The Bank of Canada announced Wednesday it will maintain its target for the overnight rate; days before the fourth anniversary of BoC upping it to one per cent. “Overall, the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished,” the bank’s official release states. “The […]
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CIBC Mortgage Penalty Law Suit a Go
CIBC’s law suit against them is a go and could pose to be a very historic time for the way banks calculate their penalties. We’ll just have to wait and see! And it doesn’t just stop in 2009…it’s still happening. A B.C. court says the mortgage penalty class action against CIBC can proceed. The court […]
Bank denies mortgage life insurance claim
I’ve heard of this happening too many times. We must as mortgage brokers offer some form of mortgage insurance. The one we offer is superior to the banks in a few ways, however, I always prefer all my clients to explore the option of proper insurance through my Insurance Professional. ~~~Brokers should warn clients of […]
Another not always about rate post.
An email I received this morning from a lender sparked this one. They’re calling this a ‘great promotion’. I choose to differ… 2.95% for a five year mortgage! Sounds good and will most likely get the phone ringing. However, I would run, fast, away from this extremely restrictive product. Here’s the fine print which pretty […]
No more CMHC second home or stated income
CMHC announced today that their second home and stated income programs will be no longer as of May 30th. It’s never good news when products, that we used often enough, are eliminated from our basket. These two aren’t used a ton, however, are very important. Especially for self employed borrowers. Their limitations of buying a […]