Mortgage News

My Idiot Neighbour Got His Mortgage From The Bank

Posted by Richard Kitts on Wed, Mar 25, 2015 @01:19 PM

As funny as this video is, it does drive the point that the Banks are not your friends and the Mortgages offered are tailored for the Banks and not the consumer.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: mortgage broker, Kitchener, mortgage, Waterloo, rates, banks

The BMO 2.99% Mortgage: A fine deal in the fine print?

Posted by Richard Kitts on Thu, Mar 27, 2014 @04:40 PM

Word can spread pretty quickly in the Kitchener Waterloo mortgage Rate War world, and today has not been an exception to this. Case in point: BMO has recently announced an aggressive move to lower its 5 Year rate special to 2.99% in an attempt to move business and gain market share. 2.99% is an excellent rate, and is definitely worth considering – so why don’t we do just that… Let’s take a closer look at the BMO mortgage offering to see how special this special, really is.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: BMO, Kitchener, KW, mortgage, Mortgage Rates, 2.99%, Waterloo, rates

BoC Rate Guidance: Use with Care

Posted by Richard Kitts on Wed, Dec 18, 2013 @03:46 PM

The Bank of Canada exudes credibility. It’s an internationally respected central bank, it operates with minimal political interference and it has contained inflation for 22 years.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Bank of Canada, rate, rates

Bank of Canada maintains overnight rate target at 1 per cent - July

Posted by Richard Kitts on Wed, Jul 24, 2013 @09:28 AM

Ottawa -The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Homebuyers, Canada's housing market, Ontario, Kitchener-Waterloo, KW Mortgage, Kitchener-Waterloo Mortgage, Low Mortgage rates, homeowners, The Mortgage Centre KW, mortgage broker, Bank of Canada, The Mortgage Centre, Canada's Mortgage Rules, Kitchener, KW, Guelph, Waterloo Mortgage, Kitchener Mortgage, Canada's economy, new mortgage rules, Canadian economy, Waterloo, rates, Canadian housing market, Residential Mortgage, Global economic growth, mortgage free, Inflation, Overnight rate, Monetary Policy Report

June numbers could mean hot July for brokers

Posted by Richard Kitts on Thu, Jul 18, 2013 @02:01 PM

Now may not be time for brokers to take their foot off the gas, with rising home sales in June likely to zap the strength of the fall market, according to one economist, reflecting on interest rates.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Homebuyers, Canada's housing market, Kitchener-Waterloo, Kitchener-Waterloo Mortgage, current low Interest Rates., homeowners, The Mortgage Centre KW, Kitchener real estate, waterloo real estate, mortgage broker, The Mortgage Centre, Canada's Mortgage Rules, Real estate market, Mortgage Lending Guidelines, Kitchener, KW, Waterloo Mortgage, Kitchener Mortgage, Canada's economy, mortgage broker KW, rate increase, rates on the rise, Rising rates, new mortgage rules, Canadian economy, Waterloo, rates, housing market

Rising rates creating increasing dilemma for homeowners

Posted by Richard Kitts on Wed, Jul 03, 2013 @12:44 PM

The interest rate dilemma has arrived again for homeowners.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Homebuyers, Ontario, Kitchener-Waterloo, KW Mortgage, Kitchener-Waterloo Mortgage, Low Mortgage rates, homeowners, The Mortgage Centre KW, Kitchener real estate, waterloo real estate, mortgage broker, Mortgage rules, first-time home buyers, first-time buyers, interest rates, The Mortgage Centre, mortgage consumer, Kitchener, KW, mortgage, Waterloo Mortgage, Kitchener Mortgage, mortgage broker KW, rate increase, rates on the rise, Rising rates, low interest rates, kw real estate, Waterloo, rates, Canadian housing market, housing market

Bank of Canada maintains overnight rate target at 1 per cent

Posted by Melanie Cota on Wed, May 29, 2013 @10:16 AM

Ottawa - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

Read More
Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Homebuyers, Canada's housing market, Ontario, Kitchener-Waterloo, KW Mortgage, Kitchener-Waterloo Mortgage, Low Mortgage rates, homeowners, The Mortgage Centre KW, mortgage broker, Bank of Canada, The Mortgage Centre, Canada's Mortgage Rules, Kitchener, KW, Guelph, Waterloo Mortgage, Kitchener Mortgage, Canada's economy, new mortgage rules, Canadian economy, Waterloo, rates, Canadian housing market, Residential Mortgage, Global economic growth, mortgage free, Inflation, Overnight rate, Monetary Policy Report

Canadians are paying off mortgages quickly — so is Ottawa’s crackdown really necessary?

