Owning a house became slightly more affordable in Canada during the second half of 2012, but that’s mostly due to rock-bottom mortgage rates, RBC Economics says in a report to be released Monday.
Read more: http://tinyurl.com/ayd8xfc
Tag Archives: mortgage
Homeowners Rise Above Water on Mortgages
Fewer U.S. homeowners owe more on their mortgages than their homes are currently worth, according to a new report from online real estate company Zillow. Nearly two million came out from underwater in 2012, and Zillow analysts estimate another one million more will see positive home equity in 2013. That sounds like a lot, but an estimated 13.8 million borrowers are still lacking any home equity, or 27.5 percent of all homeowners with a mortgage.
Read more: http://www.cnbc.com/id/100480500
Too soon to bet against a variable-rate mortgage?
When it comes time to renew your mortgage the question always comes up: How much money are you leaving on the table if you opt for fixed rate over variable?
Academic studies indicate that the best predictor of future interest rates is the current yield curve. Based on that, interest rates are going to be pretty low for the foreseeable future. Add in some shallow discounting off prime for variable-rate mortgages and it’s easy to see why almost everyone is opting for fixed-rate mortgages these days. Even a new player on the mortgage scene has decided that a five-year fixed-rate mortgage is the only option to consider offering to clients.
Read more: http://tinyurl.com/bygmgcf
Buying a rental property? How the financing game has changed
Just four short years ago, you could buy an investment property with nothing down and get the best interest rates in the market.
That was then. Today, rental financing is night-and-day different. To mortgage a small (a one-to-four unit, non-owner occupied) rental property now, you need to plop down one-fifth of the purchase price. And even then, you don’t always get the lowest rate.
Read more: http://tinyurl.com/dygy2gc
One in 3 U.S. consumers would consider a Wal-Mart mortgage-study
CHARLOTTE, N.C., Dec 3 (Reuters) – One in three U.S. consumers would consider a mortgage from retailer Wal-Mart and almost half would consider one from online payment provider PayPal, according to a financial services study to be released on Monday.
The results should be especially disconcerting for banks because the two companies don’t even offer mortgages.
Read more: http://tinyurl.com/cntrsdp
Trez Capital Senior Mortgage Investment Corporation Files Final Prospectus for $100 Million Initial Public Offering
VANCOUVER, Nov. 28, 2012 /CNW/ – Trez Capital Senior Mortgage Investment Corporation (the “Company”) announced that it has filed a final prospectus with the securities regulators in each of the provinces and territories of Canada for the initial public offering of its securities.
The prospectus qualifies the distribution of up to 10,000,000 Class A Shares of the Company at a price of $10 per Class A Share for gross proceeds to the Company of up to $100,000,000. A syndicate of agents co-led by RBC Dominion Securities Inc., CIBC World Markets Inc. and Canaccord Genuity Corp. and including BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Macquarie Private Wealth Inc., Raymond James Ltd., GMP Securities L.P. and Manulife Securities Incorporated are acting as agents for the public offering and prospective investors may subscribe for Class A Shares through one of such agents.
Read more: http://tinyurl.com/cypexds
As tougher mortgage rules slow housing market, critics call for a reversal
The real estate industry has ramped up its attack on rules making it harder to borrow but its challenges face one big obstacle — mortgage restrictions are working exactly the way the federal government wants them to.
In the past week the Canadian Association of Accredited Mortgage Professionals weighed in with complaints that Ottawa’s restrictions were killing consumer confidence and even raised the stakes further by suggesting the entire Canadian economy was at stake.
Read more: http://tinyurl.com/capbbl3
Kevin O’Leary entering mortgage business with a simpler product
Canada’s most outspoken business personality wants to lend you some money.
That’s right, Kevin O’Leary – CBC commentator, Dragon, Shark and multi-millionaire – is getting into the mortgage business.
The self-proclaimed “Mr. Wonderful” is launching O’Leary Mortgages in December with a three-pronged plan to help “simplify” your mortgage life.
Read more: http://tinyurl.com/cu9axam
Regulators warn companies on misleading mortgage advertising
(Reuters) – Regulators have begun investigating 19 companies whose advertisements for mortgage products may mislead consumers, the Federal Trade Commission and the Consumer Financial Protection Bureau said on Monday.
Read more: http://tinyurl.com/cejak6c
Canadian banks seek assets to offset mortgage slump
Call it the Homer Simpson approach to business growth: when the pie is shrinking, eat a bigger piece.
Canada’s big banks have been doing just that. Facing slower growth in the mortgage market and an unofficial government ban on buying one another, the five biggest lenders have been ravenously snapping up any other financial assets that have become available. It’s a trend that looks set to continue.
Read more: http://tinyurl.com/cyazd3k