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Mortgage Bytes

  • Home-prices Gains in Canadian home prices have now surpassed those of the U.S. over the last 10 years.  Is it indication of further momentum, or a warning sign?  (Gazette story)
  • 60% of Canadians own their homes, compared to 70% in the U.S. (Globe & Mail)
  • The Bank of Canada is getting a new boss on February 1, 2008 when David Dodge retires.  His name is Mark Carney, a former-Goldman Sachs investment banker.  Carney is Harvard and Oxford educated and was born in Fort Smith, Northwest Territories, a town of 2600.
  • Many people don’t know that reverse mortgages involve setup fees.  According to the Globe & Mail, CHIP fees, for example, entail appraisal costs of $175-$400 and legal/closing expenses of $1585-$1885.
  • Equifax now allows mortgage planners to initiate investigations on credit file items on their client’s behalf.  It costs $14 per inquiry.  If you’re a mortgage planner, contact your Equifax rep. for details.