Posted by Melanie Cota on Thu, May 23, 2013 @04:14 PM

Canadians end up paying off their mortgages in about two-thirds of the time originally intended, according to a new survey which questions whether Ottawa’s crackdown on the real estate market is needed.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Homebuyers, Canada's housing market, Ontario, Kitchener-Waterloo, KW Mortgage, Kitchener-Waterloo Mortgage, Low Mortgage rates, homeowners, The Mortgage Centre KW, mortgage broker, Mortgage rules, amortization length, paying off mortgage, broker, interest rates, The Mortgage Centre, Canada's Mortgage Rules, Mortgage Lending Guidelines, amortizaion period, Kitchener, KW, Guelph, Mortgage Free Sooner Plan, Waterloo Mortgage, Kitchener Mortgage, Canada's economy, amortization, low interest rates, new mortgage rules, Waterloo, mortgages, rates, Canadian housing market, mortgage free, brokers

Flaherty dismisses fears over Canada’s housing market

Posted by Melanie Cota on Wed, May 15, 2013 @11:06 AM

Finance Minister Jim Flaherty is dismissing fears about Canada’s housing market, saying the current slowdown is welcome news and that there is no need for further government intervention.

While some observers are expressing fears that a steep correction is underway that will bring down housing values and possibly affect bank credit ratings, Flaherty said Tuesday that he believes government mortgage tightening last July actually helped avert what could have turned into a housing bubble.

“I’m comfortable about where we are,” he said in a telephone interview from France where he announced new government financing for the construction of a visitor’s centre at the Vimy Ridge war memorial.

“I’m pleased in particular that the condo market in big cities has fallen back. I’m also pleased with some other moderation in new house construction and in demand for mortgages. I think these are healthy developments because I think we were beginning to see some indications of the beginning of a bubble.”

He called the recent slowdown “healthy” and at least in part a consequence of his decision to tighten mortgage rules last July.

A new Teranet house price report released Tuesday showed home price increases slipped to two per cent in April from 2.6 per cent in March. Analysts noted that was the weakest performance since the recession for April, traditionally a good month for sales and prices.

While home sales have fallen nationally, and starts are now in the 180,000 a year range, well down from over 200,000 last year, home prices have stubbornly resisted that trend in most markets.

However, analysts note that prices are often the last indicator to kick in when a residential market falls, and some have speculated that prices could plunge by as much as 25 per cent, even further in the overheated Vancouver market.

The Office of Superintendent of Financial Institutions has told banks it is looking at their holdings of non-insured mortgages — those with at least 20 per cent equity — to determine the systemic risk should values plunge.

But Flaherty said he has no plans to further tighten government-backed mortgages for homebuyers with as little as a five per cent down payment. After tightening rules four times in the past four years, Flaherty said he has done enough.

“I’m not going to intervene in the mortgage market, I don’t need to,” he said.

Over the weekend, Flaherty participated in a Group of Seven meeting in England, where he warned about waning resolve to reduce deficits and debt among southern European countries.

Flaherty said he had not changed his mind even though austerity is being blamed for depressing growth and in some cases exacerbating governmental deficits, since lower growth usually means lower tax revenues and higher costs.

Northern European countries agree with his position, he said, describing the U.S. stance on fiscal restraint as “ambiguous.”

“If you don’t get your fiscal situation correct in government, then you can forget about getting education, health-care, research and development and other important initiatives …. because you won’t have the fiscal means to do it.”

As well, governments risk not having the means to respond to the next economic crisis, he warned.

The minister said that governments can still stimulate economic activity while controlling spending.

“As I said to my G7 colleagues, it isn’t an all or nothing game, it’s about trying to get the right balance,” he explained, pointing out that his March budget retained previously-introduced austerity measures while committing funds to infrastructure projects and job training.

From Canada’s perspective, he says the government remains committed to balancing the budget in 2015.

Going forward, Flaherty said next month’s G8 (including Russia) meeting in Northern Ireland will again seek to tackle the issue of country hopping by multinational corporations seeking the best tax advantage.

“We’re all agreed we have to make sure that large corporations that operate globally pay their fair share of tax and that they don’t try to use one or the other of our jurisdictions not to pay their fair share. We are firmly resolved on that,” he said.

05/15/2013 Julian Beltrame, The Canadian Press

View article here...

 

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Homebuyers, Canada, Canada's housing market, Kitchener-Waterloo, KW Mortgage, Kitchener-Waterloo Mortgage, Cambridge, mortgage broker, Mortgage rules, housing, Home, Buying a home, broker, Flaherty, Bank of Canada, The Mortgage Centre, finance, Canada's Mortgage Rules, Kitchener, KW, Guelph, Waterloo Mortgage, Kitchener Mortgage, Canada's economy, new mortgage rules, Waterloo, mortgages, rates, Canadian housing market, housing market

Carney to Leave Canada Policy Unchanged in Final Forecast

Posted by Melanie Cota on Wed, Apr 17, 2013 @09:25 AM

Mark Carney will offer his last major economic forecast as Bank of Canada Governor today while probably keeping interest rates where they’ve been since September 2010 and signaling his replacement will also have little need to act.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Homebuyers, Canada, Canada's housing market, Kitchener-Waterloo, KW Mortgage, Kitchener-Waterloo Mortgage, Low Mortgage rates, Cambridge, consumer debt, Mark Carney, household debt, mortgage broker, housing, Home, first-time home buyers, refinance, CMHC, Buying a home, first-time buyers, broker, interest rates, Bank of Canada, finance, Canada's Mortgage Rules, home value, Bank of Canada Governor, Kitchener, KW, mortgage, Waterloo Mortgage, Kitchener Mortgage, Canada's economy, record-low interest, low interest rates, Waterloo, mortgages, rates, economy, Canadian housing market, housing market