interest rates: 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: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.

(1 comments)

interest rates: 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)

interest rates: 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: gina@ginaburgio.com

Each VERICO Broker … (5 comments)

interest rates: 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: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.

(2 comments)

interest rates: Interest Rate Lowered to 1.50% - 12/09/08 01:14 AM
The Bank of Canada on Tuesday cut its key lending rate by 75 basis points to 1.50%, more than many economists had expected.  This is the lowest since 1958.
Lower interest rates, if passed on by the commercial banks, encourage businesses and households to borrow and spend for expansion and consumer goods, thereby stimulating economic activity.
The interest rate cut today by the Bank of Canada was this biggest cut since October 2001.
The record low for Canada's key rate was 1.12 percent in 1958, a time when it was based on treasury yields rather than actions by policy makers.
The … (2 comments)

interest rates: Bank of Canada Excepted to Lower Interest Rates - 12/08/08 01:06 PM
Bank of Canada is expected to lower interest rates this Tuesday... many economists are forecasting a half-point chop to their bank rate to 1.75 per cent, the lowest since 1960.
Interbank funding spreads have narrowed by more than half since mid-October. This is making it possible for banks to pass on the central bank rate cut to customers in the form of lower prime rates.
Prime rates are the rates for loans to banks' best corporate borrowers and are the base for lending on everything from mortgages, lines of credit, consumer loans and car loans.



Gina Burgio, Mortgage … (1 comments)

interest rates: 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)

interest rates: 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)

interest rates: 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)

interest rates: 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)

interest rates: 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)

interest rates: 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)

interest rates: US Fed Lowers Rate to 1 percent - 10/29/08 07:19 AM
The US Federal Reserve has just matched a half-century low... they have lowered their interest rate by a half-point to 1.0%, in an effort to settle the current economic crisis. The funds rate has not been lower since 1958, when Dwight Eisenhower was president.

The Fed also stated that they would "monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability."
What does all of this mean for the real estate industry? Share your thoughts.


Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: … (3 comments)

interest rates: Iceland Raises Interest Rates to a record 18 percent - 10/28/08 05:51 PM
Iceland raised interest rates to a record 18 per cent from 12 per cent yesterday as a condition of a proposed $2bn loan from the International Monetary Fund to help rescue the stricken country.
Iceland applied for the emergency loan after its banking system collapsed and is seeking another $4billion from other central banks.
Following the collapse of their banking system, some economists forecast that Iceland's economy unemployment to rise around 8 percent and inflation to hit 20 percent or more.
Despite the ongoing crisis in the US and Canada, things could be worst.... when you look at what's going on … (6 comments)

interest rates: Homes Sales See Biggest Gain since July 2003 - 10/25/08 01:16 PM
Sales of previously owned U.S. homes rose 5.5 percent last month, the biggest gain since July 2003.
The National Association of Realtors on Friday said that sales of existing home rose to a 5.18 million-unit annual rate from the 4.91 million-unit pace set in August. 
The median national home price declined 9 percent from a year ago to $191,600, the lowest level since April 2004.
Sales jumped 16.8 percent in the West, while rising 4.4 percent in the Midwest and 2.2 percent in the South. In the Northeast, sales fell 1.2 percent.
Sales of single-family homes, which represent the lion's share … (4 comments)

interest rates: Additional Mortgage Website - 10/24/08 09:03 AM
Additional Website Soon to be launched. Feedback welcome.
http://ginaburgio.110mb.com
Mortgage Broker serving clients throughout Ontario, including Toronto, Mississauga, Milton, Oakville, Hamilton, Ancaster, Brampton, Burlington, Brantford, Stoney Creek, Niagara, Kitchener, Richmond Hill, Guelph, London, Waterloo, Cambridge and surrounding areas.
 
 
Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: gina@ginaburgio.comwww.ginaburgio.com

Each VERICO Broker is an independent owner operator.
 
 

(1 comments)

interest rates: Mortgage Rates - 10/23/08 03:44 AM
Our Mortgage Rates.

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

Each VERICO Broker is an independent owner operator.



(1 comments)

interest rates: Mortgage Rate Card - 10/23/08 03:41 AM
Here is a Mortgage Rate Card that I designed.
This widget posts comparible mortgage interest rates that we currently offer in Ontario, Canada.
O.A.C. Rates are subject to change.
I need to touch up the design a bit, but this is my first draft. I am able to control the inputted rates, to ensure that the data is as current as possible.
Looking forward to your feedback.

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

Each VERICO Broker is an independent owner operator.



(0 comments)

interest rates: Cdn Gov't to Purchase up to $7billion of Mortgages - 10/21/08 07:54 AM
The Canadian Gov't announced today that they will, via their CMHC crown corporation, purchase up to $7billion of insured mortgage-based securities maturing in 2013.
The gov't purchased their first round of mortgages worth $5billion last Thursday.
This is forming part of the Cdn gov't $25billion plan to help banks weather the credit crisis and free up cash for lending.
 
 
Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: gina@ginaburgio.comwww.ginaburgio.com

Each VERICO Broker is an independent owner operator.

(2 comments)

interest rates: Bank of Canada cuts rates by 0.25 percent - 10/21/08 04:02 AM
The Canadian Central Bank cut rates today by a quarter point to 2.25%.
This rate cut today by the Bank of Canada was left than the half point cut expected by some economists.  The reaction to this was also seen by the Canadian Dollar... falling to a three-year low following today's announcement.
It will be interesting to see how various Canadian financial institutions react today to the news... in terms of their prime rates and mortgage rates.
The Central Bank commented however that it would likely have to lower rates further to combat the effects of the global financial crisis.  "In line with … (2 comments)

 
Gina Burgio (VERICO Designer Mortgages Inc.)

Gina Burgio

Ancaster, ON

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