July 16th, 2014 Mortgage Industry Update Interest rates this week remained the same. No major changes were observed and interest rates are likely to remain stable for the month of July. Additionally this week: The Bank of Canada maintained its overnight interest rate at 1%. The Canadian housing market beat expectations with resales going up […]
July 9th, 2014 Mortgage Industry Update Interest rates this week remained the same. No major changes were observed and seems like the beginning of July has got off to a smooth start. Interest rates are likely to remain stable for the month of July. Additionally this week: CMHC released the number of housing starts for […]
July 2014 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on June 3rd, 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 remains at 4.79%, a drop from earlier […]
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. […]
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 […]
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 […]
May 2014 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on May 2nd, 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 remains at 4.99% The Government of Canada […]
CMHC Changes Its Product Requirements On April 25th, 2014, CMHC announced that it will be changing the requirements for its insurance program. It will be discontinuing self-employed insurance applications without 3rd party income verification and second home insurance, as of May 30th, 2014. What does this mean for self-employed applicants? If you are purchasing a […]
April 2014 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on April 8th, 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 remains at 4.99% The Government of Canada […]