This is a continuation of the article published here about the OSFI B20 morgage guidline changes for 2017.
If you are familiar with mortgage brokers at all (which you probably aren’t) you would know that we also have alternative sources of lending for situations where a mortgage borrower will not qualify with a prime institution. We have what we call “B” lenders, who have higher rates but more flexible lending criteria, and we have private lenders, which are individuals and corporations who can lend money on on anything that suits them.Read More
B20? Is that some kind of vitamin?
It certainly sounds like a vitamin, but unfortunately, it is something else altogether. The Office of the Superintendent of Financial Institutions is the regulator for all federal mortgage lending institutions. They set the regulations for mortgage companies like banks to follow (or ignore).
The latest updates to the B20 mortgage regulations could bring some potentially very disrupting changes to the real estate market, especially if you are wanting to get a mortgage in Vancouver, or you are a mortgage broker in Vancouver. In summary:Read More
I am just sending a quick note out to let you know about today’s announcement by the Bank of Canada to increase the prime lending rate. The increase is .25% and is applicable to variable and adjustable rate mortgages.
If you are one of the people on a fixed rate mortgage, then this will not affect you at this time. If you are on a variable rate, most lenders adjust the payment to reflect the interest rate change. A couple lenders will keep your payment the same but you will be paying less principal and more interest with each payment.Read More
The Greater Vancouver real estate market is getting hit from all angles at the moment. There is the foreign buyers tax, the empty home property tax and the most recent draconian mortgage lending rule changes. The foreign buyers tax has been scaled back somewhat to make it more reasonable for those with work permits, but it is still a major deterrent to property speculators looking to park their money.Read More