Oriana News
- Apr 02, 2018
Could you pass the mortgage stress test? Here’s how to find out
As of Jan. 1, Canadians getting, renewing or refinancing a mortgage might have to undergo a stress test, proving that they would be financially OK even if interest rates were to rise substantially above their actual mortgage rate.
Read More- Sep 29, 2017
As Mortgage Market Tightens, Private Lending Is a Growing Opportunity
Mortgage Broker News ~ September 27th, 2017Canada’s housing market is red hot, but securing a suitable mortgage is becoming harder than ever before. Stricter lending requirements, new government controls and rising home values have made it more difficult for individuals and families to qualify for a loan. Although these new measures are intended to keep unqualified buyers from obtaining a mortgage, they are also impacting sound borrowers who may not have the equity or employment history ...
Read More- Sep 12, 2017
What you need to know about the Equifax data breach
Associated Press ~ September 9th, 2017Equifax, one of the three main credit reporting companies, said this week that a major data breach exposed Social Security numbers and other important information of millions of people.The breach affected about 143 million in the United States, as well as some people in Canada and the United Kingdom, but Equifax didn't provide a number. Hackers had access to the data between May and July, Equifax said. The company discovered the hack on July 29 and publicly ...
Read More- Sep 06, 2017
Bank of Canada hikes rate. What does it mean for your mortgage?
The Bank of Canada has increased its benchmark interest rate for the second time this year, a sign that the economy is improving enough to allow borrowing costs to rise from historic lows reached in the aftermath of the global financial crisis. The overnight lending rate was raised to 1 per cent from 0.75 per cent. When the Bank of Canada changes its benchmark rate, the move ripples through to other interest rates, including those of mortgages. With that in mind, here is a guide to how the ...
Read More- Jul 28, 2017
Mortgage rule changes are cooling housing market: Morneau
Globe and Mail ~ August 22ndFinance Minister Bill Morneau says last October's sweeping mortgage rule changes aimed at cooling Canada's housing market have successfully dampened high-risk borrowing.But despite a report urging Ottawa to look at ways of boosting support for Canadians entering the housing market, the Minister ruled out any new measures along those lines, expressing concern that such an approach would encourage higher house prices.The comments are part of a recent letter from Mr. ...
Read More- Jul 28, 2017
Too much tightening?
Mortgage Broker News ~ July 26th, 2017One big bank is sounding the alarm about recent and future mortgage policies.“Let’s be clear. A soft landing that eases Ontario and BC house prices and mortgage growth would be welcome news for macroeconomic stability,” CIBC Chief Economist Avery Shenfeld said in his latest report. “But nobody can be too sure of what kind of landing we’re now in. Better to carefully phase in further changes in rates and regulatory policy to ..
Read More- Jul 28, 2017
The best-read personal finance stories of 2015
Too much tightening?Mortgage Broker News ~ July 26th, 2017One big bank is sounding the alarm about recent and future mortgage policies.“Let’s be clear. A soft landing that eases Ontario and BC house prices and mortgage growth would be welcome news for macroeconomic stability,” CIBC Chief Economist Avery Shenfeld said in his latest report. “But nobody can be too sure of what kind of landing we’re now in. Better to carefully phase in further changes in rates and ...
Read More- Jul 12, 2017
Bank of Canada raises interest rates for first time in 7 years.
The bank raised its overnight lending rate to 0.75 per cent from 0.5 per cent Wednesday, citing "bolstered" confidence that the Canadian economy has finally turned the corner after years of sputtering growth. What does this mean for the mortgage market? The benchmark rate is now .75 and prime is 2.95%. For those looking to buy in the near-term, now is the time to lock in a mortgage rate, which financial institutions generally do for between 90 and 120 days. But for homeowners ...
Read More- Jun 10, 2017
Most consumers consider mortgage professionals important.
There is a growing acceptance of using technology to arrange a mortgage but face-to-face meetings with mortgage professionals are still important to most consumers. CMHC's annual Mortgage Consumer Survey for 2017 shows that almost half would feel comfortable using more technology to arrange their home loan and 40 per cent would be comfortable arranging their entire mortgage online using secure tools without meeting with a mortgage professional. However, most consumers said it was ...
Read More- Jun 05, 2017
The Home Capital effect: Mortgage rates spike for riskier borrowers
The Home Capital effect: Mortgage rates spike for riskier borrowersGlobe and Mail ~ June 4th, 2017It was just six weeks ago that investors feared Home Capital Group Inc. – Canada’s biggest non-prime mortgage lender – was going out of business. That turned the alternative-lending market on its head, and one of the consequences is now being seen: Mortgages have become more expensive for the many Canadians who can least afford it.The situation at Home Capital has stabilized ...
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