YOUR CANADIAN MORTGAGE BROKER

February 1, 2010

MCAP - IMPORTANT CHANGES - Removal of Sales Only Clause!

MCAP is happy to announce the removal of the Sales Only Clause!!!

As always we are committed to moving forward with your needs in mind. January 21st MCAP confirmed the removal of the Sales Only Clause.

What does this mean to you?

Based on the announcement dated January 21st, MCAP will no longer have a Sales Only clause attached to our regular fixed rate and variable rate mortgages funded after the announcement date.

We have removed from our commitment letters and our various Standard Charge Terms across Canada.

OPTIONS for MCAP mortgages currently subject to the Sales Only clause:

Please note this information applies to ONLY mortgages funded from MARCH 31, 2008 to JANUARY 25, 2010

As always, MCAP will continue to offer rate blends, term extensions, porting and assumption options that will satisfy most re-financing needs. In the event that a borrower wishes to pursue any of these options, MCAP must be given the first right to satisfy their changing borrowing needs.


BREAKING NEWS

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March 8, 2010

There are two very important topics CMHC and Government of Canada has made public:

1. New Parameters Regarding the Application of the Government Guarantee for Mortgage Loan Insurance.

2. Clarification on Qualifying Interest Rate Policy Changes to CMHC Self-Employed Product.

March 2, 2010

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent.
The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.

The ongoing global economic recovery is being driven largely by strong domestic demand growth in many emerging-market economies and supported in advanced economies by exceptional monetary and fiscal stimulus, as well as extraordinary measures taken to support financial systems.

February 17, 2010
As many of you are aware already, a news conference was  held  yesterday morning in Ottawa by the Federal Finance Minister Jim Flaherty.  He announced three major changes to mortgage insurance rules which will affect all government backed insurance programs.
February 10, 2010
A ‘reverse mortgage’ is a new way of borrowing money for people 60 or older and own a home or condo to qualify for a reverse mortgage in Canada. The flexibility of never having to make monthly payments is why reverse mortgages are such an attractive option for thousands of Canadian homeowners.

www.mymortgage.ca

PHONE: 1.866.509.1090
FAX: 1.866.392.3672

Head Office
Unit 207, 4603 Varsity Drive NW

Calgary, AB. T3A 2V7

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