TD announces special fixed rate mortgage if you want to lock-in

TD Canada Trust lowers seven and 10 year special fixed rate mortgage offers, effective March 11, 2011. “With talk of the possibility of interest rate increases in the future, more and more borrowers, especially first time homebuyers, are considering locking into a longer term mortgage at a fixed interest rate,” said Chris Wisniewski, Associate Vice…


New mortgage rules could price some out of market

The mortgage world is changing again with some new rules for Canadians. Canada.com – Tougher mortgage lending rules, as unveiled by Finance Minister Jim Flaherty on Monday, could add an estimated $100 a month in carrying costs for future homeowners — pricing some people out of the real estate market — and affect roughly 20,000…


Nearly one-third of B.C. homebuyers have negotiated the best deal through a broker

Nobody likes homework, but when the assignment is getting the best possible mortgage in Canada’s most expensive market, completing it pays off in so many ways. A good objective initial stop, especially for first-time homebuyers, is moneytools.ca. The site is a creation of the Financial Consumer Agency of Canada (a government organization) and features mortgage…


Many students unaware of student loan risks

No one wants to take out a student loan. Most are forced to out of financial necessity, and some have trouble paying their loans back after they graduate. This is where credit counsellor Christi Quinn of the Credit Counselling Society comes in. Her job is to help students manage their debt before it becomes detrimental.…


More homebuyers turn to mortgage brokers

The percentage of Canadians using mortgage brokers to buy their homes has increased significantly, according to a report released Wednesday. The Deloitte report, Winning Strategies in the Brokered Mortgage Marketplace, said that in the 1990s mortgage brokers numbered in the hundreds and were “lenders of last resort” for borrowers unable to obtain a mortgage directly…


Six emerging trends that will shape the Canadian mortgage industry

Six emerging trends that will shape the Canadian mortgage industry and impact mortgage holders as mortgage lending landscape continues to experience this paradigm shift include: 1. Imminent changes in legislation may remove penalties and barriers for switching mortgage lenders: In response to consumer group concerns that mortgage prepayment penalties are complicated and lack disclosure, the…


Banks hike mortgages by up to 25 basis points

TD Canada Trust and RBC are raising some of their fixed-term mortgage rates by as much as one-quarter of a percentage point, beginning Wednesday. Both bank’s five-year mortgages, one of the most commonly chosen by homeowners in Canada, will rise 0.25 of a percentage point to 5.44%. “Mortgage rates typically go up when bond yields…


List of Canadian Mortgage Brokers

I was looking over the logs from the web site today and it looks like a lot of my visitors don’t know about the great list of Canadian Mortgage brokers. This is a great place to find a broker who will work with you to find you a loan or mortgage. When the banks are…


What’s the Low Down on Loan to Value?

It’s not very often that a borrower takes into heavy consideration what his loan to value is when shopping for a loan.  In fact, if the subject is brought up by the customer, it’s mostly in relation to avoiding paying monthly mortgage insurance.  But sometimes, a loan to value can affect even more aspects of…


Home Loans For poor credit – Smart Tips For working with Online Mortgage Corporations

By: Hollis Roy Home loan for bad credit are for people who find it tough to get loan facilities due to poor credit ratings. However, people with bad credit may have to deal with several difficulties at times and they also pay slightly higher rates rates for the loans. One of the finest techniques to…