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MORTGAGE NEWSLETTERS

The New Changes to Mortgage Insurance Regulations

2011-01-18 | 07:04:46

The Honourable Jim Flaherty, Minister of Finance, announced yesterday some significant changes to the rules falling under government-backed insured mortgages.  The changes were issued to support the long-term stability of Canada’s housing market. Canada’s well regulated housing sector has been an important strength that allowed Canada to avoid the mistakes other countries have made and helped protect us from the worst of the recent global recession.

The Changes:

* Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent.

This is probably the most significant of the changes.  This change affects the qualification and flexibility of those looking to obtain a mortgage.  Mortgages will be qualified at a higher payment because the length of time that the mortgage is based on will be reduced.  This also affects those looking to transfer their mortgages in the future as the natural amortization period of their mortgage will need to be reduced.

* Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes.

This change falls directly inline with the Bank of Canada’s ultimate goal.  To reduce debt to equity ratios in Canada.  By reducing the refinancing percentage to 85% the Bank will reduce the average Canadians ability to consolidate debt in to their mortgage.  This also reduces leveraging for those Canadians looking to do an equity take out for renovation or investment purposes.

* Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs.

This change ultimatley does not affect most Canadians but rather the institutions that offer them.  Most schedule A lenders offer Helocs on a conventional basis (20% equity must remain in the home).  This means that mortgage insurance would not be required in most circumstances.  There are however, lenders that fund mortgages that must be backed by an insurer.  These lenders will no longer be allowed to offer these products.  This change simply limits the number of lenders offering this product in the market.

Our Government’s ongoing monitoring and sound underlying supervisory regime, along with the traditionally cautious approach taken by Canadian financial institutions to mortgage lending, have allowed Canada to maintain strong and secure housing and mortgage markets. The adjustments to the mortgage insurance guarantee framework will come into force on March 18, 2011. The withdrawal of government insurance backing on lines of credit secured by homes will come into force on April 18, 2011.

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The following rate minder is from May 06, 2013

Michael MariniDominion Lending Centres Funds Phone: 416-534-3476 begin_of_the_skype_highlighting 416-534-3476 FREE end_of_the_skype_highlighting Email: mmarini@dominionlending.ca http://www.MichaelMarini.ca This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is “free”.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)• Our Best Rates• Explore Mortgage Scenarios with Helpful Calculators on http://www.MichaelMarini.ca Terms Bank Rates Our Rates 6 Month 4.00% 3.95% 1 YEAR 3.00% 2.69% 2 YEARS 3.04% 2.49% 3 YEARS 3.65% 2.75% 4 YEARS 4.64% 2.89% 5 YEARS 5.24% 2.84% 7 YEARS 6.35% 3.59% 10 YEARS 6.75% 3.69% Rates are subject to change without notice. *OAC E&OE Prime Rate is 3.00% Variable rate mortgages from as low as Prime - .10% Please note that rates shown above are subject to change without notice. The rates shown are posted rates and the actual rate you receive may be different, depending upon your personal financial situation. Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you. *O.A.C., E.& O.E. We are Canada’s premier online mortgage lender, and one of the fastest growing mortgage companies nationwide! Our Brokers are Experts in their field and many are ranked amongst the best nationally. We close loans in all 10 provinces and 3 territories. We can process your mortgage in as few as 7 days. We have more than 100 mortgage programs making it easy to choose the best fit for your situation. We are the preferred mortgage lender for several of Canada’s top companies. Dominion Lending Centres’ Mortgage Experts are available anytime, anywhere, evenings and weekends — we’ll even come to you! 45 Harbour Square Toronto ON M5J 2G4

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TORONTO, March 5, 2013 – Greater Toronto Area (GTA) REALTORS® reported 5,759 sales through the TorontoMLS system in February 2013 – a decline of 15 per cent in comparison to February 2012. It should be noted that 2012 was a leap year with one extra day in February. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 per cent.