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Lenders like to keep you in their web as long as possible. If you’ve got a closed mortgage and try to escape, they sink their penalty fangs deep in your wallet.
To the surprise of many, there are dramatic differences in how those penalties are calculated, even at the same bank.
CIBC, for example, sells mortgages under multiple brands, with “CIBC” and “FirstLine” being the most popular.
Recently, we did an interest rate differential (IRD) penalty calculation for a FirstLine customer who wanted to refinance. This client was fortunate to have closed his mortgage at FirstLine instead of directly with CIBC.
Government mortgage restrictions instituted from 2008-2011 have not achieved their goal, suggests Desjardins’ Senior Economist Benoit Durocher.
He wrote this on Thursday:
“…The third series of [government mortgage rules] was announced nearly a year ago now, and we must conclude that the tightening introduced to date has not
slowed the market enough.Under these conditions, it is likely, and perhaps even desirable, that the federal government will shortly announce a fourth series of measures to further limit mortgage credit.”
It almost sounds like Durocher has some inside info.
Continue reading "Comparing New Amortization & Down Payment Rules" »
Company: Pillar financial Services Inc.
Position Title: Business Development Officer
Years of Experience Required: 5-10
Licences or Registrations Required: Registered Mortgage Broker
Location of Positions: Ottawa, Ontario
Applicants may contact: barb.neill@robinsonsgroup.com
Click on the position title above for more information.
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On Wednesday, the Federal Reserve dished out good news to mortgagors holding short-terms or variable rates.
The U.S. central bank threw a curveball at financial markets by projecting “extraordinarily low levels” for American interest rates through “at least” 2014. That’s a full year and a half later than its prior forecast.
With an 83% correlation* between Canadian and U.S. policy rates, this news will certainly impact Canada’s mortgage market.
Continue reading "1-Year Terms Looking Better With Latest Fed Forecast" »
In the stock market, “pennying” (a.k.a. penny jumping) happens all the time.
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