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Mortgage Broker News | 25 May 2010, 12:00 AM Agree 0
Owning a home in Canada, except in Alberta, has become even more expensive, according to the latest housing report just release by RBC Economics Research.
  • Nick Ametrano | 26 May 2010, 02:43 AM Agree 0
    Funny how RBC was hard selling fixed rate mortgages for the past couple of months, then dropped their fixed rate slightly last week although they didn't come close to matching the decrease in the bond market. Coupled with this new research what does this all mean for consumers...no more fear mongering, more money in RBC's pockets and less in the hands of consumers. Nick Ametrano, MonsterMortgage.ca

  • mortgage needs | 28 May 2010, 08:37 AM Agree 0
    Does that mean that most residential borrowers/loans are falling into A- or B class ?
    Aren't A underwriting limits at 32/40...35/40..max. 0/44 ?
  • mortgage needs | 28 May 2010, 08:50 AM Agree 0
    and insured as A deals too ?
    We really need to temper markets.
  • mortgage needs | 28 May 2010, 09:00 AM Agree 0
    You would think prudent A lending means A lenders would be wanting quality over quantity.
  • mortgage needs | 29 May 2010, 12:22 PM Agree 0
    having it the other way around i.e. going out to make a purchase first ( with subject to SATISFACTORY financing clause by... such and such a date...of course ) and then look for the money ?
    Granted it is true that at peak periods for whatever reason/s ( such as new tighter rules or new sales tax deadlines ) underwriters are swamped and cannot cope with Pre-Approvals, such that these are only Rate Holds.
  • mortgage needs | 29 May 2010, 12:33 PM Agree 0
    Afterall, with the way prices are, nothing is small. Even 5% gst adds up if you are purchasing a typical $400 k Vancouver condo, let alone a HST come July 1st. Even PTT is no small sum on a $ 1 mil. house purchase in Vancouver.
    It is also that all docs. have to be in, particularly for the Self-Employed; or the Pre-Approval or Approval Committment Letters are not worth more than the paper they are written on.
    This is understandable from the Lender/s point of view - and even with docs. there is the appraisal ( full or desk-top/computer report, including Economic Rent estimate if necessary ) to come after the purchase. Buying well is so important when lenders these days stick to the LOWER of Purchase Price or Appraised Value.
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