Lenders Worries – Consult with a Vancouver Mortgage Broker

Not many lenders go on record forecasting a housing bubble, but what they say in private surveys is another matter. FICO, a consumer analytics firm, released poll results on Tuesday that show just how concerned lenders are about housing overvaluation. But its data, which was picked up by multiple media outlets, featured responses primarily from […]

Mortgage rules may be tighter for the self-employed, but options remain – Consult with a Vancouver Mortgage Broker

If you are self-employed, live in a rural area or don’t have the best credit, you may find it increasingly difficult to get a mortgage. Yet while tighter lending rules are making it harder for some people get approved by a bank, going to a second or third-tier lender isn’t something everyone is comfortable with. […]

Can you afford a home in these cities? – Ask a Vancouver Mortgage Broker

Housing affordability is a national disaster that begs further investigation. The average national resale home price in May: $416,584. The annual gross income needed to afford that price based on a 5-per-cent down payment and a five-year mortgage: $89,363. The estimated median family employment income: $68,692. In that $20,671 shortfall is the considerably, but not […]

Household debt worries ease as pace of mortgage borrowing slows in May: study – Consult with a Vancouver Mortgage Broker

Royal Bank says Canadians have been slowing down the amount of debt they are taking on to buy real estate, easing concerns about household vulnerability. The RBC paper notes that overall household debt accumulation remained flat-lined at 4.2 per cent growth in May, about the same level as the previous three months. Outstanding mortgage debt […]

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 […]

Don’t get complacent about risks of housing downturn, OSFI warns lenders and insurers – Consult with a Vancouver Mortgage Broker

Canada’s top banking regulator is urging mortgage lenders and insurers not to grow complacent despite healthy bank capital levels and predictions of a soft landing in the housing market. 5 questions to help you decide whether to rent or buy a home In a speech at a C.D. Howe Institute housing conference on Thursday, Mark […]

Are shorter mortgage amortizations always better? No – Ask a Vancouver Mortgage Broker

ROBERT MCLISTER- Special to The Globe and Mail For years we’ve been taught that shorter mortgage amortizations are better. Most people in the mortgage business don’t challenge this premise and certain lenders preach it as gospel. Consider this recent statement by a bank spokesperson: “Choosing a shorter amortization is the most responsible approach to home financing. […]

CMHC: Expect higher Canadian house prices and fewer starts in 2014- Ask a Vancouver Mortgage Broker

TORONTO — Canada federal housing agency lowered its forecast for housing starts but not prices in 2014 and said sales and construction will be flat or barely higher in 2015 as the once-roaring market adjusts to a glut of condominiums coming onto the market. Canada Mortgage and Housing Corp said the nation’s housing boom is […]

Breaking a closed mortgage can be costly: Ask a Vancouver Mortgage Broker

You can get a low mortgage rate by signing up for a five-year term. But you could be penalized for an early exit if your plans change. By: Ellen Roseman On Your Side, Published on Sun May 11 2014 Brian Hyytiainen bought a house and took out a five-year mortgage in 2011. Things have changed in his life, […]

Updates on Stated Income & Second Home Programs – Consult with Vancouver Mortgage Broker

CMHC surprised the market last week by eliminating its insuredsecond home andstated incomeprograms. Many believed that the Department of Finance (DoF) had something to do with it. We asked the DoF directly. Here’s what they told us: “CMHC’s decision to discontinue its Second Home and Self-Employed Without 3rd Party Income Validation mortgage insurance products (both high and low […]

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