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Continue reading "OSFI Official Defends its Mortgage Guidelines" »
No one wants to pay more for a mortgage. But tomorrow during a live chat we'll discuss when it actually might make sense…
Date: Wednesday, May 16th
Time: Noon (ET)
Hope to see you there!
How low is too low when it comes to mortgage rates?
Apparently the answer to that question is 2.99% on a 5-year fixed.
Finance Minister Jim Flaherty wasn’t too happy that banks broke the 3% barrier on 4- and 5-year rates back in January and March. He implied that those rate promotions were essentially irresponsible with Ottawa trying to temper credit growth.
"I think they've moved away from offering sales on mortgage interest rates. That was something we discouraged," he told the Globe & Mail recently.
Continue reading "Flaherty on Rates: How Low Can't You Go?" »
From an investment standpoint, few mortgage lenders present a better risk/reward than HomEquity Bank, a subsidiary of HOMEQ.
Its product, the CHIP reverse mortgage, has enormous upside in terms of growth, with extraordinarily low loss rates.
HOMEQ’s largest shareholder, Maxam Capital, agrees. It owns 14% of the company and sees "dramatic growth opportunities.”
So does Birch Hill, the company currently trying to acquire HOMEQ.
Despite both of them having a strong belief in HOMEQ’s future, they are not on the same page.
This year’s Mortgage Brokers Association of B.C. (MBABC) conference was a good time as usual. It was also educational. Here were some takeaways:
On home equity lines of credit (HELOCs)
Bank of Canada Deputy Governor John Murray said:
This week’s Globe column takes a look at 5% downpayments.
With some basic assumptions (but no predictions), we paint a hypothetical picture of the risks facing certain first-time buyers.
The assumptions themselves aren’t really critical to the conclusion. The takeaway remains the same: 95% LTV mortgages have their place but they put some a little too close to the edge…
The story: Buying with 5% down…
CMHC has inched closer to its $600 billion government-imposed default insurance limit.
The nation's top mortgage insurer has just released its annual report showing its insurance in force as $567 billion (as of December 31). That’s up 10% from 2010 and is just 5.5% below its allowed maximum.
Despite its growing insurance levels, CMHC says it has plenty of room to meet Canadians' core demand for mortgage insurance. CMHC suggests it can operate within its $600 billion parameters for two reasons:
Continue reading "Highlights from CMHC’s 2011 Annual Report" »