Mortgage Broker Calgary, Luke Wile starts new mortgage brokerage- Red Key Mortgage Group
Mortgage Broker, Luke Wile start new Chapter at Red Key Mortgage Group
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Posted by Default Admin User |
Mortgage Broker Calgary, Luke Wile starts new mortgage brokerage- Red Key Mortgage Group
Posted by Default Admin User |
Home sales in Canada appear to have successfully pulled out of the dive they went into back in July of last year. That was when the federal government tightened mortgage rules, reducing the maximum amortization period to 25 years. The January figures from the Canadian Real Estate Association show sales edged higher compared to December, increasing 1.3% in this traditionally slow sales period. The association’s numbers show half of the country’s local markets experienced increases, including Greater Toronto and Greater Vancouver. Toronto rose 5.6% month-over-month and the battered Vancouver market saw a 4.7% m/m improvement.
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When it comes to insured mortgage lending in Canada, 25 is the new 30. Additionally, the maximum a homeowner can borrower against their property is 80% as opposed to 85%. It is interesting to consider that as of 2007 homeowners were able to obtain 40-year amortization. However, Flaherty has cut the maximum amortization down twice since 2008. One could assume that Flaherty is concerned that low borrowing costs could fuel a housing bubble. Shorter amortizations influence an individual’s ability to qualify for a higher mortgage because the payments are more.
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As per CBC, Ottawa has announced that the new maximum for insured mortgages in Canada will be 25 years.
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It appears Canadians are more responsible borrowers than some at the federal level would have us believe. A couple of recent reports indicate the stereo-type of the fiscally conservative and responsible Canuck still has legs.
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I'm sure this rate news makes you feel a bit like David after his trip to the dentist, "Is this real life?". Well, it certainly may not seem like it if you consider the average 5-year fixed rate over the past 10 years is just over 6%! Most lenders are offering their 10 year fixed rate around 4.99%; however, one lender in Canada is as low as 3.89%!
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In years prior, common reasons for refinancing a closed mortgage have ranged anywhere from debt consolidation purposes to renovating your house. However, with the recent economic conditions, another reason has been added to the endless list: low interest rates.
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On January 27, 2009 the government of Canada released an economic action plan designed to stimulate the economy. The plan was summed up with words that undoubtedly create high expectations for our nation’s economic growth in the upcoming year: “extraordinary and unprecedented action”.