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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com


12 January 2011

Avoiding mistakes with your mortgage renewal
When you get your mortgage you have to sign a mortgage agreement. It has a certain term during which it remains in effect. And when the term ends, it’s up to what to do next: pay it off or renew it for one more term.  Actually, it’s quite a good opportunity for you to review your mortgage needs and see if your current mortgage meets them.
The lender’s duties
If you sign a mortgage agreement with a federally regulated financial institution, e.g. a bank, then the lender has to provide you with a renewal statement at least 21 days before the end of the term.  The statement must include the same type of information that your current mortgage agreement does: the interest rate, payment frequency, term and effective date. There also may be a mortgage renewal agreement. In case your lender doesn’t want to renew your mortgage, it must notify you at least 21 days before the end of your term.
Searching for a better mortgage – when should I start?

11 January 2011

Bank of Canada worries about the household debt level
The Bank of Canada (BoC) is still concerned about the increasing household debt level.  BoC representative Ms. Cote said the weakening of the Canadian housing market can affect other spheres as well.
In her opinion, the house price hikes will hardly support the household wealth as they have earlier.
“We have to understand that if there is weakening of the Canadian housing sector, it can easily affect other parts of Canadian economy, including consumption”, - she said in a speech. “In the second half of 2010 the residential investment decreased, but it’s still quite high. But in the same time, the BoC expects a certain weakening in 2011 because of the falling affordability level”.

10 January 2011

The implications of low posted rates
In November big 6 banks left their posted mortgage rates unchanged, but lifted their discounted rates.
But it seems the consequences turned out to be bigger than expected. Let’s see how these low rates influenced qualification rates, penalty calculations and cash-back down payment mortgages.
1.    Qualification rates
The qualification rate, which is 5.19% now, is used by lenders to see if you can afford higher payments in case of a rate hike. It must be used when approving all variable or 1-4 term high-ratio mortgages.
If the banks raised posted rates right after the discounted rates hike (as it’s usually done), the posted rates would have been 45bps (0,45%) higher — 5.64% instead of 5.19%.
It means the borrowers would have to show 5% more income to qualify for a high-ratio variable-rate mortgage.
It’s quite interesting to see how long the banks will keep such low rates, especially with today’s rate increase expectations.

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