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Home Loan Borrowers Turning to Fixed Rate Mortgages

A recent report by the CBC shows those looking for home loans are showing a preference for fixed rate mortgages. This could be due to the belief that interest rates are heading slowly upward for the next 5 years. The CBC cited data compiled by the Canadian Association of Accredited Mortgage Professionals which showed 86% of borrowers taking out mortgages in 2009 opted for fixed rates. The CAAMP studied... [Read more]

Bank of Canada Keeps Rates Steady – Good News for Homebuyers

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent. The BOC states that Canada’s economic recovery is expected to grow with the economy returning to full capacity and inflation to the 2 per cent target in the third quarter of 2011. The Bank projects that... [Read more]

Mortgage Insurance for First Time Homebuyers

About half of all homes purchased today involve what are called high ratio mortgages. This means the buyer couldn’t raise the 20% downpayment which is normally required by banks and other lenders to purchase a home or condo. In the past, First Time Homebuyers inability to raise the necessary downpayment meant a person or couple wouldn’t be able to get a home mortgage. Since home building... [Read more]