loans: 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)

loans: 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)

loans: 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)

loans: 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: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.

(0 comments)

loans: 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)

loans: 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!


Click Here to Subscribe to My Blog.

Gina Burgio, … (1 comments)

loans: 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)

loans: 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)

loans: 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)

loans: 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)

loans: Canadian Banks are Not Expected to Adjust Prime Rate - 10/21/08 07:30 AM
Many economists in Canada are expecting the Canadian Banks to hold their Prime Rates, despite the Bank of Canada decision today to drop the overnight lending rate by a quarter point to 2.25%. 
The Canadian Banks earlier this month followed a similar trend when the Bank of Canada lowered their rate to 2.50% and the Banks did not pass on the full extent of the cut when the Banks lowered their Prime Rates at that time.
Some economists forecast that the Bank of Canada will lower their overnight lending rate to 2.00% by year-end.
Prime Rates are used as a benchmark to set most … (1 comments)

loans: US Fed Granting Up to US$540 billion to Money Market Funds - 10/21/08 07:07 AM
The U.S. Federal Reserve announced Tuesday that it will provide up to US$540 billion in financing to the money market mutual fund industry.  The Fed's new program is called the Money Market Investor Funding Facility.
This Facility will be used to support a private-sector initiative designed to provide liquidity, or cash, to money market investors. The Fed plans to back purchases of short-term debt including certificates of deposit and commercial paper that expire in three months or less from money market mutual funds.
"The short-term debt markets have been under considerable strain in recent weeks as money market mutual funds and other investors … (1 comments)

loans: Bank of Canada Expected to Lower Rates - 10/20/08 09:40 AM
The Bank of Canada is expected to lower its overnight lending rate by as much as a 0.50% tomorrow.  If so, this will be the second time in two weeks that the Bank of Canada has taken action to lower rates as part of its efforts to help tame the global financial crisis.
Their overnight rate influences the prime lending rates charged by the chartered banks in Canada.  It can affect borrowing costs on variable-rate mortgages and lines of credit.
It will be interesting to see how the Banks react.  The last time the Bank of Canada announced a half-point cut on Oct8, not all the chartered … (0 comments)

loans: Canadian Dollar vs US Dollar and The Price of Oil - 10/16/08 04:30 AM
Many people were wondering last week why the Canadian Dollar started to lose value against the US Dollar, when it appears that the USA was in greater crisis mode in comparison to Canada.
Well here is why....
Canada is one of the world's largest producers of oil and holds oil reserves second only to Saudi Arabia, which makes Canada very reliant on its most prized commodity.  It is also the largest supplier to the world's biggest oil consumer - the United States.  Therfore, rising oil prices tend to be good for Canada/bad for the U.S., while falling oil prices tend to be bad … (17 comments)

loans: Conservatives Win Election in Canada - 10/14/08 06:50 PM
In Canada, the Conservatives were re-elected into Government this Tuesday evening, with Stephen Harper maintaining his position as the Prime Minister of Canada.  However, the Conservatives will once again have a minority gov't. 
This is Canada's third consecutive minority government.  It appears Canadian voters have opted for no major changes amongst their elected representatives during these tough economic times.
 
(3 comments)

loans: US Gov't Bailout of AIG - 10/13/08 05:47 AM
Last month, the US gov't announced that it was lending US$85billion to AIG (American International Group Inc.) in exchange for an 80% equity stake in AIG.  The gov't has also increased its credit to AIG by another US$38billion.  The Fed is in the process of also appointing trustees to oversee the US gov't's stake.
There have been mixed reactions in the marketplace regarding the US gov't taking an ownership interest AIG, the nations largest insurance company.  AIG subsidiary, AIG United Guaranty, provides mortgage default insurance to lenders, including financial institutions in Canada since 2006.  Canada Mortgage and Housing Corporation (CMHC), a corporation owned … (0 comments)

loans: US Gov't Bailout of AIG - 10/13/08 05:12 AM
Last month, the US gov't announced that it was lending US$85billion to AIG (American International Group Inc.) in exchange for an 80% equity stake in AIG.  The gov't has also increased its credit to AIG by another US$38billion.  The Fed is in the process of also appointing trustees to oversee the US gov't's stake.
There have been mixed reactions in the marketplace regarding the US gov't taking an ownership interest AIG, the nations largest insurance company.  AIG subsidiary, AIG United Guaranty, provides mortgage default insurance to lenders, including financial institutions in Canada since 2006.  Canada Mortgage and Housing Corporation (CMHC), a corporation owned … (1 comments)

loans: Bankers around the world are making changes. - 09/30/08 10:24 AM
Bankers around the world went into miser mode Tuesday after the defeat of a U.S. bailout plan, pushing an interest rate they charge each other for quick cash to a record level.
The key bank-to-bank lending rate, the London interbank offered rate, known as LIBOR, soared to 4.05 per cent from 3.88 per cent for three-month U.S. dollar loans and to 6.88 per cent for overnight dollar loans, the highest level since tracking began in 2001.
That is especially worrisome because LIBOR normally is just slightly above the U.S. Federal Reserve's target for the federal funds rate, an interbank lending rate. … (0 comments)

loans: Is High Inflation on its way? - 09/30/08 12:39 AM
The posted interest rates on five-year mortgages jumped more than a third of a percentage point to 7.2 per cent at major Canadian banks this week.
Some think the extra government borrowing and a growing supply of money will sow the seeds for higher inflation and interest rates.
The cost for Washington and Ottawa to borrow for 10 years has spiked in the past two weeks - but is still well less than 4 per cent a year.
Recent official inflation rates have not been much lower.
The yield on Canada's inflation-adjusted bonds has jumped to 2.06 percentage points, more than … (1 comments)

loans: Refinancing - 09/29/08 01:19 PM
Mortgage refinance is becoming a popular financial remedy, especially for those who are burdened by large monthly installments or multiple debts. Mortgage refinance can prove beneficial in several ways:
Helps obtain a lower fixed rate  Convert an Adjustable Rate Mortgage into a Fixed Rate Mortgage  Consolidating multiple mortgages into one  Pay off other debts  Make cash provisions for emergency situations I can help you decide whether it is the right time for you to refinance. The decision to refinance should be carefully evaluated to avoid any complications at a later stage. By carefully studying the status of your current mortgage and comparing … (0 comments)

 
Gina Burgio (VERICO Designer Mortgages Inc.)

Gina Burgio

Ancaster, ON

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