2.79% 5Y Fixed Rate Promotion!
One of our key lenders has decreased their 5 year fixed rate, as of this morning. The rate was decreased from 2.99% to 2.85%, however The Mortgage King exclusive rate is 2.79%!!! The update brings along some controversy as many lenders were initially tightening up their rates and lending criteria. Awake of bad publicity by the media, lenders have decided to backlash by further decreasing their rates.
What does this mean for homebuyers? You now have access ...
June 2014 Industry Stats
The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on June 5th, 2014. The major statistics are summarized as follows:
Bank of Canada interest rate remains at 1%
Prime lending rate remains at 3%
The 5Y variable qualifying rate has dropped from 4.99% to 4.79%, leading to increased borrowing
The Government of Canada Bonds have slightly declined
The number of housing starts increased significantly from 47,400 (April 2013) to 65,400 (April 2014)
The average MLS resale price in Toronto ...
CMHC Implements Its Changes
CMHC implemented its changes yesterday, May 30th, 2014. CMHC is now discontinuing self-employed insurance applications without 3rd party income verification and second home insurance. However, it appears that the two private insurers, Canada Guaranty and Genworth Financial, have not implicated any major changes. The only change observed with Genworth was that they will only be insuring secondary homes with one unit, rather than two or more.
Often lenders will restrict with whom you can apply for mortgage default ...