BMO now has the longest regular rate guarantee period of any Big 6 Bank. On Tuesday, Canada’s fourth largest bankupped its rate hold period from 90 to 130 days. Prior to that, 120 days was the longest normal rate hold of any big bank. Note: “Normal” rate hold means a rate hold that applies to the lender’s regular rates. Banks...
Private (non-prime) lenders are gettingtapped out across the country. Fisgard Asset Management Corporation, one of Canada’s largest mortgage investment corporations (MICs), is no exception. “It’s a dynamic time right now,” says Hali Noble, SVP atFisgard. She explains thatHome Capitals’ near-failure, Equitable Bank’s funding problemsand government rule tighteninghave spikeddemand for private mortgages.The company, whichmanages $240 million in loans,has almost fully utilized...
Mortgage Finance Companies (MFCs) pitch themselves as a better alternative to the banks. But that’s definitely not true in all cases. Here’s one example. At the moment, certain MFCs are refusing to offer blends and increases and/or refinances to existing customers. They’re doing this despite marketing those very same “features” to the brokers who sell their mortgages, who in turn...
It’s easy to stoke fear of a crisis when there’s already a purported crisis. Toweringhousing valuations in Canada’s internationally renowned cities have prompted bubble-talk for years. Housing bearsare constantly speculating on what it’s going to take to “pop” it. Well, now we have a pin, some say: Home Capital’s scandalous potential failure. But we don’t see it that way. Despite...
A reader asked this on one of our message boards this week: “I don’t understand why every site doesn’t have a refinance selector. How are you supposed to find a rate for a refinance otherwise?” Heck of a good question. After all, there are only three reasons you get a mortgage: topurchase a property(20% of borrowers get a mortgage for...
Months of Wasted Fed-Speak Summer Fed hikes are dead. But not before the economy was misread, leaving many borrowers mislead — wishing the Fed left its rate-hike calls unsaid. The U.S. Federal Reserve is having trouble seeing through the economic mist and, as this little ditty conveys, it’s confusing the heckout of borrowers. Amid its ongoing rate-hike forecastscomes last Friday’s...
As we turn the page on 2015, get ready for a host of new mortgage trends inthe next 12 months.We’ll seenew down payment rules, moretalk of negative interest rates, and surprising moves withbond yields. Analysts are already making their predictions on how mortgage shoppers will be affected.Here’s a glimpse of what they’re saying now: On Higher Down Payments Lastweek the...
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