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Mortgage Bytes

  • A 20% down payment is required to avoid mortgage default insurance and about 1 out of 2 Canadian’s didn’t have 20% when they got their last mortgage.  As a result, nearly 50% of Canadian mortgages today are insured.  Source:  CAAMP
  • Thomson Financial Analyst Harry Koza says the advent of covered bonds will mean “longer-term mortgages, lower rates and general customer-friendliness” for Canadian mortgage shoppers.  Covered bonds are relatively new debt instruments secured by a “covering” pool of mortgage loans.
  • By 2010 Canadians will take out $20 billion a year in new subprime mortgages according to MyNext Mortgage Company.  If our math is correct, that could equate to roughly 133,000 individual subprime mortgages in 2010.
  • 31,300 Canadian homes changed hands in June, a new record.
  • Protect yourself from real estate fraud.  Here’s a helpful guide. (PDF format)