Bank of Canada Rate Announcement April 17th, 2012

Posted by Scott Dawson on Apr 17, 2012 in Blog | 0 comments

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

For mortgage borrowers this means that those in Variable Rate Mortgages will see no change in their rate. There has been no change to the Bank of Canada rate since September 2010.

The next scheduled Bank of Canada date for announcing the overnight rate target is 5 June 2012.

MCAP Deal Run Mobile App Review [Video]

Posted by Scott Dawson on Apr 11, 2012 in Blog, Mortgage Industry, News | 1 comment

Deal Run mobile app is a new app available for in versions for your iPhone or iPad (iTunes Link), Android or Blackberry that allows Mortgage Brokers to submit mortgage deal information one the run to MCAP’s Eclipse alternative lending program.
The following is a review of the Deal Run app on the iPad and iPhone.

BC First-Time New Home Buyers’ Bonus Forms

Posted by Scott Dawson on Apr 11, 2012 in Blog, News | 0 comments

The BC First-Time New Home Buyers’ Bonus Forms and Guides are now available from the Ministry of Finance website.

Bank of Canada Qualifying Rate Increased to 5.44%

Posted by Scott Dawson on Apr 9, 2012 in Blog, News | 0 comments

The Bank of Canada Qualifying Rate has increased from 5.24% to 5.44% effective Monday February 20th, 2012.

In accordance with the new CMHC mortgage changes, at 12:01 AM EST Monday, the benchmark qualifying rate for insured high-ratio mortgages will be 5.44%.

Clients will now have to qualify based on the 5.44% interest rate if they want to choose a variable or a 1- to 4-year fixed term if you’re putting down less than 20%.

Steps in a Simple Conveyance of a Used Strata Property

Posted by Scott Dawson on Apr 4, 2012 in Blog, Guest Post | 0 comments

The following is a guest post by Brenda Balogh from Yaletown Notary Public in Vancouver. Her office is located at 130-1208 Homer Street in Vancouver. Brenda has been a great asset to my business and clients. If you are a Realtor or mortgage industry associate I would not hesitate to recommend her services.

In this post Brenda explains the conveyance steps that a Notary completes when you purchase a used strata property.