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Mortgage Rules Changing Again!

Here we go again. The Office of the Superintendent of Financial Institutions had proposed new guidelines for mortgage underwriting back in March and final Residential Mortgage Underwriting Practices and Procedures were released to financial institutions today. Along with these, the Department of Finance announced new mortgage rule changes in an effort to limit the debt Canadians are amassing and ...

Time to Renew?

With a blink of an eye, five years is over and you're starting to get the notices reminding you that your mortgage is up for renewal. You may have conveniently gotten your renewal papers in the mail from your lender offering you a rate that's lower than what you were paying before (this is because current mortgage rates are at a historical low). It's easy to just sign on the dotted line and mail it ...

Self-Employed Borrowers Could See Tougher Times Ahead

Recent studies have shown that self employment is on the rise, making up approximately 15% of the workforce in Canada. However, the trend is making it more difficult for the self-employed and other unique prospective mortgage clients to get a mortgage. Many major lenders have quietly eliminated their stated income programs or are tightening their lending review process for self-employed individuals. ...

The CENTUM Network To Make Children’s Wishes Come True

If you go on The Children’s Wish Foundation of Canada website, you’ll see a video about Darcy Lee. He’s a 6 year old with Idiopathic lymphedema(with pleural and pancardial infusions), an illness usually resulting from an impaired lymphatic system (part of the immune system that deals with infections). The illness causes swelling in the body, most commonly in the arms and legs. There ...

Save on Interest Payments

If you ever watch HGTV Canada, you’ve most likely seen shows like “Til Debt Do Us Part” or Slice channel’s “Princess” – shows that bring in a professional to help people come to their senses and manage their debt. Everywhere you turn these days, you’ll hear people talking about debt. The economic crisis in the United States and Europe has shone a light ...

What Happened in 2011?

It’s that time of year again. The market slows to a crawl as Canadians prepare for the holiday season, and we all stop to reflect on the year that has passed. What did 2011 mean to CENTUM and to the mortgage industry? When we think about it, one word comes to mind as the best description: Change. The vast majority of Canadians have been sheltered from the economic turmoil seen around the world ...

“Snowbirds” Escape for Winter

Everywhere you turn, people are talking about the economic slowdown and if it’s still a good time to buy that vacation home in the U.S. or someplace else. According to the National Association of Realtors, Canadians were the biggest foreign buyers of American real estate in 2010. That shouldn’t be surprising considering our proximity and the strong Canadian dollar. Real estate companies ...

How Do You Choose Which One is Better - Fixed or Variable?

As promised in our blog last month, I thought we would do an overview of fixed versus variable rates, as this is a constant water cooler topic. As predicated, lenders have made significant changes to variable rate products. Most of the leading lenders are still offering prime rates at 3.00%, and five-year fixed mortgage rates are hovering in the 3.40% – 3.69% range. What does this mean to ...

Giving Thanks to Low Mortgage Rates

At this time last year, sitting around the feast laden table, many economic forecasts indicated that mortgage rates would be on the rise in 2011. Here we are on the fleeting end of the year and rates for the most part have remained at a historical 30 year low. Although prime rate remains unchanged, a noticeable trend over the second half of the year seems to be the pricing by the mortgage facilitators ...

How Much Do You Know About Your Mortgage Protection Insurance?

If you've ever bought a home, you've probably been there: you meet with a lender to sign your mortgage documents and he or she offers you mortgage protection insurance. It can be as simple as ticking off a box and signing on the dotted line to accept the premiums and insure you and your family against death, disability or other catastrophic event that might leave you unable to make your ...
Tags: Insurance
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