The necessary change would increase buyer budgets today, but likely decrease affordability in hot markets and introduce more volatility for buyers going forward.Last week our federal government announced that on April 6, 2020 it will change the way the Bank of Canada (BoC) calculates the stress-test rate that lenders use to qualify all insured mortgage applications.In today’s post I will explain what changed and offer five key observations relating to it. Read More Original Article Source Credits: move smartly, https://www.movesmartly.com/ Article Written By David Larock Original Article Posted on : February 25, 2020 Link to Original Article: https://www.movesmartly.com/articles/how-last-weeks-mortgage-stress-test-change-will-impact-borrowers  

With an announcement from the government that changes are coming to the mortgage stress test in April, prospective home owners are likely asking, what does this mean for me? Read More Original Article Source Credits: toronto storeys, https://torontostoreys.com/ Article Written By Christina Varga Original Article Posted on : February 18, 2020 Link to Original Article: https://torontostoreys.com/mortgage-stress-test-changes-2020/

New mortgage stress test rules set to be rolled out on April 6 could be a boon for would-be home buyers, as it will be more responsive to actual mortgage rates than the current posted rate system, but it “could also be more volatile,” according to the Royal Bank of Canada. Read More Original Article Source Credits: business financial post, https://business.financialpost.com/ Article Written By Yadullah Hussain Original Article Posted on :February 19, 2020 Link to Original Article: https://business.financialpost.com/executive/posthaste-feb-19-why-the-new-mortgage-stress-test-rules-could-not-have-come-at-a-worse-time-for-canadas-frothy-housing-market

Reverse mortgage clients of Equitable Bank can expect a quicker and less expensive closing process, according the the bank.Equitable, one of just two reverse mortgage providers in Canada, announced the launch of its new closing process this week. The change will mean, for example, that borrowers in Alberta, B.C. and Ontario will no longer be required to retain two lawyers to close their deal. Instead, Equitable Bank can work directly with their own lawyer to verify identification, register and fund the mortgage. Read More Original Article Source Credits: canadian mortgage trends, https://www.canadianmortgagetrends.com/ Article Written By Steve Huebl Original Article Posted on : January 17, 2020 Link to Original Article: https://www.canadianmortgagetrends.com/2020/01/latest-mortgage-news-industry-announcements/

Canada’s realtors produced another strong month of sales and prices in September, with gains in most major markets in a sign of strength for the nation’s housing market. Read More Original Article Source Credits: bnn bloomberg, https://www.bnnbloomberg.ca/ Article Written By Theophilos Argitis Original Article Posted on : Oct 15, 2019 Link to Original Article: https://www.bnnbloomberg.ca/canada-s-real-estate-market-is-in-full-recovery-mode-1.1331706

As an inexperienced mortgage seeker, finding the right product and lender and making a successful application are some of the challenges that you may face when dealing with the mortgage procedure. By working with a mortgage agent, you will be assured of being navigated through the entire process smoothly. As the bridge between you and the lender, a mortgage agent will work with a number of lenders to find a suitable mortgage product based on your needs. Unfortunately, with a slew of options to pick from, choosing the right professional to help you obtain a mortgage can be confusing. To make…

Canada’s mortgage market turned heads in 2019. From the plunge in interest rates, to the late-year surge in mortgage growth to the growing influence of online discount mortgage lenders, it was a year of milestones. Read More Original Article Source Credits: the globe and mail , https://www.theglobeandmail.com/ Article Written By Robert McLister Original Article Posted on : DECEMBER 27, 2019 Link to Original Article: https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-predictions-for-canadas-mortgage-market-in-2020/

The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from January 1, 2020 to March 31, 2020. Read More Original Article Source Credits: Canada.ca , https://www.canada.ca/ Article Written By:  NA  Original Article Posted on : 2019-12-19 Link to Original Article: https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2019/interest-rates-first-calendar-quarter.html

Canada’s largest reverse mortgage lender posted record originations last year, with factors such as disappearing workplace pensions and stringent stress tests for borrowing pushing seniors to tap home equity in order to pay debts and fund their retirement. Read More Original Article Source Credits: O.canada, https://o.canada.com/ Article Written By: BARBARA SHECTER  Original Article Posted on : January 14, 2020   Link to Original Article: https://o.canada.com/real-estate/mortgages/reverse-mortgage-business-is-booming-in-canada-as-seniors-tap-home-equity-to-pay-debts/wcm/3ef17d55-fa74-436d-80b6-8238d903d0cf

After a disappointing 2018, when housing prices and sales declined, 2019 has been a year of resilience for housing markets across most of Canada. Not only did sales numbers stabilize and resume an upward climb, but prices also demonstrated some strength. Read More Original Article Source Credits: O.Canada  , https://o.canada.com/ Article Written By: HAIDER-MORANIS BULLETIN  Original Article Posted on :December 20, 2019 Link to Original Article: https://o.canada.com/real-estate/things-are-looking-up-for-real-estate-markets-heading-into-2020/wcm/703bee06-abbd-4d99-9aba-dac69fedfe61

