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iable Mortgage Premiums Shrink

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Interestingly, bankers acceptance (BA) yields have not gone down in that timeframe.  Nor has prime rate.

BA-Yields-20090530Instead, it appears that liquidity spreads above BA yields are improving.  (Liquidity spreads represent the extra premium that lenders pay for variable mortgage money.)

There are at least two factors at work here.  Short-term borrowing costs, in general, have improved significantly.  (See this story on the TED spread.)

In addition, lenders with alternative funding sources (like deposits) are currently flush with cash as investors park money in safe accounts.

Each factor is helping lenders generate short-term capital at better rates, which lenders are then passing along to borrowers (some lenders faster than others).

Going forward, unless we get another market shock, variable rates may continue to drift lower.  No one knows if we’ll get back to “prime minus” this year, but variable rates may indeed get closer to prime.

Posted at 12:17 PM in Mortgage Rate Trends | Permalink | Comments (1)
May 28, 2009
Scotia STEP Now Automatically Readvanceable

Scotiabank Scotia has always had a solid readvanceable mortgage (the STEP), but it’s been plagued by one nagging problem.  Up until recently, you had to manually request a re-advance of credit when you made a principle payment.

No more.

The Scotia STEP is now automatically readvanceable.  If you pay down $100 in principle (the minimum increment), then Scotia automatically increases your authorized available line of credit by that amount.

This change has been a long time coming and it corrects the biggest fault of the STEP.  Mortgage planners and those considering the Smith Manoeuvre should be quite pleased by this new option.

Posted at 01:02 PM in Mortgage Broker News, New Mortgage Products | Permalink | Comments (11)
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Posted at 12:41 PM | Permalink
Yields Way Up

Canada’s 5-year bond closed Wednesday at 2.56%…after its biggest 2-day jump in eight months.

As most know, fixed mortgage rates are linked to bond yields.  Certain non-bank lenders have already reacted by raising rates 0.05% to 0.20%.

5-year_bond_yields

While no big banks have moved yet, they may be getting anxious.  The cost of funds on 5-year money has soared roughly 30% (relatively, not absolutely) in the last month.

The spread between banks’ advertised 5-year rate (3.95%) and bond yields is now down to 1.39% from about 2.00% a month ago.  When you factor in branch discretion (i.e., the additional discounts offered to some customers), the spread is often even narrower.

It is difficult to imagine the Big 5 not raising rates if yields move higher.  A lender email from yesterday said: “rates are artificially low. Watch for fixed rate increases.”  Indeed, it seems some lenders are taking extra pains to avoid raising rates and giving up market share.

Posted at 08:45 AM in Mortgage Rate Trends | Permalink | Comments (20)
May 27, 2009
Front-Loaded Variables With Martin Shao

Front-Loaded-Variable-Mortgages With the Bank of Canada “promising” a low overnight rate until 2010, many homeowners are considering taking out variable-rate mortgages for a year and then locking in.

We spoke with Martin Shao, President of Valueland Mortgages, about how front-loaded variables fit into this picture.  Our chat follows here…

______________________________________________________

CMT:  Martin, Thanks for being with us today. I noticed Valueland now offers a front-loaded variable at prime + 0.10%. Why is a front-loaded variable a good option in this market?

Martin Shao:  According to our central bank’s last monetary policy, Canada's overnight lending rate is expected to remain at a low level until mid next year. As a result, variable rates will remain low for about a year or so.

However, we expect elevated interest rates towards next summer.  People with variable-rate mortgages can then choose to convert into a fixed rate.

Variable-rate discounts after that conversion period do not provide much benefit.

CMT:  Okay, so in other words, a front-loaded variable packs the greatest discount in the first year. Given this, would you recommend that most well-qualified borrowers with sufficient equity choose a front-loaded variable, or a discounted fixed rate?

Martin Shao:  My top recommendation is still for a low discounted fixed-rate mortgage. However, for those who would like to take some risk and save in the first year (when their mortgage amount is the most), front-loaded variables provide more savings up front.

CMT:  What risk is there, over the next year, in choosing a front-loaded variable over a fixed-rate?

Martin Shao:  The risks are associated with the general Canadian economy. If the economy turns unexpectedly better before next summer, variable rate takers would see a negative impact on their mortgage payments.

The second risk is the uncertainty of fixed rates when a variable-rate borrower wants to lock in his or her mortgage rate.

CMT:  Last year, there were several lenders promoting front-loaded variables.  This year there are almost none.  Do you expect lenders will re-launch front-loaded variables anytime soon?

Martin Shao:  With short-term rates stabilizing, lenders may re-launch this type of product in the near future to differentiate themselves. Even without lenders re-launching them, Valueland has started offering front-loaded mortgages in a different form.

CMT:  That’s interesting that you’ve created your own version. Who would you say these products are best suited for?

Martin Shao:  The deep discounted rate for the first year would be best suited for those who are almost 100% sure they will convert their variable rate to a fixed rate mortgage.

CMT:  Excellent. Thanks again for the perspectives Martin.

_______________________________________________________

Martin Shao is founder of Valueland Mortgages. Valueland has a highly successful Internet brokerage model and is based out of Markham, Ontario. Before he became a mortgage broker, Martin had an extensive background in financial services. He holds a B.Sc. and a Master’s degree in financial information management and has been one of ING Direct's and INALCO’s top-performing brokers.

Posted at 12:03 AM in Mortgage Interviews | Permalink | Comments (6)
May 26, 2009
Merix Now At P+0.40% on Variables

Merix Merix Financial has taken the lead in the variable-rate market by offering prime + 0.40% on its Adjustable Rate Mortgage (ARM).

This is the lowest nationally-available variable rate we’ve seen since last fall.  It also significantly undercuts all the big banks.

The news is especially impressive because Merix is a non-bank lender.  It does not have the benefit of deposits, which the big banks are using as a low-cost way to fund their variables.

Merix’s ARM is available through Merix-approved mortgage planners only.  It can be converted at any time to one of Merix’s best discounted fixed-rate mortgages.  It also comes with a 120-day rate hold for purchases and switches, and 60 days for refinances.

Please contact a mortgage planner for complete details.

Posted at 12:50 PM in Mortgage Rate Trends, New Mortgage Products | Permalink | Comments (1)
May 25, 2009
Regional Mortgage Deals

Credit unions have discovered the power of the Internet. Here are two regional lenders offering selected rates on the net that are well below the market.

In Ontario…

    Meridian-Credit-Union Meridian Credit Union has an ultra-hot, 1-year mortgage promotion going.

    It's offering the “Better Than Market” 1-year mortgage at just 2.25%—about 1/2% below the nearest competitor.

    The deal is available only by going direct through Meridian branches.

    Meridian calls itself the largest credit union in Ontario, serving more than 214,000 members with total assets under administration of $4.6 billion. Meridian is based in St. Catherines, ON and Toronto.

In Winnipeg…

    Cambrian-Credit-Union Cambrian Credit Union is offering a variable-rate mortgage at 2.49% (prime + 0.24%).  That’s 0.36% or more below most other variables.

    The deal is available only by going direct through Cambrian branches.

    Cambrian Credit Union is Winnipeg’s largest credit union.
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大家好！我是新来的，来自雪域高原~~挺我的顶！












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