Broker Lender Applies for Bank Charter – Need real estate financing – find a Vancouver mortgage broker

Broker Lender Applies for Bank Charter Within a few years, you may have another option when it comes to banking. The fourth-largest broker channel lender by market share, Street Capital, has made public its intention to become a licensed bank. So not only will the company offer real estate financing, but also traditional banking products. […]

Another Entrant Joins the Residential Mortgage Space

Another Entrant Joins the Residential Mortgage Space Even in the midst of a slowdown in Canadian mortgage growth, startups continue being attracted to the residential mortgage space in Canada. Among the newest group of entrants, we find CMLS Financial Ltd.; the company will launch a lending channel for residential mortgages in the early part of […]

CMHC Updates- Best Mortgage Rates in BC

CMHC Updates The largest mortgage insurer inCanada, Canada Mortgage and Housing Corporation (CMHC) is nearing it’s limit on how much mortgage default insurance its allowed to underwrite. Of its $600 billion capacity allocated to it by the government, only $24 billion remains. Mortgage default insurance protects the lending party in the event that a homeowner […]

Online Marketing for Brokers – New Broker Rankings Indicate Trend

New Broker Rankings Indicate Trend Broker rankings for 2011 were recently released by CMP. As is typical, most of the industry’s brokers (including many Vancouver mortgage brokers) have been left out; many simply aren’t willing to submit their deals to the survey. Regardless of the exclusions, it does provide some insight into the brokerages of […]

Why CIBC’s Mortgage Growth Has Stalled

The Financial Post ran astory this week suggesting that CIBC is retreating from consumer lending due to risk concerns. That was likely a stretch. The article was based primarily on one data point, percentage change in mortgage and household lending. Since CIBC has near-0% volume growth in the first five months of 2012—whereas the other Big 6 banks […]

Vancouver Mortgage Broker Compensation Cut by First National

Vancouver Mortgage Broker Compensation Cut by First National Lender margins continue to decrease in today’s marketplace. This is apparent when we look at the actions of large lenders such as First National, which recently reduced commissions. In the recent change, finder’s fees for brokers were reduced for all terms by 4% to 10%. A popular […]

HELOC Countdown Begins

Those interested in a readvanceable mortgage (or HELOC), valued between 66% and 80% of their home’s value had best act with haste. Lending limits for home equity lines of credit (HELOCs) could start falling as soon as the end of August, according to some new information. A trusted mortgage broker in Vancouver can help provide […]

The HELOC Clock Starts Ticking

If you want a HELOC orreadvanceable mortgageequalling 66%-80% of your home value, be ready to act soon. We’re hearing that some banks may start cutting back on their HELOC lending limits by the end of this month. These moves relate to OSFI’s new B-20 underwriting guidelines, which require federally regulated lenders to limit new HELOCs to 65% loan-to-value (LTV), from 80% […]

Today’s Fixed Rates Are Gifts

Be careful of looking the gift horse in the mouth. Last week saw multiple broker-channel lenders get more competitive on pricing. That pushed fixed rates down to fresh record lows, inspiring some brokers to advertise 5-year rates at 2.94-2.99% or less. Much of that discounting was thanks to lower bond yields (which generally lead fixed […]

Practical Amortization Choices

Shorter amortizations can cost you less interest and help you pay off your mortgage sooner. If that’s a revelation to you, then here’s another story you’ll appreciate: Shorter mortgage is money in your pocket Since we’re pointing out the obvious, we should also note that making a bigger down payment and buying a cheaper house save […]

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