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 […]
General Information
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 […]
Pre-approvals – Should you get one?
This article is from the Globe and Mail. I’ve edited a bit to make it to add a little of what I do for my clients as a guide. Putting your full faith in a mortgage pre-approval is like betting on a heavy favorite in a horse race. You’ll probably win but there’s room for […]
CMHC Premiums for Self Employed and Rentals
We must not forget about the premium increases in the self employed, stated income, program as well as for rental properties. Rentals can’t be purchase with less than 20% down and generally the premiums are not included. Loan-to-Value Ratio Total Loan Amount Increase to Loan Amount Up to and including 65% 0.90% 1.75% Up to […]