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Contact Information

2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





News
25 June 2019

Balances on reverse mortgages showed a more than 28% increase

Forget about HELOCs, as Canadian seniors have a new popular method to use their properties as a cash source. According to the Office of the Superintendent of Financial Institutions (OSFI), the balance of reverse mortgage debt rose sharply in April, reaching a new record high level and showing a more than 20% growth.

As you know, reverse mortgages provide senior homeowners with a possibility to get a part of their home equity out without selling the property. Borrowers can pledge their home for a lump sum loan or regular payments. It’s similar to HELOC, but you don’t need to make payments, as they are necessary only in case of moving, home sale, borrower’s death or default.

 
24 June 2019

BMO believes there’s no need for the central bank to cut rates

Certain industry specialists say the Bank of Canada should cut its key lending rate again.

There are a few reasons which could make the BoC do it. The main one is a global economic slowdown.

However, BMO Chief Economist Douglas Porter believes there’s one strong reason not to do it so far.

“The main argument in favour of the Bank continuing the pause is the fear of causing another cycle of housing overheating,” – Porter says.

“The BoC rate cut may sound for potential home buyers as a call to borrow more”, - he noted.

 
21 June 2019

HELOC debts exceeded $300 billion for the first time in history

According to the Office of the Superintendent of Financial Institutions (OSFI), Canadian homeowners showed a new debt record in April. It’s the first time that the balance of loans secured by residential real estate exceeded $300 billion.

The loans secured by residential real estate are the ones with equity considered a collateral. This helps borrowers get a lower rate, and the bank has a property to take in case of a loan default. The most popular type of such loans is a home equity line of credit (HELOC), which can be used for numerous purposes, e.g. a business loan or a second property purchase.

 
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News

25 June 2019

Balances on reverse mortgages showed a more than 28% increase Forget about HELOCs, as Canadian seniors have a new popular method to use their propert...Read more >>

24 June 2019

BMO believes there’s no need for the central bank to cut rates Certain industry specialists say the Bank of Canada should cut its key lending rate ag...Read more >>

21 June 2019

HELOC debts exceeded $300 billion for the first time in history According to the Office of the Superintendent of Financial Institutions (OSFI), ...Read more >>
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7676 Woobine Avenue Suite 300 Markham, ON L3R 2N2
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