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)

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)

rates: 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)

rates: 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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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)

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)

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)

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)

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)

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)

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)

rates: 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)

rates: 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)

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)

rates: 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)

rates: Canadian Central Bank Expected to Lower Rates - 10/20/08 07:19 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 … (1 comments)

rates: Warren Buffett Says its Time to Buy U.S. Equities - 10/17/08 10:02 AM
Warren Buffett has said he's buying U.S. equities if the prices stay attractive.
"A simple rule dictates my buying: Be fearful when others are greedy and be greedy when others are fearful," Buffett, 78, said in an opinion piece published Friday in The New York Times. "Most certainly, fear is now widespread."
He said if equities stay cheap, his non-Berkshire net worth will soon be 100 percent in U.S. stocks from 100 percent in government bonds.
Thanks for the info Warren, however, I do believe the economy is in for a rough ride over the next year or so.  In my … (10 comments)

rates: 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)

rates: 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)

rates: 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)

 
Gina Burgio (VERICO Designer Mortgages Inc.)

Gina Burgio

Ancaster, ON

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