Canadian Mortgage Rates
| Term | Rate |
| Prime Rate (P) | 3.00% |
| Line of Credit (LOC) | 3.50% |
| 5 Year Closed Variable | P -0.15% |
| 5 Year Open Variable | P +0.75% |
| 6 Month Closed | 2.89% |
| 1 Year Closed | 2.79% |
| 2 Year Closed | 2.89% |
| 3 Year Closed | 2.89% |
| 4 Year Closed | 2.99% |
| 5 Year Closed | 3.19% |
| 7 Year Closed | 3.89% |
| 10 Year Closed | 3.89% |
YOUR CANADIAN MORTGAGE BROKER
February 17, 2010
Canadian Mortgage Rule Changes
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.
- All borrowers will need to qualify at a five year rate regardless of whether they are choosing a shorter term or a variable rate mortgage. It is unclear whether this rate will be the posted or discounted rate as we await clarity for this question.
- Refinances will be limited to 90% LTV versus the current 95% limit.
- Non-owner occupied properties will require a down payment of 20%.
The good news is that rumours of a required 10% down for new home buyers on their principal residence and a reduction of amortization periods to 30 years are not currently being introduced.
These rule changes are scheduled to take place as of April 19, 2010.
Click HERE for the detailed press release.
Mortgage Process
In Other Languages
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Breaking News
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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. [ Read more... ]
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. [ Read more... ]
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. [ Read more... ]
February 17, 2010
Canadian Mortgage Rule Changes
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.
The good news is that rumours of a required 10% down for new home buyers on their principal residence and a reduction of amortization periods to 30 years are not currently being introduced.
These rule changes are scheduled to take place as of April 19, 2010.
Click HERE for the detailed press release.
- All borrowers will need to qualify at a five year rate regardless of whether they are choosing a shorter term or a variable rate mortgage. It is unclear whether this rate will be the posted or discounted rate as we await clarity for this question.
- Refinances will be limited to 90% LTV versus the current 95% limit.
- Non-owner occupied properties will require a down payment of 20%.
The good news is that rumours of a required 10% down for new home buyers on their principal residence and a reduction of amortization periods to 30 years are not currently being introduced.
These rule changes are scheduled to take place as of April 19, 2010.
Click HERE for the detailed press release.
Mortgage Process
In Other Languages
.
Breaking News
More 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. [ Read more... ]
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. [ Read more... ]
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. [ Read more... ]
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. [ Read more... ]