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Mortgage Bytes

  • USFed The U.S. Federal Reserve is campaigning strongly for U.S. lenders to eliminate mortgage prepayment penalties. Could we ever be so lucky in Canada?  It’s possible, but it would probably happen thanks to increasing competition and not government mandate.
  • Some helpful info for mortgage brokers, courtesy of Genworth:
  • Million Dollar Journey has an interesting two-part article on buying 2nd mortgages as an investment.  The key, according to the article, is to only buy 2nd mortgages if all the mortgages on the property total under 80% LTV–but there are nonetheless big risks.
  • Financial Blogger links to a story on the worst mortgages in the world.  Cmon, they’re not all bad!  :)
  • Mortgage Alliance, Canada’s largest independent mortgage broker, and Seniors Money have teamed up to sell reverse mortgages.