Canadian Mortgage News
December 2, 2011
MCAP has announced an agreement to acquire the residential mortgage operations and certain related assets of ResMor Trust Company (ResMor). The transaction is expected to be completed in the first quarter of 2012 and is subject to regulatory approval and other customary closing conditions.
October 25, 2011
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
October 19, 2011
Since 2008 the government of Canada has made mandatory changes to reduce the maximum amortization period from 40 years down to 35 and now down to 30 years for any insured mortgages.
Insured mortgages (also known as high ratio mortgages) are mortgages that require less than 20% of the value of the home for the down payment or for refinancing, less than 20% in equity. The government backs these mortgages for the protection of the lenders. Currently with these mortgages the maximum amortization period is 30 years.
The media has covered how the amortization has been reduced to 30 years in depth, but they have failed to mention that this is not the case with other mortgage options. Mortgages that are often referred to as conventional or uninsured mortgages, which entail a 20% or greater down payment or equity, still offer amortization periods of up to 40 years.
October 12, 2011
While many people may think that you need to save a minimum of 5% down payment before you can purchase a home, we at MyMortgage.ca would like to remind you that the Free Down Payment product is still available.
The Free Down Payment mortgage option allows you to purchase a home without having to save the 5%, as the lender will provide you with the 5% down payment. The Free Down Payment Mortgage offers a maximum of two borrowers with a minimum Beacon score of 680 a zero down
payment mortgage opportunity for owner occupied properties. Our lenders will advance eligible clients 5% of the property lending value in addition to the mortgage advance.
October 5, 2011
Available now, the Net Worth Lending Program offers a unique mortgage opportunity for owner-occupied principal residents based on Net Worth with no income verification. Clients must have a minimum Beacon Score of 680 in addition to salaried employment with good credit and net worth. The Net Worth Lending Program requires applicants to show an
accumulation of their savings/deposits of the minimum 25% down payment from their own resources. At the time of application, borrowers must have a positive overall net worth and demonstrate ownership of eligible liquid assets of 12, 24 or 36 worth of monthly Principal Interest and Tax (PIT) payments:
September 28, 2011
Helping Homeowners in Need
Genworth Financial Canada’s Homeowner Assistance Program is designed to help homeowners who are experiencing temporary financial difficulties, which may put their mortgage at risk. This could be the result of an unexpected life event, such as a serious illness, marital separation, or loss of employment. If your customer has a Genworth-insured mortgage, they can take advantage of our Homeowner Assistance Program at no extra cost. This program enables you to work in partnership with us to establish alternative arrangements to help your customers stay secure in their home when times get tough.
September 7, 2011
The global economic outlook has deteriorated in recent weeks as several downside risks to the projection in the Bank’s July Monetary Policy Report (MPR) have been realized. The European sovereign debt crisis has intensified, a broad range of data has signalled slower global growth, and financial market volatility has increased sharply. Recent benchmark revisions show that the U.S. recession was deeper and its recovery has been shallower than previously reported. In combination with recent economic data, this implies that U.S. growth will be weaker than previously anticipated. The Bank expects that American household spending will be even more subdued in the face of high personal debt burdens, large declines in wealth and tough labour market conditions. Fiscal stimulus in the United States will also soon turn into material fiscal drag. Acute fiscal and financial strains in Europe have triggered a generalized retrenchment from risk-taking and could prompt more severe dislocations in global financial markets. Resolution of these strains will require additional significant initiatives by European authorities. Growth in emerging-market economies has been robust, although its rate and composition will be affected by weakness in major advanced economies. While commodity prices have declined owing to diminished global growth prospects, they remain relatively high.
July 26, 2011
Ottawa -
The Bank of Canada today released its 2012 schedule of eight dates for announcing decisions on its key policy interest rate and confirmed the announcement dates for the remainder of this year.
The announcement dates from September 2011 through December 2012 are:
June 8, 2011
CHIP Home Income Plan provided by HomEquity Bank will now be available to homeowners as young as 55.
May 6, 2011
MyMortgage.ca is proud to announce our 2011 REFERRAL PROGRAM!
Our referral program is designed to thank those of you who have referred our brokerage business and this is available for everyone!
December 2, 2011
MCAP has announced an agreement to acquire the residential mortgage operations and certain related assets of ResMor Trust Company (ResMor). The transaction is expected to be completed in the first quarter of 2012 and is subject to regulatory approval and other customary closing conditions.
October 25, 2011
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
October 19, 2011
Since 2008 the government of Canada has made mandatory changes to reduce the maximum amortization period from 40 years down to 35 and now down to 30 years for any insured mortgages.
