Mortgage News and Rates

I was sent a very interesting article on Mortgages and lending rules. I often find that new home buyers are not sure how all of this works, So over the next couple of weeks I will be posting some information on how mortgages work and how the Mortgage brokers work with you. There is a lot of varying opinions on whether to use a mortgage professional or a bank to mortgage your new purchase. I would say that it is personal preference.

There are a couple of things to consider though. If you are more comfortable with your bank then make sure that you research what the best rates are available and make sure that your bank can match these rates. I can help with this as I always have a current rate sheet with me and I will be posting a current rate sheet here and on my Facebook page for you to see. I will update these every week so that my followers can have a better idea of what is going on in the mortgage market. This article in general caught my eye and it could mean changes to the lending rules in Canada.

March 22, 2012   Flaherty Tells Banks: Do Your Jobs

Finance Minister, Jim Flaherty, says it’s “a bit odd” that banks are asking the government to tighten mortgage rules.

Banks ultimately control who they lend to and shouldn’t require babysitting, or so one would think.

In comments made today, Flaherty hinted that we might not see further mortgage regulations in the near future.

These were his quotes from earlier, some of which were semi-amusing and certainly refreshing from a common sense standpoint:

read more here

I have also attached the latest rate sheet here.  If you have any questions please contact me, I am always here to answer all of your questions.



Cheers

Susan!