Some mortgage lenders recently have been dropping there promotional lower rate mortgages on conventional deals (deals with at least 20% down payment or equity in the property) as Canada Mortgage and Housing Corp. is cutting back on mortgages it insures as the Crown corporation edges closer to a $600-billion cap imposed on it by the federal government, the Financial Post has learned.

EXTRA, EXTRA, READ ALL ABOUT IT…. 5 years fixed No-Frills mortgage for 2.99% by BMO….wow, can you believe it?    Well, don’t get too excited…  At CanadaMortgageNews.ca we give you the straight talk…  and guess what, No-Frills mortgages aren’t anything new…

Rising household debt, limited consumer demand and European economic instability could impact Canada's housing market this year, and some experts believe the Canadian government could again tighten mortgage regulations.

It’s now January 2012, high canadian consumer debt load is in all the news media, your New Years resolution might have been to work on reducing your debt, so here's a great way of looking at it. Fixed mortgage rates are at historical lows…a 5 year fixed rate can be had for 3.39% and in some cases, even 3.29%.   Does it make sense to refinance your mortgage and consolidate that car loan, student loan, credit card, line of credit or other debt?   The answer is an overwhelming YES!

Some people may find that their credit rating needs improvement if they are going to lock in a loan at an affordable interest rate.

Refinancing can help you accomplish your financial goals by providing you with the means to reduce the amount of interest that you pay over the term of the loan and/or by reducing your payment to increase your monthly cash flow

Joe Waddell got the best cross-border bargain of his life last year — a three-bedroom, 1,700-square-foot condo for just under $120,000 (U.S.).

The more financially unprepared you are for retirement, the more likely it is that there’s a reverse mortgage in your future.

Mark Carney, governor of the Bank of Canada, said Wednesday the central bank is standing fast to its price-stability policy and will keep lending rates near historic lows to limit the impact of a global economic downturn.

Five year bond yields have been relatively stable over the last week and generally positive news out of North America clashes with sovereign debt concerns in the eurozone.

Metro Vancouver home prices have skyrocketed 128 percent during the past decade, prompting more potential home buyers to seek affordable homes outside the city.

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.

 

Residential sales are forecast to rise 3.2 per cent from 74,640 units in 2010 to 77,000 units this year, increasing a further 3.9 per cent to 80,000 units in 2012, according to the British Columbia Real Estate Association (BCREA).

Experts believe the state of the Lower Mainland’s housing market is stable and balanced – and thus an excellent time to buy a new home.