REFINANCE ONLY QUALIFIED INCOME AND CREDIT ONLY We want to switch you from your current mortgage to a Prime -1.10% Variable Rate Mortgage, that would mean an effective mortgage rate of 1.85%**. If the Bank of Canada’s last rate cut gets factored into the Prime Rate the new prime would be 2.95% and you would… Continue reading 1.85%** Variable Rate Mortgage, Might Be Available For a Limited Time.
The news is dominated by predictions that the coronavirus will spread through our population in the coming months. As a result, bond yields have dropped below 0.40% this morning.
The Bank of Canada (BoC) has been telling us that it needs to increase rates. The frequency and amplification of their message has been steadily rising. As their message becomes louder, the market begins to make its own noise.
(I will be using Trump book titles throughout this newsletter.) The USA has negotiated a new trade agreement with Canada and Mexico. It’s called the USMCA and for starters here are 5 points that we can take away from this agreement as Canadians.
The Bank of Canada (BoC) is probably going to increase the overnight rate by 0.25% on Wednesday. This will mean Variable Rate Mortgages will get a little bit more expensive.
Actions taken by the Canadian Banks and the Canadian Government will make renewing your mortgage more costly than ever before. Homeowners looking to access the equity in their homes will discover that new underwriting guidelines now limit their ability to borrow regardless of how much equity they have in their homes. Today’s newsletter will focus… Continue reading Mortgage Renewal Time for 50% of Canada: 4 Reasons You Will Pay More and Have Fewer Choices Than Before
Consumer watchdog is suggesting there are serious problems with the way Canadian Banks are misleading their clients. At MorCan Direct, our watchdog continues to be pleased with our 5 star customer rating with over 100 reviews. The MorCan Direct watchdog is however still terrified of cats.
Canada’s unemployment rate has fallen to its lowest level in over 40 years. In December 78,600 jobs were created. As a result every Canadian Bank is predicting the Bank of Canada will increase the overnight lending rate by 0.25% on January 17th, 2018. This means we will likely be starting the year off with an… Continue reading F*#k….Mortgage Rates are Heading Higher, Right After Christmas!
Friday December 29th, 2017 is the last day Canadians will be able to qualify for a mortgage at their contract rate. As of January 1st, 2018 all mortgagors will need to qualify at the Bank of Canada’s prescribed 5 year rate, or 2% higher than their contract rate, whichever is greater. This means about 20%… Continue reading The Mortgage Rules are Changing Tomorrow.
Canada’s new mortgage rules are designed to make it harder for you to qualify for the mortgage you have right now and they are being introduced on January 1st, 2018. The new rules will affect at least 15% of Canadians. Whether you are looking to borrow more money against your home or simply want to… Continue reading Navigating the New Mortgage Rules