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Monday, February 12th, 2024

Credit unions: A cheaper, under-the-radar mortgage option – Ask a Vancouver Mortgage Broker

When you last shopped for a mortgage, did you consult with a credit union? If you’re like more than four out of five recent home buyers, you didn’t. Most mortgage shoppers overlook credit unions (CUs) because they think the rates aren’t good enough, or CUs aren’t convenient enough, or that they’ll save more by consolidating banking at […]

Credit unions take on banks in mortgage wars with rates as low as 2.69%- consult with a Vancouver mortgage broker

The latest salvo in mortgage rates wars among financial institutions appears to be coming from credit unions, free from federal regulation and ready to take on the banks. How this man plans to be mortgage free by age 31 The 29-year-old pension analyst is $130,000 away from paying off his $425,000 home in Toronto, without […]

Five Canadian mortgage market predictions for 2014 – Consult with a Vancouver Mortgage Broker

ROBERT MCLISTER–  Special to The Globe and Mail 1. New mortgage rules Expect more rule tightening in 2014 designed to reduce mortgage risk for lenders, mortgage default insurers and the government. By definition, those rules will make it slightly harder to get approved for some mortgages and further slow the housing market. 2. Credit unions will steal […]

CUs: A Lower Bar on Qualification Rates – Ask a Vancouver Mortgage Broker

Starting in 2010, lenders had to ensure that borrowers getting variable or 1- to 4-year fixed mortgages could afford payments at the 5-year posted rate. That rule applied to mortgages with less than 20% equity. In 2012, OSFI asked federally regulated lenders to apply the same rule to all variable and 1- to 4-year fixed mortgages, regardless […]

Broker Channel Market Share – Q3- Ask a Vancouver Mortgage Broker

It seems that more power is being concentrated in the hands of fewer lenders. The mortgage broker channel’s top 10 lenders accounted for 85.6% of its volumes last quarter, according to data from D+H. That’s the highest level since we started tracking D+H market share reports in 2010. It’s against that backdrop that we see a micro trend taking […]

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 […]

New Mortgage Rules Take Effect November 1, 2012 – From you Vancouver Mortgage Broker

New Mortgage Rules Take Effect November 1, 2012 – From you Vancouver Mortgage Broker November 1 is the day when the new mortgage regulations are put out by Office of the Superintendent of Financial Institutions Canada (OSFI). These mortgage regulations are called the B-20 guidelines and apply to any mortgage lender which is federally regulated. […]

Relationship Pricing Dies a Slow Death – Contact a Vancouver Mortgage Broker

Relationship Pricing Dies a Slow Death A survey was recently conducted on the more than 400 prime mortgage lenders in Canada. This likely includes your bank or credit union, not your trusted mortgage broker in Vancouver. Of these 400 or so institutions, more than 60 choose not to show their mortgage rates on their websites. Many […]