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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

30 January 2020

Changes of a mortgage stress test qualifying rate may be possible

According to an official with the Office of the Superintendent of Financial Institutions (OSFI), Canada’s benchmark rate for mortgage stress test is under review now.

Ben Gully says the use of the benchmark qualifying rate for B-20 stress testing for uninsured mortgages doesn’t provide the desirable effect.

As you know, today, in case of an uninsured mortgage (with a down payment of more than 20%), a borrower needs to be tested on the higher of the borrower’s contract rate plus 2%, or the benchmark rate (currently it’s 5.19%).

29 January 2020

What’s the reason of such a sharp growth in non-bank mortgage lending sector?

The cost of Canadian non-bank residential mortgages flew up by more than 10 times during the period from 2007 to 2018, says Statistics Canada. It’s much more than a home prices increase.

It means more mortgage consumers have been switching from the big banks and credit unions to alternative lenders with their attractive offers.

According to Statistics Canada, the value of all non-bank mortgage loans was up by 924.2% in 11 years. Over the same period, the composite benchmark home price rose by only 81.8%: from $337,900 in January 2007 to $614,400 in December 2018, Canadian Real Estate Association says.

Overall, non-bank mortgage lending can be divided into two categories: mortgage finance corporations (MFCs) and mortgage investment corporations (MICs). MFCs include monoline lenders specializing in mortgages. They are regulated the same way as banks. Meanwhile, MICs include private mortgage lenders which are not regulated this way. As a rule, they offer uninsured, shorter-term loans at higher rates.

28 January 2020

Dangerous coronavirus may lead to lower fixed mortgage rates in Canada

Amid growing fears of the dangerous Wuhan coronavirus, the disease starts affecting the world’s and Canada’s economies.

On Monday, the fears hit financial markets, with the TSX losing 142 points and New York’s Dow Jones falling by more than 450 points. In addition to it, Canada’s 5-year bond yield was down significantly to the lowest mark in three months, suggesting a mortgage rate decline could be possible.

“The new coronavirus will lead to lower fixed mortgage rates,” - RateSpy founder Rob McLister noted, pointing to the economic influences of contagions, e.g. the 2003 SARS epidemic, which reduced the national GDP growth by 0.10%.

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20 February 2020

GTA home buyers will prefer detached houses The recent report by the Toronto Residential Real Estate Board (TRREB) shows that a large part of potenti...Read more >>

19 February 2020

January 2020 – housing market supply shrinks, while prices go up The recent report by the Canadian Real Estate Association (CREA) suggests we may fac...Read more >>

18 February 2020

BREAKING NEWS! Mortgage stress test change is coming! Today, Minister of Finance, Bill Morneau, stated there will be changes to the benchmark rate us...Read more >>
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2180 Steeles Avenue West, Suite 204, Concord Ontario L4K 2Z5
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