Do not pay until 2047. The Canadian real estate industry has come up with the perfect product — the 40-year amortization.
Instead of planning to pay off their mortgage in 25 years, Canadians are now turning to products that give them at least an extra decade to pay their debt — subject to massive interest payments [...]
Hats off to the Bank of Montreal for starting a practice that all financial institutions should have in place, and could even improve upon.
BMO has announced that prospective homebuyers who take out a five-year fixed-rate mortgage and existing homeowners who renew for a five-year fixed rate, by Oct. 31 of this year, will not have [...]
The Bank of Canada kept its key overnight interest rate unchanged at 4.5 per cent Wednesday, September 5. The cautious move was the result of uncertainty over where the economy and inflation are heading.
Bank of Canada governor David Dodge increased the key interest rate to 4.5 per cent in July — from 4.25 per cent — [...]
Saving for a down payment can be the hardest part of buying a home. Mortgage loan insurance from Canada Mortgage and Housing Corporation (CMHC) helps make it easier for Canadians to buy a home with little or no money down and benefit from mortgage loans at competitive interest rates normally reserved for home buyers who [...]
Federal legislation just lowered threshold for conventional mortgages from 25 to 20% down payment. Lenders started to accept deals baled on new formula effective April 23d, 2007. It’s not clear yet will this proportion be applicable for secured line of credits arranged though bank branches. Also not every lender will adjust its respective equity or [...]
A Canadian mortgage industry association called the domestic mortgage market “a picture of health,” compared with the United States, where default rates have jumped in the higher-risk subprime mortgage segment and forced some U.S. lenders out of business.As world financial markets monitor the U.S. subprime slide for possible ripple effects, the Canadian Association of Accredited Mortgage [...]
United Guaranty, the third company to provide mortgage insurance in Canada alongside CMHC and Genworth Financial, predicts 50-year mortgages will be available in the future. AIG United Guaranty’s current product offering is insurance for no down payment mortgages, and a “more affordable” insurance product for borrowers whose credit scores have been affected by adverse conditions. [...]
The average home price in Canada shot up another 10 per cent in October, and yet there’s a bit of good news on the affordability front for some buyers.
These are the people who have less than a 25-per-cent down payment when they buy a house and thus are required to spend thousands of dollars on [...]
In a precedent-setting decision, Ontario Superior Court Justice Randall Echlin this week nullified a mortgage that had been fraudulently placed on a property as a result of a fraud scam and identity theft. Judge Echlin stated that “it was incumbent upon the bank to exercise due diligence which might be able to prevent the fraud. [...]
More than $2 million in cash prizes was available to be won during TD Canada Trust’s recent “Mortgage Millions Giveaway” contest. In addition to the scratch and win portion of the contest which saw a number of lucky winners, the sweepstakes part of the contest
allows sixty new mortgage customers, from all across the country, to [...]
