Last week the major banks all raised their posted rates which initiated an increase by the Bank of Canada on its Benchmark Rate. Effective today, the Bank of Canada has increased its Benchmark Rate from 5.14% to 5.34%. This rate is used as a 'Stress Test' on your mortgage application, it will not have any … Continue reading Bank of Canada Raises its Benchmark Rate
There is just over one week left until the new mortgage rules come into play. These new mortgage rules come into effect on March 18, 2011. I am sure everyone has heard about the new rules, but if you have not heard, there are 3 new mortgage rules coming. - The maximum amortization is being … Continue reading The New Mortgage Rules Are Coming But You Can Still Easily Own A Home
I am sure you have heard about the new mortgage rules coming in March. I thought I would just send out a note just in case you haven’t. Here is the official press release from the Department of Finance http://www.fin.gc.ca/n11/11-003-eng.asp The government has made 3 rule changes coming on March 18. 1. Amortization will be … Continue reading More Mortgage Changes Coming March 18!