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Mortgage Information
“Ring ring” “Hello, Concierge Mortgage Group – how may we be of service today? “Hi I want to know your best five year rate” “Okay sir, no problem. Will that be a hi-ratio mortgage or are you putting down more than 20%?” “Why does that matter? I just want to know your best rate.” “Well...
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Toronto Mortgage rates expected to rise – the Trump effect Last week TD Bank decided to increase their Prime rate from 2.70% to 2.85%. Analysts speculated other banks would follow suit, but not as yet. Yesterday though, a number of significant players in the Canadian mortgage industry suddenly announced significant increases to their five year...
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Hi ratio mortgage home buyers rushed to beat Oct 17 rule changes Today is the first day Canadian home buyers with less than 20% down payment find themselves with significantly lower purchasing power. Brokers estimate the impact will be to reduce your budget by around 20%. [important]That is because all new hi-ratio mortgage applications are subjected...
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Pay off consumer proposal early – led to best mortgage possible. It seems to be happening more often these days where chartered banks might not renew the mortgages of borrowers who included the bank’s credit cards and lines of credit in a consumer proposal or personal bankruptcy. Earlier this year Cindy and Miles Baird were in distress...
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Will October 3, 2016 go down in history as the day the feds pulled the pin on a grenade which will severely impact the Canadian real estate and mortgage industry? It’s not usually wise to make bold predictions about such matters – better qualified experts than I have routinely been wrong over the past several...
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Should first time home buyers act now or wait for a correction? If you thought it was hard to qualify for a mortgage before today, you are going to be in for a big surprise if you wait even a few weeks before taking the plunge. Effective October 17th, 2016 all insured mortgage applications will...
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