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Feds take measures to protect housing market 2008-08-05 22:33:20 The moves are designed to protect the market from a U.S.-style housing bubble and to encourage Canadians to save through home ownership.
The federal government has announced several measures designed to protect the long-term stability of Canada’s housing market by boosting sources of funding to lenders and making mortgage insurance fair and more transparent.
On the funding [...]
The Getting Ready to Buy Guide 2008-07-28 11:11:12 Why Should You Buy A House? And What to Watch for When Home Shopping.
Why should you buy a home? Homeownership has many advantages including:
EQUITY BUILD-UP
Making a monthly mortgage payment serves as a kind of savings plan. Over time, you build ‘equity’ in your property that can be borrowed against or converted cash when you sell. [...] Read more:Guide
Canadian economy will eventually benefit 2008-07-17 07:23:44 Analysts say the Canadianeconomy
is likely to benefit
in the long run from the decision by the Federal Reserve and the U.S. Treasury Department help the mortgage lenders known as Fannie Mae and Freddie Mac.
The Federal National Mortgage Association, usually referred to as Fannie Mae, and the Federal Home Mortgage Corporation, nicknamed Freddie Mac, [...] Read more:eventually
Ottawa changes the Mortgage rules 2008-07-13 19:35:17 Concerns that cracks were beginning to appear in the foundations of Canada’s housing market were behind the government’s surprise decision to crack down on loose mortgage conditions ushered in less than two years earlier, officials and experts say.
Starting Oct. 15, Canadians will no longer be able to purchase a home with a government-backed mortgage with [...] Read more:Ottawa
, changes
, Mortgage
Fixed Rate Mortgages 2008-07-09 08:04:59 Fixed rate mortgages offer borrowers the ability to help budget for household expenses more accurately because they have an interest rate that remains constant for an agreed portion of the overall term of the mortgage - typically between one and five years.
Unlike variable rate mortgages, the interest rate charged on fixed rate mortgages will not [...] Read more:Fixed
Online Mortgage Loan Application 2008-07-07 13:22:19 The Internet, is perhaps one of the most powerful human invention in terms of information sharing across the globe. The Internet continues to permeate in every facet of our lives, it speeds up and makes easier many of our tasks, including making an online mortgage loan application for your first home or refinancing your existing [...] Read more:Mortgage
, Application
Canada housing market 2008-06-26 20:39:11 Conditions in the Canadian housing market remain “favorable,” with overall prices rising and few signs of excess supply, Sheryl Kennedy, deputy governor of the Bank of Canada
, said in a speech on Monday.
“The moderation in activity and price increases that we have seen in recent months is both expected and welcome,” [...]
Homeowners should try to stick with variable Montreal mortgages 2008-06-19 17:30:06 Homeowners looking to renew their mortgages should resist the urge to lock in to the safety of a fixed-term mortgage in the face of rising rates if they can stomach the more nerve-wracking ride of a variable mortgage, experts say.
The prospect of a mortgage that rises and falls with prime rate changes may cause some [...] Read more:Homeowners
, Montreal
Mortgage rates on a rise 2008-06-15 21:11:20 Mortgage rates are on the rise, a situation that’s likely to continue as the Bank of Canada shifts its focus away from stimulating the economy and toward taming inflation.
A five-year fixed mortgage will now cost 0.5 percentage points more than it did Wednesday at many of the country’s big banks.
This means the average customer can [...] Read more:Mortgage
Reverse Mortgages 2008-06-10 08:12:03 A Reverse
Mortgage HECM, sometimes referred to as a Home Equity Conversion Mortgage (HECM), is a special type of home mortgage that lets a homeowner convert a portion of the equity in his or her home into money in their pocket. Simply put, a reverse mortgage is the exact opposite of a regular mortgage. The [...]
Owning a property is easier than you think 2008-08-19 18:27:14 Don’t let common misconceptions prevent you from becoming a home owner. Buying your first home can be intimidating. There’s a lot of misinformation floating around that can lead you to believe that owning a property
is out of your reach. But it’s easier than you might think
. Here’s what you need to know:
Buying VS renting
Monthly [...] Read more:Owning
Mortgage Request 2008-08-12 21:28:41 Comparison shopping is the key to getting the best price at just about anything you can name. Why is it, then, that people who will hit five different stores to get the best deal on a $500 computer are afraid to comparison shop when they’re making the most important purchase of their lives? If you’re [...] Read more:Mortgage
Canadian housing markets are overpriced 2008-09-08 19:01:19 Homeowners in the majority of Canada’s urban centres should be prepared for the possibility of housing price declines, according to a news release by researchers at the Sauder School of Business at the University of British Columbia.
Their study shows that with the exception of Toronto and Edmonton, houses in Canada’s major cities are overvalued, priced [...] Read more:Canadian
, overpriced
Mortgage Life Insurance 2008-08-26 22:34:06 If you have a mortgage and are a home owner, you have most likely heard the pitch for mortgage life insurance. It typically comes in an envelope from your lender and might include a letter from your lender suggesting that you buy a policy.
It is important to realize though, that the insurance itself is sold [...] Read more:Mortgage
Mortgage Insurance 2008-09-21 20:06:01 Getting a mortgage is bad enough – what with terms like fixed rate, discount, variable etc – so mention mortgage insurance and naturally your eyes will start to glaze over.
However, mortgage insurance is an extremely important insurance to have – in fact, it can the difference between keeping a roof over your head or ending [...] Read more:Mortgage
Banks cut prime rates on mortgage plan 2008-10-15 08:11:55 Canadian banks moved to lower lending rates on Friday after learning they will be able to get a short-term break on funding costs by selling more of their mortgages to a federal housing agency.
Bank of Nova Scotia was the second Canadian bank to trumpet a prime
-rate cut, but it cut deeper than the front-runner, [...]
Mortgage rates on a rise 2008-10-01 21:24:53 The credit crunch has hit home with yet another move by the big banks to jack up the cost of mortgages.
Mortgage
brokers report that the big banks and other lenders have stopped offering variable-rate mortgages with a discount off the prime rate.
It was common in the first half of 2007 to get a variable-rate mortgage [...]
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