Three pitfalls to consider before helping your kids buy a home – Consult with a Vancouver Mortgage Broker

ROB CARRICK– The Globe and Mail In an increasingly unaffordable housing market, it’s natural for parents to want to help their kids buy a home. Talk to a real estate agent or mortgage broker and you’re bound to hear stories about parental financial help. “The bottom line is that when a first-time home buyer buys a […]

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 […]

TD trims mortgage rates after RBC, Scotiabank and BMO do the same

TORONTO — Another big Canadian bank has lowered some of its mortgage rates slightly after an initial reduction by the Royal Bank over the weekend. How factory-built homes are shedding their ‘cheap’ label and exploding in popularity Most new homes are built stick by stick, brick by brick, by a construction crew on-site, but a growing number […]

Not the Time for a 10-year Fixed – Consult with a Vancouver Mortgage Broker

OK let’s rephrase that. It’s not the time for a 10-year fixed for well over 90% of Canadianmortgagors. There was a time last year when thespread between 10-year and 5-year fixed rates was below 3/4 of a percentage point. That made even the 10-year scoffers among us rethink our positions. But spreads are now back over […]

Talk of rising interest rates no reason for homeowners to panic – Consult with a Vancouver Mortgage Broker

ROMINA MAURINO-  The Canadian Press Talk of rising interest rates tend to make homeowners jittery and, if you have a big mortgage, you may be feeling extra nervous. But while Bank of Canada Governor Stephen Poloz may have made some people uneasy when he spoke in a televised interview last week about the likelihood of rising […]

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 […]

Do early mortgage renewals save or cost you money – Ask a Vancouver Mortgage Broker

A rate in the hand is worth two in the bush. Many mortgage lenders want you to believe that rate certainty is worth paying a premium for. It is the justification, they say, for staying with them and renewing your mortgage early. Early renewal features typically let you lock in a new rate two to […]

3 Reasons to Refinance Your Mortgage – Consult with a Vancouver Mortgage Broker

Refinancing your mortgage – it sounds scary at first! But having the option to refinance can actually be a good thing. In fact, refinancing your mortgage can be a great financial tool – one that helps you accomplish financial goals at a low interest rate – but be careful! A refinance leaves you on the hook […]

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 […]

The #1 Rate Indicator Right Now – Ask a Vancouver Mortgage Broker

Abnormally low inflation is keeping Stephen Poloz awake at night. The Bank of Canada (BoC) admitted as muchon Wednesday. Analysts took the BoC’s headline comment (“downside risks to inflation appear to be greater”) as a sign that rate hikes will be a 2015 story. But, for now, there is one key indicator that trumps Canadian CPI inflation, and […]

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