Mortgage Bytes

  • The Bank of Canada has left its key lending rate unchanged at 4.25%.  The Bank says there is a “slight tilt” towards higher rates in the future, as inflation concerns still linger.  (Source:  Bank of Canada)
  • A BMO survey of first-time home buyers suggests 29% of those age 21 to 34 are living at home to save for a downpayment.  (Source:  National Post)
  • Here’s a less optimistic story by the Globe & Mail on the new 80% downpayment rule.  Note: If you have a home equity loan you can now borrow up to 80% of your home’s value without insurance, instead of 75%.
  • Canada’s biggest non-bank mortgage lender, First National, is now offering mortgages insured by newcomer AIG United Guaranty.  This will probably improve the range of First National mortgages since AIG is expected to be increasingly competitive with their underwriting policies.  (Source:  Investment Executive)
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