Money Matters Toronto

Do you have a mortgage in Toronto? Are you in the market looking for a mortgage right now? Here are 5 questions you should know the answer to about your mortgage.

Click here to view the article by Ellen Roseman in The Toronto Star

Yesterday, the shareholders of Toronto based Mortgage Co. Xceed voted to approve a plan to become a schedule 1 bank. This will allow Xceed to take deposits from the public to invest in mortgages. Look out for Xceed as they grow hopefully they will combine innovative products for the consumer with competitive rates.
Currently Xceed is [...]

As expected the Bank of Canada announced this morning that they would leave the prime interest rate unchanged, citing economic development to be proceeding as expected. The Bank of Canada has also reiterated it’s commitment to keep the prime rate unchanged until at least July 2010,
pending controlled inflation. Click here to read the full Press [...]

One of our favorite lenders Merix Financial is now offering 3.99% for a fixed 5 year mortgage through their exclusive mortgage broker channel in Toronto. The mortgage must fund before Oct 30th, 2009.
Merix Financial is a true leader in the Canadian mortgage market. Not only do they consistently offer the most competitive rates in the [...]

ING Direct has introduced a new rate hold tool for Mortgage Brokers which allows ING qualified brokers to secure their clients excellent rates for 120 days.  The new rate hold for brokers tool only requires qualified mortgage brokers to submit a few details including the client’s contact information, and the approximate amount they want to [...]

In my post yesterday, I mentioned in point #4 that mortgage interest rates are overpriced. To flesh out that statement I found this great interview.
The following is a link to a great video blog on the Globe & Mail website by Financial editor Rob Carrick. In it he interviews author of the Canadian Mortgage Trends [...]

As a mortgage broker in Toronto I receive calls from my clients and shoppers asking what to do in today’s market. After all, over the past 3 months alone mortgage rates have gone on a bit of a roller coaster ride.
I think variable is still the way to go. Here is why (DISCLAIMER: This is my [...]

Canadian 5 yr bond yields -.04bps to 2.37- Four weeks ago it was 2.82. The spread, based on 5 yr rate of 4.49%,  is at 2.12%.
Pressure on fixed 5 year: Down.

Financial Post – Markets. Lenders typically like to keep a spread of 1.70% to 1.80% between their fixed five year rates and the current 5 [...]