broadway: When Does a Mortgage Refinance Make Sense for Canadians? - 11/18/10 07:47 AM
The ideal candidate for a mortgage conversion would be someone who intends to continue occupying the property for at least the next 3 years (mortgages can be ported but it's tricky to get it right...and the interest per day charged can outweigh the logistics of doing this so therefore most people who move wind up with new mortgages).  When "Interest Rate Differentials" apply is when a client has a fixed rate mortgage at an interest rate higher than today's market rates, therefore a rate that is higher than what the bank can now sell the money for. These penalties typically render … (1 comments)

broadway: Mortgage Rules are getting tighter for Canadians yet again... - 02/16/10 04:24 AM
Hello Vancouver, as of April 19th 2010 we are getting tougher rules imposed yet again in a bid to prevent the US style housing melt down that besieged the US for the past few years. I guess it's good but we are already very conservative in Canada and have not experienced what happened in the US. I will try to summarize below. 
Canada's Finance Minister tightened rules for Canada's mortgage industry to ensure homebuyers can afford their homes when interest rates rise.
Under the changes for CMHC insured (Government insured mortgages), which will take effect April 19, home buyers will ALL have to meet the standards … (0 comments)

Ralna Burridge (The Mortgage Centre)

Ralna Burridge

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