Mortgage rate parade: Scotiabank joins other banks in boosting rates
The Bank of Nova Scotia has joined the parade of Canadian banks raising mortgage rates, saying late today that it would match increases announced by CIBC and National Bank earlier in the day. Read More
Mortgage brokers taking a closer look at who is buying
The Bank of Canada warned in late 2009 up to 10 per cent of Canadian homeowners might be in danger of losing their homes when interest rates started to rise from today’s historic lows.
Is Canada heading down the same path as our neighbours to the south? Are we looking at a mortgage meltdown somewhere down the road? The answer from mortgage lenders and brokers is short and unequivocal: No. Read More
Mortgage insurance is a pillar of Canada’s strong housing market
Mortgage insurance — policies that protect lenders in case of default — has revolutionized the Canadian housing market, experts say. For a relatively low premium, tacked onto the face value of a loan, buyers can own their home with as little as five per cent cash down payment.
First introduced about 35 years ago by what was then Central Mortgage and Housing Corp., it has meant that as house prices across the country soared, so did the ability of the average working Canadian to buy a home without waiting years to raise a 20 per cent down payment. Read More