Insured mortgages (also known as high ratio mortgages) are mortgages that require less than 20% of the value of the home for the down payment or for refinancing, less than 20% in equity. The government backs these mortgages for the protection of the lenders. Currently with these mortgages the maximum amortization period is 30 years.
The media has covered how the amortization has been reduced to 30 years in depth, but they have failed to mention that this is not the case with other mortgage options. Mortgages that are often referred to as conventional or uninsured mortgages, which entail a 20% or greater down payment or equity, still offer amortization periods of up to 40 years.
Insured mortgages (also known as high ratio mortgages) are mortgages that require less than 20% of the value of the home for the down payment or for refinancing, less than 20% in equity. The government backs these mortgages for the protection of the lenders. Currently with these mortgages the maximum amortization period is 30 years.
The media has covered how the amortization has been reduced to 30 years in depth, but they have failed to mention that this is not the case with other mortgage options. Mortgages that are often referred to as conventional or uninsured mortgages, which entail a 20% or greater down payment or equity, still offer amortization periods of up to 40 years.
October 12, 2011
While many people may think that you need to save a minimum of 5% down payment before you can purchase a home, we at MyMortgage.ca would like to remind you that the Free Down Payment product is still available.
The Free Down Payment mortgage option allows you to purchase a home without having to save the 5%, as the lender will provide you with the 5% down payment. The Free Down Payment Mortgage offers a maximum of two borrowers with a minimum Beacon score of 680 a zero down
payment mortgage opportunity for owner occupied properties. Our lenders will advance eligible clients 5% of the property lending value in addition to the mortgage advance.
The Free Down Payment mortgage option allows you to purchase a home without having to save the 5%, as the lender will provide you with the 5% down payment. The Free Down Payment Mortgage offers a maximum of two borrowers with a minimum Beacon score of 680 a zero down
payment mortgage opportunity for owner occupied properties. Our lenders will advance eligible clients 5% of the property lending value in addition to the mortgage advance.
October 5, 2011
Available now, the Net Worth Lending Program offers a unique mortgage opportunity for owner-occupied principal residents based on Net Worth with no income verification. Clients must have a minimum Beacon Score of 680 in addition to salaried employment with good credit and net worth. The Net Worth Lending Program requires applicants to show an
accumulation of their savings/deposits of the minimum 25% down payment from their own resources. At the time of application, borrowers must have a positive overall net worth and demonstrate ownership of eligible liquid assets of 12, 24 or 36 worth of monthly Principal Interest and Tax (PIT) payments:
accumulation of their savings/deposits of the minimum 25% down payment from their own resources. At the time of application, borrowers must have a positive overall net worth and demonstrate ownership of eligible liquid assets of 12, 24 or 36 worth of monthly Principal Interest and Tax (PIT) payments:
September 28, 2011
Helping Homeowners in Need
Genworth Financial Canada’s Homeowner Assistance Program is designed to help homeowners who are experiencing temporary financial difficulties, which may put their mortgage at risk. This could be the result of an unexpected life event, such as a serious illness, marital separation, or loss of employment. If your customer has a Genworth-insured mortgage, they can take advantage of our Homeowner Assistance Program at no extra cost. This program enables you to work in partnership with us to establish alternative arrangements to help your customers stay secure in their home when times get tough.
September 7, 2011
The global economic outlook has deteriorated in recent weeks as several downside risks to the projection in the Bank’s July Monetary Policy Report (MPR) have been realized. The European sovereign debt crisis has intensified, a broad range of data has signalled slower global growth, and financial market volatility has increased sharply. Recent benchmark revisions show that the U.S. recession was deeper and its recovery has been shallower than previously reported. In combination with recent economic data, this implies that U.S. growth will be weaker than previously anticipated. The Bank expects that American household spending will be even more subdued in the face of high personal debt burdens, large declines in wealth and tough labour market conditions. Fiscal stimulus in the United States will also soon turn into material fiscal drag. Acute fiscal and financial strains in Europe have triggered a generalized retrenchment from risk-taking and could prompt more severe dislocations in global financial markets. Resolution of these strains will require additional significant initiatives by European authorities. Growth in emerging-market economies has been robust, although its rate and composition will be affected by weakness in major advanced economies. While commodity prices have declined owing to diminished global growth prospects, they remain relatively high.
July 26, 2011
Ottawa -
The Bank of Canada today released its 2012 schedule of eight dates for announcing decisions on its key policy interest rate and confirmed the announcement dates for the remainder of this year.
The announcement dates from September 2011 through December 2012 are:
June 8, 2011
CHIP Home Income Plan provided by HomEquity Bank will now be available to homeowners as young as 55.
May 6, 2011
MyMortgage.ca is proud to announce our 2011 REFERRAL PROGRAM!
Our referral program is designed to thank those of you who have referred our brokerage business and this is available for everyone!