For the cheapest mortgage, go variable – As a Vancouver Mortgage Broker

The smart money’s long infatuation with the variable-rate mortgage has ended, perhaps a little hastily. A lot of homeowners have saved a ton of money with variable-rate mortgages, where your borrowing cost floats with your lender’s prime lending rate. The prime rate is in turn guided by the Bank of Canada’s overnight rate, which was […]

Bank of Canada holds rates, but keeps hike in its sights

OTTAWA — When Bank of Canada governor Mark Carney moves onto his new U.K. job in seven months, it is likely little else will have changed back home. Interest rates will still be at near-record lows, and the economy will be continuing to churn out less-than-stellar growth. That presents a problem for the central bank, […]

Mortgage Brokerage Chiefs Speak Out

Mortgage Brokerage Chiefs Speak Out The heads of Canada’s largest mortgage brokerages spoke at the recently-concluded CAAMP Forum in Vancouver. They opined on industry risks, rates, broker attitudes and competition, among other hot topics. Here are the highlights… The Panel Five brokerage industry leaders participated: Michael Beckett (Mortgage Alliance), Colin Dreyer (VERICO), Martin Leedham (Visiting from the Australian […]

Dunning: Mortgage Rules (Round 4) Were Overkill – Consult with a Vancouver Mortgage Broker

“…The changes to mortgage insurance criteria are unnecessarily jeopardizing the health of Canada’s housing markets and the broader economy.” That’s the conclusion from economist Will Dunning inCAAMP’s just-released State of the Residential Mortgage Market report. (Link) Dunning says his research suggests the Finance Department has created “a policy-induced housing market downturn” that could reinforce existing […]

Brokers at par with banks on new mortgages – CAAMP. – Consult a Vancouver Mortgage Broker for more information

Broker gripes aside, the new mortgage rules may have helped them grow market share, with CAAMP’s latest report suggesting brokers are now even Stephen with banks in terms of new mortgage originations. Of consumers who consulted mortgage professionals, 47 per cent of 2,000 respondents obtaining mortgages this year did so through a bank, while 47 […]

Vast majority now favour fixed-rate mortgages – Ask a Vancouver Mortgage Broker

While it looks like interest rates will remain low for some time, there has been a large swing from variable to fixed-rate mortgages over the past year, says a new report by the Canadian Association of Accredited Mortgage Professionals. CAAMP’s annual report on the state of the residential mortgage market, released Monday, suggests that 79 […]

Credit reporting errors costing Canadians – Consult a Vancouver Mortgage Broker

Consumers face higher interest rates, credit card denials after mistakes made Credit rating mistakes are costing unsuspecting consumers thousands of dollars in higher interest rates and preventing some from getting much needed loans, a CBC News investigation has found. In the past few years, more than 500 complaints have been filed with provincial consumer affairs […]

10 Quick Quotes from CAAMP’s Econ Panel

10 Quick Quotes from CAAMP’s Econ Panel This year’s CAAMP economic roundtable in Vancouver included chief economists from Scotiabank (Warren Jestin), National Bank (Stephane Marion) and Laurentian Bank (Carlos Leitao). Most of their discussion revolved around risk in some way or another. Here’s a quick rundown of 10 comments they made that stuck out: “The biggest risk […]

Pay off your Mortgage Before you Retire – From your Friendly Vancouver Mortgage Broker

Pay off your Mortgage Before you Retire – From your Friendly Vancouver Mortgage Broker Back in the old days, most people had planned to pay off their mortgage before they retired. Times have definitely changed and if anything the reverse seems true in today’s climate. The baby boomers could be facing some rough waters ahead […]

Canadians have cause for economic optimism – Ask a Vancouver Mortgage Broker

Jim Flaherty’s forecast Tuesday of a weaker global economy, a bigger 2012 deficit than previously anticipated and a delay in the balancing of Ottawa books is likely to trigger the kind of headlines that get folks wringing their hands. Canada’s 1.4 million unemployed workers will fear an even longer wait for a decent job. A […]

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