Monday Mortgage Minute – Interest Rates July 5th 2010
All signs are pointing to lower fixed-rate mortgages again for the 3rd time this year. Bond yields are low and as a result, we are seeing fixed-rate mortgage prices dropping just a little bit further this week. The Bank of Canada has also dropped its benchmark qualifying rate for high ratio mortgages by 0.10%. ...
Files of the Broker: Oddball Property Private Mortgage Financing
What do you get when you try to buy a property that was once a jail, fire hall, dance hall & town hall? A financing conundrum. This is exactly what one of our clients purchased, where we provided private mortgage financing. The purchase is even more remarkable when you consider that the jail, fire-hall, ...
Gifted Down Payment
Mortgages are very dynamic transactions. There are areas of the mortgage approval that don’t warrant any kind of special consideration but if for whatever reason the lender’s guidelines cannot be satisfied one can compromise the successful funding of a mortgage. Proof of down payment is one of those areas. Generally speaking proof of down ...
Monday Mortgage Minute- Toronto June 21st
It looks like the fixed mortgage rate market has stabilized after the bank of Canada’s decision to increase the prime rate earlier this month. While rates aren’t as low as earlier this year, mortgage interest rates still remain low historically speaking. With signs that the housing market is cooling and interest rates are staying ...
Monday Mortgage Minute June 14th- Interest Rates
World Cup fever is on in Toronto and mortgage interest rates are remaining low and stable. While a variable rate mortgage may not fit everyone’s needs it remains a good option in today’s market. Give me a call to discuss whether it is right for you? Chris Molder – Son Of A Broker 416.461.0204 ...
Monday Mortgage Minute June 7th 2010
Following the Bank of Canada’s interest rate announcement last Tuesday we weren’t too sure in which direction the fixed rate market would move. Mortgage lenders responded by lowering their fixed rate mortgage rates. They also increased the spread on the 5 year variable rate mortgage from P-0.50 to P-.60 giving an effective rate of ...