Mortgage News
Self Employed – Stated Income for Rental Property
July 6, 2010 by nikki · Leave a Comment
If you are a self employed owner of rental property, you can now refinance those properties using stated income and 100% rental offset. If you would like to BUY rental property and need to use stated income and you have 35% down, you can do this again. Contact me directly for more information.
Mortgage Trends Cool Calgary Home Sales
July 2, 2010 by nikki · Leave a Comment
First-time Homebuyers Retreat As Luxury Buyers Advance Mortgage trends cool Calgary home sales Calgary, July 2, 2010 – Calgary home sales continued to show a marked year-over-year decline in the month of June, according to figures released today by the Calgary Real Estate Board (CREB®). The number of single family homes sold in June 2010 [...]
BMO Risky Lending Practices
June 1, 2010 by nikki · Leave a Comment
BMO has been in the news lately, from huge mortgage fraud lawsuits from their mortgage road reps, to a massive loss of mortgage market share – the result is some risky lending practices that raise eyebrows. Yesterday BMO lowered their 5 year fixed rate to 4.25% when the rest of the country sat back waiting [...]
Bank of Canada Increases Rate
June 1, 2010 by nikki · Leave a Comment
Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market OTTAWA – The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly raised to 3/4 [...]
HSBC Says Good-Bye to Broker Channel
May 21, 2010 by nikki · Leave a Comment
Tara Perkins Financial Services Reporter From Friday’s Globe and Mail Published on Thursday, May. 20, 2010 6:43PM EDT Last updated on Thursday, May. 20, 2010 6:46PM EDT HSBC Bank Canada (HSBC.PR.E-T) has decided to stop selling mortgages through outside brokers, a signal that it’s willing to shrink its market share to pad its profits. The [...]
Bank of Canada Does NOT Increase Rate…YET
April 20, 2010 by nikki · Leave a Comment
Bank of Canada maintains overnight rate target at 1/4 per cent; removes conditional commitment OTTAWA —The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent. Global economic growth [...]
Benjamin Tal Warns of Increase in Variable Rates
April 5, 2010 by nikki · 1 Comment
CIBC Weekly Market Insight – April 1, 2010 – Benjamin Tal,Senior Economist NORTH AMERICAN & INTERNATIONAL ECONOMIC HIGHLIGHTS 1. It seems that the Bank of Canada is signalling that it will begin raising rates in the summer, if not sooner. What is the expectation for the overnight rate for the next 24 months? By now [...]
New Mortgage Rules FAQ’s
March 19, 2010 by nikki · Leave a Comment
Q & A Government Regulatory Changes New Qualifying Rate Rule Changes for both Conventional and Insured (CMHC/Genworth) Mortgages: Do the new qualifying rate rules apply to both conventional and insured mortgages? Yes. Similar to today, the policy will use the same qualifying rate rules for both conventional and insured mortgages If I have a pre-approval [...]
Flaherty Tightens Mortgage Rules – how the rules affect us
February 16, 2010 by nikki · 1 Comment
Like TMG’s President Mark Kerzner discussed in an earlier blog of mine, the Fed’s have made some changes to the Mortgage Rules in Canada. No, they opted not to hit the buyers with increasing down payment requirements for owner occupied, and no they did not reduce the allowable extended amortizations. Amid rumors of an American-like [...]
Canadian Banks Squirmy: Want new lending guidelines from Government
February 13, 2010 by nikki · Leave a Comment
By Mark Kerzner PRESIDENT TMG The Mortgage Group In an email from the President of TMG The Mortgage Group Mark Kerzner, he discussed the current lending atmosphere in Canada and the risks associated with what has been happening with lending guidelines and low interest rates.
