Private Insurers Go Their Own Way
Some good news from Canada's two other mortgage insurers. They will not follow CMHC with product changes.
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The Improvement Mortgage
One of the best mortgage options out there, is the use of a purchase or refinance plus improvement loan. Essentially, these programs allow you to renovate or customize a property and obtain financing based on the as complete value. This is a huge opportunity for buyers to get the home they want or for existing home owners to take on a renovation project. With Government sanctioned limitations on equity takes out in the past couple of years, the plus improvement loan is a real winner. For more information on this and how Mortgage Connection can help you with it, please give us a call 403.229.3390.
Rates Drop (Quietly)
The reality of rising rates has come to a stop. The exact opposite is happening. Fixed rates have continued to fall from their recent peak in the summer. 5 year fixed money is creeping closer to the all-time lows that were present in spring 2013. With another RRSP season upon us, lenders will be flush with cash and we should see a continuation of cheaper money. On the variable side, discounts off Prime have increased and the BoC has once again kept the overnight rate unchanged.
Deciding on what mortgage is more than just fixed or variable
Financial advice expert Bruce Sellery, answers a question about what mortgage to take. Check out his response and some insight from Mortgage Connection broker, Joe Jacobs.
Click here: Moneysense.ca