DreamApproved Mortgages

07/13/2022

BANK OF CANADA increases overnight rate by 100 basis points

The Bank of Canada today increased its target for the overnight rate to 2½%, with the Bank Rate at 2¾% and the deposit rate at 2½%.

06/01/2022

The Bank of Canada announced this morning that they have increased their Target Overnight Rate by another .50%. This is the rate used by the big banks to determine their prime lending rate, therefore Prime Rate will likely increase by the same amount. This will impact any borrowers with variable and adjustable rate mortgages and/or secured lines of credit.
The Government's position is clear that they are taking any measure possible to curb the current inflation issues in Canada. You may read the full report here...
https://www.bankofcanada.ca/2022/06/fad-press-release-2022-06-01/?fbclid=IwAR2T6M6bvBCJ7WtG-bSvJkhN4XO_EIS889xawhdAu34V2742TTNUVnjYzq4
Feel free to reach out to me should you have questions as to how this affects your personal mortgage.

11/19/2020

06/09/2020

More good news today on the heels of Genworth Canada's announcement yesterday. Canada Guaranty joins them saying there will be no changes to the way they will underwrite insurance policies for those with less than 20% down payment.

What will remain to be seen is if the crown corporation CMHC (Canada Mortgage & Housing Corporation) will force their hand.

We are awaiting lender responses to these announcements and will update you as more information becomes available.

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....

03/19/2020

To my mortgage family: You can defer your mortgage payments to the end of your term. All lenders are offering this now. You will need to be patient, as waits on hold are long...
Customer Service Numbers below:

ATB 1-800-332-8383

B2B 1 800 263 8349

BMO 1-877-895-3278

Bridgewater 1-866-243-4301

CIBC 1-800-465-2422

CMLS 1-888-995-2657

Optimum 1-866-441-3775

Equitable 1-888-334-3313

Connect First 403-736-4000

Chinook Financial 403-934-3358

First Calgary Financial 403-736-4000

First National 1-888-488-0794

Haventree 1-855-272-0051

Home Trust 1-855-270-3630

HSBC 1-888-310-4722

ICICI 1-888-424-2422

Manulife 1-877-765-2265

MCAP 1-800-265-2624

Merix 1-877-637-4911

Marathon 1-855-503-6060

RBC 1-866-809-5800

RFA 1-877-416-7873

RMG 1-866-809-5800

Scotia 1-800-472-6842

Servus 1-877-378-8728

Street Capital 1-866-683-8090

TD 1-866-222-3456

Wealth One Bank 1-866-392-1088

03/06/2020

The Royal Bank of Canada slashed its prime lending rate hours after the Bank of Canada reduced its interest rate, the company announced late Wednesday. Scotiabank followed suit shortly after.

07/19/2019

The Canadian Benchmark rate used to qualify mortgages in Canada has decreased...

05/16/2019

A beautiful morning hike with some special work pals & our pups! @ Quarry Rock, Deep Cove, BC

04/24/2019

A greater-than-expected slowdown in global economic activity has triggered a slowdown in the pace of interest rate normalization by many central banks. In response to these central bank policy changes and perceived progress in U.S.-China trade talks, global financial conditions and stock market sent...

04/23/2019

https://www.canadianmortgagetrends.com/2019/04/the-latest-in-mortgage-news-time-to-rethink-the-stress-test/

The stress test is back in the crosshairs of industry analysts.

03/20/2019

Canadian Federal Budget Changes Announced