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 […]

Itemizing Up-Front Closing Costs

When you buy a new home, lenders like to see proof that you can cover the closing costs. To satisfy this condition you typically have to demonstrate your ability to pay an additional 1.5% of the purchase price at closing, on top of your down payment. But not everyone knows what closing costs entail. TD recently […]

Canadian buyers face more competition as U.S. housing recovers

House prices in the U.S. are showing fresh signs of improvement, and market-watchers say the window of opportunity could be closing for bargain-hunting Canadians eyeing potential investment or getaway properties. As economic collapses go, the U.S. housing implosion ranks among the very biggest. As many as four million families lost their homes in a foreclosure […]

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 […]

Save up for a down payment? The young adult’s struggle

If you asked 100 recent home buyers if they were satisfied with the size of their down payment, as many as 60 of them would say no. That’s what TD Canada Trust found in a recent survey of first time home buyers. This finding is hardly surprising: A bigger down payment means less interest paid, easier refinancing, […]

The BoC’s Coté On Risk & Household Debt

The BoC’s Coté On Risk & Household Debt Since the credit crisis, theBank of Canada has stepped up efforts to quantify the risk lurking in our financial system. Deputy Bank GovernorAgathe Côté spoke about this Tuesday. She explained how the BoC models risks and provided the following factoids on Canadians’ debt exposure. She said: “…While record-low interest rates in […]

IRD Penalties on FirstLine Vancouver Home Mortgages

IRD Penalties on FirstLine Vancouver Home Mortgages The following information may be helpful for individuals holding Vancouver home mortgages through FirstLine. FirstLine Mortgages is a subsidiary of CIBC which stopped accepting mortgage applications as of July 31, 2012. According to CIBC, parties who currently have mortgages with FirstLine will not be affected by this change. […]

How to Take Advantage of Readvanceable Mortgages

How to Take Advantage of Readvanceable Mortgages Back in the year 1999, Warner Bros. released a motion picture called, “The Matrix”. The film proceeded to meet critical acclaim for being innovative and forward thinking. It was a game changer as far as filming style was concerned. If you’ll bear with me for a minute, there […]

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 […]

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