As the deadline for the new changes for amortizations from 35 to 30 years approaches, this appears to have fueled a very busy real estate market in Toronto. There are certainly more clients purchasing and having their closing set after the March 17th deadline but will this boom in the market continue throughout the spring? My crystal ball is a little fuzzy – however, it should be interesting to see…
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…
To watch the interview please click here…
For those considering a TD Canada Trust mortgage, take note.
TD Canada Trust made a sweeping change to their mortgage lending effective October 18th, 2010. They are no longer registering mortgage via a standard legal charge and will only accept a collateral charge. This is very important as it relates to how your mortgage is legally registered and…
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…
There are many things to consider when looking at making a choice to have a hybrid or split mortgage. The below noted article article touches on a few items only but there are other pros and cons as well.
Although on the upside it may reduce your overall rate risk depending on the product you are in, it may be difficult to easily transfer your mortgage at the time…
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…
Stay tuned for the ever changing interpretation of the 3 new rules to the mortgage industry announced by the Finance Minister yesterday. His statement was ambiguous at best and many questions still go unanswered about how this will truly affect Canadians.
For instance, when qualifying a client for a variable rate are we using the “best” 5 year fixed rate or the “posted” 5 year fixed rate? This can…
For many Canadian homeowners, paying off their mortgage as quickly as possible is a top priority. Paying down extra principal in the years by whatever means possible can shorten the life of your mortgage and dramatically lower the interest you’ll pay over the long haul. Here are a few “super” tips on how to make this happen:
1. …
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…
Great article in the Montreal Gazette addressing a recent survey commissioned by the Canadian Association of Accredited Mortgage Professionals which indicates that mortgage clients are not taking “undue risks” when it comes to mortgages.
I tend to agree as the majority of clients that I see in Toronto and surrounding areas have an adequate buffer to weather rate increases, whether it be variable or fixed rate mortgages. They mention…
Wondering about the advantages of using a Mortgage Broker? Click below to see 6 reasons…
Six Reasons to use a Broker – PDF
What does my AMP stand for and why should you look for this accreditation from a Mortgage Broker?
Kim Gibbons
Mortgage Broker
FSCO Lic.M08001363