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Monday, June 3rd, 2024

Cash-back mortages: A deal from your bank that regulators are not keen on – Ask a Vancouver Mortgage Broker

It’s the last refuge of those who don’t have money, but still want to own a home. You want some of these record low rates on the market but you’re locked into a mortgage. Just break it, right? Not so fast, there’s a key question you need to ask before you commit to break a […]

OSFI to consult public before making changes – Ask a Vancouver Mortgage Broker

OSFI has held off on further tweaks to underwriting rules, but amid speculation that it may soon spring into action, one representative has assured the public – including brokers – will be allowed their say. “If we decide to revise Guideline B-20 we will undertake public consultations,” Annik Faucher of OSFI told “No […]

Would shorter amortizations make the housing market safer? – Ask a Vancouver Mortgage Broker

Canada’s banking watchdog seems intent on stamping more risk out of the mortgage market. The latest idea being floated by The Office of the Superintendent of Financial Institutions (OSFI) is to limit amortizations to 25 years for homeowners who have put down 20 per cent of the purchase price or more. The current maximum is 35 years. If this […]

Covered Bonds Explained – Ask a Vancouver Mortgage Broker

Covered Bonds Explained Chances are, unless you work in something related to finance or the housing industry, you’ve probably never heard of “covered bonds”. Though I’m sure you’d be happy to hear that they indirectly help provide homeowners (including yourself) with low mortgage rates. They also help give mortgage borrowers additional options. We will delve […]

Cashback Down Payments set to meet their Maker- See A Trusted Mortgage Broker

Cashback Down Payments set to meet their Maker New information suggests that mortgages with cashback down payments could go the way of the dodo, or Yanghzee pink river dolphin if you will. Just about every trusted mortgage broker in Vancouver has been advising against cashback mortgages for some time, but only in the last few years has […]

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 […]