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Showing posts from March, 2012

Industry Update

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Lately there has been lot of information in the media about mortgage rates along with housing forecasts. Here are a few articles that I have read lately that I found very interesting: Flaherty Tells Banks: Do Your Jobs www.canadianmortgagetrends.com/canadian_mortgage_trends/2012/03/flaherty-tells-banks-do-your-jobs.html RBC hikes 5-year mortgage rates www.cbc.ca/news/business/story/2012/03/26/rbc-mortgage-rate.html End of very cheap mortgages is healthy in overheated market www.montrealgazette.com/business/very+cheap+mortgages+healthy+overheated+market/6352854/story.html#ixzz1qGIfwV6M CMHC’s Reins Get Pulled Back www.canadianmortgagetrends.com/canadian_mortgage_trends/2012/03/cmhcs-reins-get-pulled-back.html If you have any mortgage related questions, please feel free to contact me. I am always happy to help! www.christinebuemann.com
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TD economist to Govt: Raise minimum down payment

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Brokers are guaranteed to bristle at the suggestion, but a top bank economist is among the first to advocate for an increase in the minimum down payment to 7 per cent instead of 5 – an option with significant implications for first-time and cash-back clients. "We need to acknowledge that a significant imbalance has developed and it poses a clear and present danger to Canada's medium-term economic outlook,” Craig Alexander, chief economist with TD Bank, said in a report late last week. “It also suggests that further actions to constrain lending growth may be prudent. "If the overvaluation was fully unwound rapidly, it would be three times the correction in the early 1990s." While other economists have called for further tightening of the country’s mortgage rules, Alexander is among the first to call for an increase in the minimum down payment to 7 per cent from 5 per cent. He has also broached the idea of instituting a minimum interest-rate floor for incom
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How to include your renovations in your mortgage

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Mortgage Broker vs. Bank Specialist

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Do you know the difference between a mortgage broker and a bank specialist? With a number of differences between the two, here is some useful information to help you understand. • A mortgage broker works for you, the client, giving them the ability to offer you mortgage products from a number of financial institutions. Because a bank specialist works for the bank, they can only offer you their institution’s products. • Where a mortgage broker must be licensed and is subject to a strict set of requirements, bank specialists are not licensed and require no formal training. • Mortgage Brokers use their knowledge and experience to negotiate the best possible rate and product for you from a number of lenders. When you see a bank specialist, that mortgage negotiating is typically left up to you. * Note: Mortgage brokers are paid by the lender not the borrower on most high ratio and conventional mortgages. If there is a cost, you will be advised of those costs up front. So, if you have
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