14 of 16 economists surveyed by Bloomberg predict the Bank of Canada will lower rates again on Jan. 22, 2008.
A friendly reminder: The mortgage industry slows down in the last week of December due to limited holiday staff. Finalize loose ends and have documents in by Monday if you want to close a mortgage by year’s end.
“In the next 30 to 60 days I think more people will realize that variable-rate mortgages are a reasonably safe investment,” says Mortgage Intelligence’s John Schipper.
Lender Tip: Merix is offering a 5-year fixed mortgage with 1.5% cash back to help cover Toronto’s new Land Transfer tax. The offer is only good on GTA properties.
Canadian Capitalist and Million Dollar Journey have a good series going on the “Do-it-Yourself” Smith Manouevre (Part 1Part 2Part 3). Canadian Capitalist deserves extra credit for being one of the few sites that highlight the risks of this strategy.
Thicken My Wallet lists the pros and cons of putting rental properties in a corporate name.
Given the trend towards long amortizations, RE/MAX Condos Plus opines, “Generally, Canadians are a conservative bunch, but it is just a matter of time before we have the ‘never pay it off’ mortgage.'” In Europe, this is better known as the 100-year mortgage.
Lender Tip: GE Money lets you re-draw up to 120% of your original mortgage amount after one year if you qualify.
MortgageBrokers.com offers RE/MAX agents a pension savings plan for referring business to its agents.
Cid Palacio, BMO’s vice-president of retail financing products, wants you to come on in and negotiate your best rate. Getting a mortgage at a bank is more and more like buying a car. Put on your haggling boots if you want the best deal. Fortunately, there are professionals to negotiate for you–except at BMO and Royal Bank where there is no broker channel.
Toronto has 317 payday loan stores today versus 39 in 1995. Only 1 in 5 payday loan clients have a mortgage.
Is it a good idea to refinance and pay off your credit cards? Not if you rack them up again.
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