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 | 4.45% |
| 1 Year Closed | 2.89% |
| 2 Year Closed | 2.99% |
| 3 Year Closed | 2.79% |
| 4 Year Closed | 3.19% |
| 5 Year Closed | 3.19% |
| 7 Year Closed | 3.89% |
| 10 Year Closed | 3.89% |
YOUR CANADIAN MORTGAGE BROKER
December 2, 2011
MCAP Announces Agreement to Acquire the Residential Mortgage Operations and Certain Related Assets of ResMor Trust Company
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.
"This transaction is a perfect fit with the MCAP Group's long-term growth strategy", said MCAP Commercial LP Chief Executive, Derek Norton. "The addition of nearly $6 billion to our servicing portfolio will help us fully leverage our existing servicing platform. Our current client base of serviced residential mortgages is estimated to grow to more than $31 billion, solidifying our market position. With the addition of ResMor's professional mortgage staff, key brokers, investors and other business partners to our existing operation, we will be ideally situated to foster strong future growth."
Steve Maker, MCAP Service Corporation Chief Executive, explained further; "Not only will this transaction immediately add to the MCAP Group asset base, but the incorporation of ResMor's strong relationships with professional mortgage brokers across Canada, together with the staff who service these relationships, will enhance our ability to grow our share of the residential mortgage origination market through the broker channel."
MCAP is not purchasing the automotive or deposit lines of business from ResMor.
About MCAP:
MCAP is one of Canada's leading independent mortgage financing companies, operating in three lines of business: residential mortgages, commercial mortgages and construction loans. With a professional staff of over 500 across Canada, the MCAP Group originates, trades and services residential, construction and commercial assets on behalf of a stable of over 35 institutional investors.
About ResMor:
Established in 1964, ResMor Trust Company is a federally regulated trust company focused on providing residential mortgages, mortgage servicing and deposit products through independent brokers. The company has more than $5.9 billion in mortgages under administration representing more than 33,000 homeowners as of December 2010. In addition to mortgages, ResMor Trust provides retail auto financing and offers innovative savings products directly to consumers through the Ally brand.
ResMor Trust Company is a member of the Canadian Deposit Insurance Corporation (CDIC), Registered Deposit Brokers Association (RDBA) and the Canadian Association of Accredited Mortgage Professionals (CAAMP).
ResMor Trust Company is a wholly owned subsidiary of Ally Financial Inc.
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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... ]
MCAP Announces Agreement to Acquire the Residential Mortgage Operations and Certain Related Assets of ResMor Trust Company
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.
"This transaction is a perfect fit with the MCAP Group's long-term growth strategy", said MCAP Commercial LP Chief Executive, Derek Norton. "The addition of nearly $6 billion to our servicing portfolio will help us fully leverage our existing servicing platform. Our current client base of serviced residential mortgages is estimated to grow to more than $31 billion, solidifying our market position. With the addition of ResMor's professional mortgage staff, key brokers, investors and other business partners to our existing operation, we will be ideally situated to foster strong future growth."
Steve Maker, MCAP Service Corporation Chief Executive, explained further; "Not only will this transaction immediately add to the MCAP Group asset base, but the incorporation of ResMor's strong relationships with professional mortgage brokers across Canada, together with the staff who service these relationships, will enhance our ability to grow our share of the residential mortgage origination market through the broker channel."
MCAP is not purchasing the automotive or deposit lines of business from ResMor.
About MCAP:
MCAP is one of Canada's leading independent mortgage financing companies, operating in three lines of business: residential mortgages, commercial mortgages and construction loans. With a professional staff of over 500 across Canada, the MCAP Group originates, trades and services residential, construction and commercial assets on behalf of a stable of over 35 institutional investors.
About ResMor:
Established in 1964, ResMor Trust Company is a federally regulated trust company focused on providing residential mortgages, mortgage servicing and deposit products through independent brokers. The company has more than $5.9 billion in mortgages under administration representing more than 33,000 homeowners as of December 2010. In addition to mortgages, ResMor Trust provides retail auto financing and offers innovative savings products directly to consumers through the Ally brand.
ResMor Trust Company is a member of the Canadian Deposit Insurance Corporation (CDIC), Registered Deposit Brokers Association (RDBA) and the Canadian Association of Accredited Mortgage Professionals (CAAMP).
ResMor Trust Company is a wholly owned subsidiary of Ally Financial Inc.
Mortgage Process
In Other Languages
Breaking News
More News
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... ]