Maria Dominelli - Mortgage Broker

Yesterday the Federal Government published a Mortgage Prepayment Code.  The Code will guide all federally regulated institutions in how they communicate the Interest Rate Differential (IRD) to borrowers.

For First Time Home Owners, another bit of good news   the BC First-Time Home Buyer’s Bonus

First Time Home Buyers be sure to check out this program from the Federal Government.  Initially introduced in 2009, it is still in force.

Will Canadian lending guidelines be tightened in the coming months?

 OSFI (Office of the Superintendent of Financial Institutions) is apparently worried that Canadian banks and mortgage lenders may be making some of the same errors that led to the U.S. real estate and mortgage crisis. According to Bloomberg News, OSFI is specifically worried about stated income lending and home equity lines of credit and the potential for certain borrowers to get into debts they cannot repay. 

 However, Bloomberg also notes that the Canadian Banking system has been rated the soundest in the world for four straight years with no Canadian lenders needing a government bailout during the recent recession and credit crisis, unlike the U.S. and European banking systems, which remain precarious.

 According to Canadian banking industry figures, the percentage of mortgages in arrears in Canada currently sits at .39 of one percent, hardly a red flag for loan quality in Canada. Even still, there may be some additional tightening of Canadian lending guidelines this year as cautious regulators see how badly the credit crisis has damaged the U.S. housing market and their overall economy, and strive to avoid anything like that in Canada. 

Already we’ve seen some lenders eliminate self-employed and no income qualifying programs.  If you fit in this category and are considering a new mortgage, contact me now before the market tightens further. I have many options still available.  I am always aware of the current environment and the resulting implications, so I can help you find a mortgage that gives you an edge and meets your current needs and future goals.

Something to consider when deciding which mortgage is best for you.

New Mortgage Rules Now In Effect.   You may be able to maintain your amortization of over 30 years, contact Maria for more details.

Mortgage rules tightening  and could affect your purchase or refinance. Read this and contact Maria to determine if you will be affected.

Bank of Canada may raise rates on Tuesday

Maria Dominelli has been awarded the 2010 Mortgage Broker Association of BC Community Service Award

Read Maria’s  most recent quote in the Times Colonist, and call us with any questions about your mortgage.