Mortgage Platform Down

Mortgage Platform Causes Problems for Vancouver Home Mortgages For several days last week, there was no way for thousands of brokers to send applications to lenders. This affected brokers across Canada including those dealing in Vancouver home mortgages. This resulted because the mortgage industry’s largest mortgage origination platform temporarily went down; the platform is called, “Expert”. This […]

Super Prime Mortgage

Best Mortgage Rates in BC get Better In the past, having “excellent” credit and having “good” credit didn’t make a whole lot of a difference when applying for a mortgage. But times are changing. XCEED Mortgage has launched a new product called the “Super PRIME” mortgage.  It was developed to reward premium clients,  separating them […]

Think before gifting down payment on kids’ home

With high real estate prices and tighter mortgage lending rules, it can be tough for first-time homebuyers to get into the market. Many new homebuyers look to parents for help, and many boomers and soon-to-be retirees are quick to help out by offering the down payment. Is this a good strategy? Many years ago, when […]

One Year Fixed Rate Mortgage – Low Rate Mortage

Low Mortgage Rates on your Mind? Consider the One-Year Fixed Rate Mortgage In recent years we’ve heard quite a bit of talk from economists, banks and even Mr. Flaherty himself about the direction of mortgage rates; we were told they could only go up. But contrary to what market pundits were saying, mortgage rates fell even further. The […]

Long Amortizations Survive…With 20% Down

Long Amortizations Survive…With 20% Down When the government cut maximumamortizations in 2008 and 2011, most big lenders reduced amortizations on all of their mortgages. They didn’t need to apply the changes touninsured mortgages, but many did anyway. Not this time. When the Department of Finance trimmed the insured amortization limit to 25 years on July 9, most […]

Subprime Mortgage Renewal Risk

Subprime mortgages are meant to be short-term financing solutions for borrowers who have hit a rough patch. When you get a subprime (aka,“B”) mortgage, the idea is to choose a term that’s just long enough to rehabilitate your credit (or fix the problem that makes you a high risk borrower). Thereafter, you can refinance into […]

Mortgages: Nail the right term length the first time

Canadian Mortgage Trends editor Robert McLister kicks off his first in a weekly series of columns for the month for The Globe’s Home Buying sitewith this look on the best – and worst – mortgages terms out there. Finding a good mortgage rate online is a cinch. Anyone who has ever looked for rate comparison sites knows […]

Nova Scotia’s Proposed Broker Rules

Nova Scotia has new mortgage broker regulations in the works and they look like a win for the province’s homeowners. In a nutshell, they provide NS borrowers with better disclosure and more assurance that the broker they are dealing with is competent and acting in their best interests. A few of the proposals may need […]

Brokers ain’t lying down for OSFI

The federal regulator threatening to overhaul the guidelines lenders and brokers work under is now in receipt of the channel’s most exhaustive response to those proposals — in short, a list of what ain’t broke and don’t need to be fixed, say brokers. “It is important to note the many positive features of the Canadian […]

Give me a break on my mortgage break fee!

By lesleyscorgieMetro Canada I recently sold my house and have decided to get a new mortgage through a mortgage broker rather than my bank. So, I met with my bank last week to discuss the transaction and learned that the cost to break my existing mortgage is nearly $5,000! Hogwash! For $5,000 I could take a […]

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