New to Canada Mortgage Program and Stats
Below are some interesting numbers of New to Canada residents.
We specialize in New to Canada programs as there are many in’s and out’s with the details.
Because New to Canada people do not have the standard 2 years of Canadian credit history here to buy a home, there are special programs that help them buy as soon as they have a full-time, perminant job.
Slight mortgage rate increase on the way?
We watch lots of technial things to see where rates are going. One of those is the CMB – Canadain Mortgage Bond.
Today, the benchmark government of Canada five year bond yield ended the week at 0.79%, up from 0.73% the previous week.
More bad news about collateral loans
More collateral info in the press. As we have been saying for more than a year now; collateral loans can trap you later. Leverage the expertise of a person who has dealt with mortgages all day for more than 10 years when deciding what is best for you.
Short version of the article below: it is going to cost you about $2,500 to get out of a mortgage with a collateral charge when the term is done. That is not a “payout penalty” but the cost to re-register your mortgage later at a different bank when they try to renew you at a higher rate at the end of your term.
Data on why oil prices collapsed
Below is the entire Forbes article and link it.
Summary is there was too much oil and the prices came down. Prices should slowly go back to about $70 a barrel – which is just fine. This is great news!
1 Graph Shows Why Mortgage Rates Are Lower in Jan 2015
The graph below shows why rates have found what we think is a short term low. This will not last forever so be sdure to get a rate hold now!
30 day Canadian Mortgage Bond (CMB) trend – below
Interest rate predictions are tough
I found this in a retirment planning post ….
Every year since 2009, experts have predicted that “rates have nowhere to go but up,” only to be confronted with what seems to be perpetually low rates.
Variable rate mortgage – how payments will change for the new rate
We are getting many calls on this so here is how it works for MOST of the banks.
The Bank of Canada (BofC) reduced their Prime rate by 1/4 % or .25% last week to 0.75% from 1% where it has been for about 3 years.
ATB = collateral mortgage registrations too
ATB – Alberta Treasury Branches – is registering their mortgages are collateral mortgages.
Are you sure you want one of these?
Have a look at the previous articles showing why the banks want you to have this, and you do not want it:http://blog.markherman.ca/?s=collateral
32 Mortgage Experts Give their Top Tips for Home Buying
Joe Samson & Associates of CIR Realty asked 32 top mortgage experts our tips for home buying. The results are interesting for sure. And I do agree with most all of what they say.
A great set of top mortgage tips for sure.
2014: #1 Mortgage Brokerage in ALL of Canada! AGAIN!
Yeah!
Mortgages are Marvellous just won the #1 mortgage brokerage for all of Canada, based on total value of funded mortgages at Mortgage Alliance, Canada’s largest SuperBrokerage with more than 100 offices and 1,800 agents from coast to coast.We also won this in 2013 so this is 2 years in a row.