Mortgage rates: went down last
week, best offer is 2,97 for 4 year fixed rate or an amazing 2.55% for 5y
variable rate. (see attachment)
Mortgage news: as you may have heard, the Canada Mortgage
and Housing Corporation (CMHC) and Genworth Canada announced that mortgage loan
insurance premiums will increase on May 1, 2014. CMHC estimates that the
average Canadian home buyer requiring insured financing will see an increase of
approximately $5 to their monthly mortgage payment. Who is impacted? This change is applicable to owner
occupied, self-employed, rental properties up to 4 units, and low-ratio
refinance premiums. The mortgage loan insurance premiums for home owner and 1 - 4 unit
rental residential properties will increase by 15% on average; here it’s a
small chart showing increments:
Loan to Value Ratio
|
Current
|
New Premium starting May 1st.
|
Up to and including 80%
|
1.00%
|
1.25%
|
Up to and including 85%
|
1.75%
|
1.80%
|
Up to and including 90%
|
2.00%
|
2.40%
|
Up to and including 95%
|
2.75%
|
3.15%
|
·
As
you may understand, stated income will be charge even more (ask me for details)
·
In
order to be eligible for the current (lower) mortgage loan insurance premiums
and surcharges, I need to submit your client’s application prior to May 1.
·
Pre-approvals
that aren’t converted to live deals will be charged on the new premium.
From Td Economics:
· All eyes were on Ukraine this week, as high tensions and mounting
geopolitical uncertainty tempered global economic optimism heading into 2014.
· As was universally expected, the Bank of Canada held firm on its
overnight rate, keeping it at 1.00%.
· Imports declined by 1.6% in January. Exports edged up by a
marginal 0.2%, primarily on energy prices – in real terms, exports were down
5.3%.
· Employment contracted by 7K net new positions in February,
surprising markets who had been expecting a 15K gain. Meanwhile, the
unemployment rate held steady at 7.0%.
· GTA Housing update- Td Economics http://zh.scribd.com/doc/211767131/GTAHousing-2-2014
Thank you for sharing this information and Very good looking blog.
ReplyDeleteSelf Employed Mortgages Ontario