Primaria Mortgages

01/22/2021

Bank of Canada Expects to Hold Overnight Rates Steady Until 2023. The Bank will continue to use quantitative easing to maintain low interest rates across the yield curve. - https://mailchi.mp/c1a9cfb8b873/bank-of-canada-expects-to-hold-overnight-rates-steady-until-2023

12/05/2020

November economic update Dr. Sherry Cooper!

Jobs Growth Slows in November Struck By Second Wave. Jobless rate falls to 8.5% from 8.9% in October. - https://mailchi.mp/d44d657bc475/jobs-growth-slows-in-november-struck-by-second-wave

11/05/2020

Rate Holds Explained

If you shopping for a home, or have worked with a mortgage professional in the past, you’ve most likely heard of rate holds before. If not, it is something that every potential homeowner should be aware of. This is especially true for the application process as it has some great benefits for activ...

10/29/2020

5 Expenses Most Canadians Don’t Expect in Retirement.

you know what they say, preparation is the best protection against the unexpected. And with that in mind, here are some unexpected expenses that many retired Canadians experience that you might want to plan for.

09/14/2020

Welcome back everybody!

We hope you enjoyed your summer. As we move into fall, rates are still low and the Bank of Canada (BOC) is keeping their benchmark qualifying rate of 0.25% - with no indication of future negative interest rates. The next bank rate announcement is set for Wednesday October 28th, 2020.

Link to Dr. Sherry Cooper's article - Read more here:

06/08/2020

Genworth will keep underwriting policy as is for now and will not follow Canada Mortgage and Housing Corporation (CMHC) policy change.

"TORONTO, June 8, 2020 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) confirms that it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit score and down payment requirements. One of the Company's competitors announced changes to their internal underwriting guidelines with respect to the aforementioned underwriting criteria on June 4, 2020.

"Genworth Canada believes that its risk management framework, its dynamic underwriting policies and processes and its ongoing monitoring of conditions and market developments allow it to prudently adjudicate and manage its mortgage insurance exposure, including its exposure to this segment of borrowers with lower credit scores or higher debt service ratios," said Stuart Levings, President and CEO."

http://investor.genworthmicanada.ca/English/media/news-releases/news-release-details/2020/Genworth-MI-Canada-Inc-Confirms-that-It-Does-Not-Plan-to-Change-Its-Underwriting-Policy/default.aspx?fbclid=IwAR2VHBm4zrlXA_qQ-6xhLoXxGSkGOi1nnor46x7lVd1DJShpwE6pdm6FstQ

RE/MAX Select Westcoast Group
RE /MAX Select Properties
RE/MAX Select - Main Street

Genworth MI Canada Inc. (the " Company ") (TSX: MIC) confirms that it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit score and down payment requirements. One of the Company's competitors announced changes to their internal underwriting guidelines....

06/04/2020

New CMHC High-Ratio Insured qualifying criteria changes!

- New GDS/TDS ratio limits
- New minimum credit score requirements
- Changes to downpayment rules

Please feel free to reach out at any time by phone, email, or video conference (Zoom, Google meet) www.primariamortgages.com

Click link for more details: https://www.cmhc-schl.gc.ca/en/media-newsroom/news-releases/2020/cmhc-reviews-underwriting-criteria

Canada Mortgage and Housing Corporation (CMHC)
RE /MAX Select Properties
RE/MAX Select - Main Street
RE/MAX Select Westcoast Group

06/03/2020

Bank of Canada holds overnight rate steady at 0.25%

If you have any questions we want to make sure we are available to you!

Please feel free to reach out at any time by phone, email, or video conference (Zoom, Google meet) - www.primariamortgages.com

Link to Dr. Sherry Cooper article:
https://mailchi.mp/a3a3a0313341/bank-of-canada-holds-rates-steady?e=d7fb05a9ad

06/01/2020

Bank of Canada Qualifying Rate drops from 5.04 to 4.99%.

04/03/2020

Last week major banks across Canada announced that they would defer mortgage payments to aid with the economic downturn caused by COVID-19. We are asking everyone to contact your mortgage broker for more information before considering this option.

Although this might suitable for some individuals, it is not for everyone. An important aspect of this is that the deferral period is NOT interest free. Payments will be deferred but interest will keep accruing during this period.

For more information:

By offering customers payment deferrals during COVID-19 crisis, banks stand to increase profits.