.

Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email:

Each VERICO Broker is an independent owner operator.


canada: Interest Rate Cut to Lowest Since 1694 - 01/08/09 12:00 AM
The Bank of England has cut its overnight lending rate by half point to 1.5%, the lowest since the central bank was founded in 1694.
Many economists believe that the Bank of England will cut rates below 1.0% by the second quarter. The central bank reduced the interest rate by 1.5 percentage points in November and by 1 percentage point in December.

Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email:

Each VERICO Broker is an independent owner operator.


canada: Happy Holiday! - 12/24/08 03:36 AM
Wishing everyone happy holidays from my family to yours!
Despite the various economic conditions that may be surrounding us, spending time with family during this and every holiday season is priceless and should never be compromised.

Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email:

Each VERICO Broker is an independent owner operator.


canada: Bank of Canada Hints of Possible Interest Rate Cut - 11/19/08 12:54 PM
Bank of Canada governor Mark Carney said in a speech recently that the Canadian economy has deteriorated more quickly than he had anticipated, hinting strongly he will cut interest rates at the next meeting on December 9.
This is also the first time that the Bank of Canada has conceded that the Canadian economy could be headed for a recession. "Starting from flat growth in the first quarter of 2009 and the second quarter of 2009 ... recession is a possibility for Canada," commented Carney.
The technical definition of a recession is two or more consecutive quarters of negative economic growth. … (2 comments)

canada: Japan Slips into Recession - 11/16/08 11:26 PM
New numbers released by the Japanese government indicate the country has entered a recession.
Japan's economy, the second largest in the world, contracted by 0.1 percent in the third quarter, after shrinking 0.9 percent in the second quarter of the year.
Japan has estimated that its Gross domestic product (GDP) contracted at an annualised rate of 0.4 percent.
The Bank of Japan has also cut its key interest rate for the first time in more than seven years, lowering it to 0.3 per cent, joining central banks around the world in trimming borrowing costs.
Japan joins Germany and Italy on the … (9 comments)

canada: Grand Opening Announcement - Ancaster, Ontario - 11/12/08 05:41 PM
I am pleased to announce that the grand opening of our Ancaster office is scheduled for December 1, 2008.
The new office will be located at 911 Golf Links Road in the Meadowlands area of Ancaster, Ontario.
We are excited about the opening of this new location and are looking forward to serving members of the community and the surrounding areas from this location. I would like to also thank our clients for their ongoing support.
Call today at 1-877-345-6265 to book an appointment to discuss your mortgage needs!

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Gina Burgio, … (1 comments)

canada: Canadian Gov't may increase Bank Mortgage Purchases to $75 Billion - 11/12/08 05:07 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.
The Canadian Gov't, using its crown corporation, the Canadian Mortgage and Housing Corp. (CMHC), purchased $25 billion in mortgages last month.
Allow me to explain in simply terms what the government is in fact doing...
The gov't via CMHC has insured many mortgages for the banks. In other words, CMHC has sold the banks default insurance on mortgages that the banks have provided to their clients, which guarantees that CMHC will cover any shortfall realized by the … (2 comments)

canada: Bank of Canada expected to Lower Interest Rates - 11/12/08 04:31 PM
Bank of Canada has hinted that they may cut interest rates again.
Early today in Toronto, Bank of Canada Senior Deputy Governor Paul Jenkins stated, "Some further monetary stimulus will likely be required to achieve our 2 percent inflation target over the medium term."
The Cdn Central Bank cut its benchmark overnight lending rate to 2.25 percent on Oct. 21.
Some economists expect that the Bank of Canada will cut their overnight rate a half point to 1.75 percent on Dec. 9. This would be the lowest since 1960.

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Gina … (5 comments)

canada: Many Canadian Banks Scheduled to Soon Report Q3 Results - 11/05/08 06:43 PM
Many Canadian banks are scheduled to begin reporting their 3rd quarter results, starting on Nov. 25 with Bank of Montreal.
Some analysts are expecting Canada's six big banks to report an average profit decline of 15 percent for Q3, the biggest drop in 6 years.
The Bank of Canada, the country's central bank, stated on Oct.23 that the Canadian economy, the world's 8th-largest economy, will slow to 0.6 percent this year, the lowest since 1991.
With the country suffering from weak demand in the US and lower prices for commodities, we will soon have the Q3 results from the Big Six … (0 comments)

canada: Europe's Top Central Banks set to Cut Rates - 11/05/08 06:04 PM
Europe's top central banks are expected to cut borrowing costs on Thursday as market focus shifts back to the economic crisis from the excitement of Barack Obama's historic election victory.
Both the European Central Bank and the Bank of England are expected to cut interest rates. Many economists are forecasting the ECB to cut rates by at least half a percentage point, while others are anticipating a cut by as much as 75 basis points.
For the ECB, it is facing the first euro zone-wide recession since its inception in 1999, and a rate cut by 75 basis points would be … (0 comments)

canada: What affects will Obama have on Canada? - 11/05/08 01:58 PM
It has been said in the past, that for Canada, being next to the United States, is like being in bed with an elephant. This statement was in specific reference to the close proximity between Canada and the United States... and the fact that the Canadian economy will most likely always eventually feel the impact of the effects felt by the US economy. Well the present economic crisis has become no exception to this analogy.
Now, with the election of a new President for the United States, and the shift from republican to democratic party policy in the Oval Office, how … (3 comments)

canada: TD Bank 1st to Move to Adjust Rates - 10/29/08 10:59 PM
Three times this month Toronto-Dominion Bank, Canada's second-largest bank, has been first to lower its prime rate following decisions by the Bank of Canada (the central bank) to lower its overnight rate. Toronto-Dominion's biggest rivals followed suit the same day.
For example, on Oct.8, TD Bank was the first to announce a cut that day with a statement at 1 p.m., followed by Canadian Imperial Bank of Commerce (CIBC) 43 minutes later. Royal Bank of Canada, the country's largest bank, was next at 2:32 p.m., followed by Bank of Nova Scotia and Bank of Montreal.
Two days later, the banks reduced … (2 comments)

Gina Burgio (VERICO Designer Mortgages Inc.)

Gina Burgio

Ancaster, ON

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