Tag Archives: interest

CMHC LOAN INSURANCE – HOW IT WORKS & HOW IT CAN BE IMPROVED

SOURCE: DAVID LAROCK In many ways, our government run CMHC mortgage loan insurance program works a bit like the typical Bank of Mom and Dad. When lenders find people who need mortgage loans and don’t have a down payment of at … Continue reading

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CMHC CHANGES ITS MORTGAGE INSURANCE PRODUCT OFFERING

Source: Canada Mortgage & Housing Corporation As part of the review of its mortgage loan insurance business, CMHC is discontinuing its Second Home and Self-Employed Without 3rd Party Income Validation mortgage insurance products effective May 30, 2014. Self-employed Canadians can … Continue reading

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UNDERSTANDING HOW TERM AND AMORTIZATION WORKS CAN SAVE YOU THOUSANDS!

Source: Home Ownership Editor & OCNA Special to Money Management Newsletter If there is one thing that confuses the public it is the difference between the Mortgage Term and the Mortgage Amortization Rate. The Mortgage Term is that period of … Continue reading

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WHAT ARE PRE-PAYMENT PRIVILEDGES?

Source: Lindsay Blair,  Mortgage Agent, Oriana Financial Pre payment privileges allow you to pay more per month or year towards your mortgage without any penalties, and that sum goes directly towards your principal and not into interest. This is a … Continue reading

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WHAT’S HAPPENING WITH RATES?

Not to long ago around a month or so, you could find variable-rate mortgages at prime – 0.8% or better. Not only did consumers hope they would stay, many thought that they would never consider a fixed rate mortgage again. … Continue reading

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KEY INTEREST RATE HOLDS STEADY

Mortgagebrokernews.ca The Bank of Canada will keep its pivotal overnight interest rates unchanged at 1%, with governor Mark Carney once again refusing to pinpoint when exactly he’ll nudge it upward. Tuesday’s move – or rather, the absence of a move … Continue reading

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