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In another mandate by the OFSI federally regulated lenders will eliminate Cashback Down Payments. Lenders, such as credit unions, who are provincially, not federally, regulated may still approve these mortgages. However, CMHC spokesperson Charles Sauriol stated “CMHC supports the implementation … Continue reading
The Feds have moved the financial goal posts yet again, this time by capping HELOC loan to value ratio at 65% but some exceptions still apply, most notable with Credit Unions as they are provincially, not federally, regulated.
The Bank of Canada keeps interest rates at 1% which has remained the same for 2 years, marking the longest period of unchanged rates since the 1950s.
Since 2008 the Canadian Finance Ministry has tightened up the rules for government-backed mortgages 4 times. The most recent change in July 2012 hurt Canadian first-time home buyers the most because it made it harder to qualify for financing. Use … Continue reading
With the drastic changes caused by our new mortgage rules, some lenders are offering deeply discounted rates, such as this New 5 Year Fixed Rate Being Offered for 2.99%.
Bank of Canada keeps interest rates on hold. The Bank of Canada kept its overnight rate target at 1 per cent on July 17th, 2012. Borrowing costs have been unchanged at this level since September 2010.
Now that the new mortgage rules from the OSFI have taken effect, there are Opportunities for Some Credit Unions.
The government announced today in its budget that Canada will withdraw the penny from circulation. A one cent coin costs a penny-and-a-half to make, so this move only makes… sense…