A recent TD Canada Trust poll shows that 87 per cent of immigrants did not know how to apply for a mortgage in their first three months in the country – and that knowledge gap provides a prime opportunity for mortgage brokers to fill.
Interest rates continue to go up – and this time, it is Scotiabank and RBC following TD Canada Trust by announcing increases to special discounted rates.
Now that ING has officially left the channel, brokers remember a company that was great to work with – but also one that has taught them a valuable lesson.
Brokers are applauding CBC’s Marketplace for its investigation of collateral charges at a major Canadian bank.
It’s not quite the message TD intended to convey with its new survey of first-time buyers, but that research is helping make the case for mortgage brokers.
TD has moved to consolidate BDM services for its prime and alternative lending divisions – something brokers are worried could cost them future business.
While tougher mortgage rules have rekindled interest in condos, rising fees coupled with first-time buyer fears have limited the ability of brokers to capitalize on it.
The move by TD Bank, RBC and CIBC to raise rates on fixed mortgages because of rising bond yields may result in a temporary boon for lenders able to resist following suit in the next 24 to 48 hours, said industry professionals reacting to Monday’s move.
Most Ontario boomers are planning to move to smaller homes, according to the TD Canada Trust Boomer Buyers Report.
The Bank of Montreal reduced its posted five-year fixed mortgage rate by 0.10 per cent to 3.89 per cent.