Purchasing your dream home needs serious financing, so if you’re looking for a mortgage broker, you need to put in a sufficient amount of research to find someone that matches your expectations. You need to go through the reviews you find online and speak to people who’ve worked with them. At Homeguard Funding Ltd., we are confident about the services we provide and will not shy away from giving you references. Besides, we will be happy to tell you why we are the top name in the mortgage industry. We have been in the mortgage industry for thirty-six years and have numerous happy…

We can state this with confidence because we asked homeowners across Canada about it in the 2019 Mortgage Consumer Survey. We learned how lender and broker clients feel about the home buying process with their mortgage professional – and any key differences. Read More Original Article Source Credits  :  Canada Mortgage and Housing Corporation , https://www.cmhc-schl.gc.ca/ Article Written By:  NA  Original Article Posted on : December 16, 2019 Link to Original Article: https://www.cmhc-schl.gc.ca/en/housing-observer-online/2019-housing-observer/how-lenders-brokers-measuring

There was hope this would change when Equitable Bank entered the market to rival HomeEquity Bank in 2018. Now, at long last, competition is paying off. Equitable Bank has dropped its pants on interest rates. Read More Original Article Source Credits: The Globe and Mail  , https://www.theglobeandmail.com/ Article Written By: ROBERT MCLISTER Original Article Posted on :   DECEMBER 10, 2019 Link to Original Article:  https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-is-equitable-banks-new-reverse-mortgage-a-game-changer/

After a disappointing 2018, when housing prices and sales declined, 2019 has been a year of resilience for housing markets across most of Canada. Not only did sales numbers stabilize and resume an upward climb, but prices also demonstrated some strength. Read More Original Article Source Credits: O.Canada , https://o.canada.com/ Article Written By:HAIDER-MORANIS BULLETIN  Original Article Posted on :December 20, 2019 Link to Original Article: https://o.canada.com/real-estate/things-are-looking-up-for-real-estate-markets-heading-into-2020/wcm/703bee06-abbd-4d99-9aba-dac69fedfe61

Today, the Bank of Canada announced that it will hold interest rates steady as evidence shows that the global economy is stabilizing. Read More Original Article Source Credits: Toronto Storeys , https://torontostoreys.com/ Article Written By: Deidre Olsen Original Article Posted on : December 4, 2019 Link to Original Article: https://torontostoreys.com/2019/12/bank-of-canada-rates-3/

Cell phone accounts work differently than a credit card or a line of credit. A cell phone is an open or “O” account, which means the balance has to be paid in full at the end of each month. Read More Original Article Source Credits: Canadian Mortgage Trends , https://www.canadianmortgagetrends.com/ Article Written By:RICHARD MOXLEY Original Article Posted on : NOVEMBER 25, 2019 Link to Original Article: https://www.canadianmortgagetrends.com/2019/11/how-your-cell-phone-can-keep-you-from-getting-the-lowest-mortgage-rate/

Buying a new home is already a stressful experience. With last year’s introduction of a mortgage stress test for all aspiring homeowners, that has only become more so.  Read More Original Article Source Credits: Financial Post  , https://business.financialpost.com/ Article Written By:  Nicholas Sokic Original Article Posted on : November 7, 2019 Link to Original Article: https://business.financialpost.com/real-estate/mortgages/mortgage-stress-test-first-time-homebuyers-and-retirees

Tighter mortgage regulations are making Canada’s housing market less risky, according to the government agency responsible for its oversight. Read More Original Article Source Credits:  BBN Bloomberg , https://www.bnnbloomberg.ca/ Article Written By: Chris Fournier Original Article Posted on : Nov 6, 2019 Link to Original Article: https://www.bnnbloomberg.ca/mortgage-stress-tests-boosted-canada-s-financial-stability-cmhc-1.1343941

Despite rock bottom borrowing rates, some Canadian real estate buyers are paying more. Bank of Canada (BoC) numbers show variable rates on residential mortgages made a big jump. Even with borrowing rates generally falling, variable interest mortgages are at a six year high. Read More Original Article Source Credits: Better Dwelling,  https://betterdwelling.com/ Article Written By: Daniel Wong Original Article Posted on : OCTOBER 17, 2019 Link to Original Article: https://betterdwelling.com/canadian-variable-mortgage-rates-are-rising-very-very-fast/

When you’re borrowing less, that premium is less,” Power says. “For the borrower, it becomes price minus down payment plus the mortgage insurance fees. That’s what they have to borrow. Read More Original Article Source Credits:  Edmonton Journal  , https://edmontonjournal.com/ Article Written By: JOSH SKAPIN  Original Article Posted on :  October 25, 2019 Link to Original Article: https://edmontonjournal.com/life/homes/new-shared-equity-mortgage-program-can-help-first-time-buyers-afford-home