The Government announced on January 17th that they will be making changes to their government backed mortgages. Namely, any mortgage that has less than 20% as a downpayment (with a few exceptions). The changes are very important and may affect you. They are as follows:
Decrease amortization from 35 years to 30 years effective March 18th 2011
For most of my clients this does not mean you are…
To read the article and watch the video please click here…
Kim Gibbons, ” Your Mortgage Superhero ®”
Mortgage Broker
FSCO lic. M08001363
416-400-8107
kim@mortgagesuperhero.com
www.mortgagesuperhero.com…
Bank of Canada increased their overnight rate on July 20, 2010 by .25% which brings the prime rate to 2.75%. Variable rates are still a great deal and now the best 5 year closed variable is at prime – .65% or 2.10%.
To watch to video clip from Global News please click here…
Kim Gibbons, ” Your Mortgage Superhero ®”
Mortgage Broker
FSCO lic. M08001363…
As widely speculated, the Bank of Canada has increased their overnight rate by .25%.. How does this affect you? Well if you are in a variable rate mortgage then expect the prime rate to increase from 2.25% to 2.50% and your payment to increase by .25%. This translates to an increase of $12-18 payment per month per $100,000 of mortgage dependent on your amortization.
The variable rate is still…
The Bank of Canada is expected by many economists to raise short-term interest rates in June or July, prompting many homebuyers and mortgage holders to ask whether a variable-rate mortgage or a fixed-rate mortgage is best for them.
How, exactly, are mortgage rates offered by lenders determined? Many Canadian mortgage holders are surprised to learn that the pricing for variable-rate and fixed-rate mortgages are determined by two different means…
Take a look at the Global News – Consumer SOS report from April 20th where a discussion of interest rates took place on the heels of the Bank of Canada overnight rate announcement:
The new mortgage rules that the Federal Government has imposed take effect today. Here are the new rules and how they may affect you:
1. Qualifying rates have changed for variable rates and fixed rates with terms of 1-4 years for mortgages that are insured via CMHC and other insurers. This means for purchasers that are putting less than 20% as a down payment. This new rule does NOT…
Looks like the Governor of the Bank of Canada, Mark Carney doesn’t agree with Canadian banks that there is a housing bubble in the making. Luckily, Finance Minister Jim Flaherty has been convinced of the same…for now, but this may change and we could see an implementation of lower amortizations with a maximum to 30 years…
The Bank of Canada met today and as expected kept their key interest rate unchanged at .25%. While the Bank recognizes that a recovery is underway they have reduced their growth forecasts to 2.9% due to factors like a strong Canadian dollar and low levels of US demand for our exports.
Of course, rates will rise at some…
Well this was some very welcomed news this week from the office of the Bank of Canada. For months now we have been hearing from the Federal Finance Minister Jim Flaherty that he feels there is a bubble occurring in the housing market in Canada – especially in urban areas like Toronto and Vancouver. This left a lot of my colleagues…
Kim Gibbons
Mortgage Broker
FSCO Lic.M08001363