mortgages: New Mortgage Rules Leave Homebuyers Confused: Insured buyers must show 'ability to pay' - 03/18/10 09:49 AM
 

Frank and Susan Williams bought a house near Hamilton, Ont., this month, they followed a time-honoured tradition of using leveraged financing.
With mortgage insurance they only had to put down 5% of the $270,000 purchase price. They went with a closed variable rate at 2.25% and amortized the loan over 35 years. The deal was initiated with a mortgage broker, with Bank of Nova Scotia providing the financing.
"It's a three-bedroom bungalow. That was attractive to us. We have a dog and we like to do things in the backyard. We did not have the type of money we … (0 comments)

mortgages: Great article on Gail Vaz-Oxlade - 03/16/10 10:01 AM
Great story today on Gail Vaz-Oxlade. I love her show and I think she is doing wonders to educate Canadians on debt and knowing their financial situation.
GB
Don't just fall into a debt hole

Roma Luciw
From Monday's Globe and Mail Published on Monday, Mar. 15, 2010 12:00AM EDT Last updated on Monday, Mar. 15, 2010 12:26PM EDT
If you want to make Gail Vaz-Oxlade's blood boil, just mention debt.
"People have no idea how much money they are earning or how much money they are spending. They are clueless. I am stunned at their willingness to just fall … (0 comments)

mortgages: Looking forward to an exciting spring market - 03/11/10 08:30 AM

I can forsee this spring in Canada being huge for mortgages and real estate. With an already booming real estate market and incredible mortgage rates business looks like it will be great. I can imagine a big push on sales before the HST comes into play. And with spring already being the prime season for the industry I'm prepping myself for some late nights and long weekends working. And very excited to do so, if I may say so!
I'm interested to know your take on the situation? Do you think it will be a lot of hype?
(0 comments)

mortgages: Bank of Canada cuts Interest Rate to 1.00% - 01/20/09 09:04 AM
Bank of Canada cut its overnight lending rate by 0.50% to 1.00%, the lowest since the central bank was formed in 1934. The decrease was inline with most economists expectations.
The previous lowest rate level set by the Bank of Canada was last seen at 1.12% in 1958.
In the past few days leading up to this morning’s announcement by the Bank of Canada, a few lenders began cutting some of their fixed term mortgage rates. It is expected that the various Canadian Banks will announce cuts to their Prime Rate either this afternoon or tomorrow.

Gina Burgio, Mortgage Agent … (3 comments)

mortgages: Interest Rate Expected to Reach Record Low - 01/16/09 01:43 AM
Many economists expect that the Bank of Canada will cut interest rates to a record low next week on January 20th to stimulate the economy. Its expected that the Bank of Canada will cut its rate by 0.50% to a record low of 1.00%. The Canadian Banks are expected to follow with a cut to their prime rates, which are currently sitting at 3.50%.
European Central Bank to cut its trendsetting interest rate to two per cent on Thursday.



Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: gina@ginaburgio.com

Each VERICO Broker … (5 comments)

mortgages: RRSP Loans - 01/14/09 08:54 AM
Recent post found regarding RRSP Loans. I have included the link below. Thanks Carolyn Moshtagh for the post! Click Here for the Link.
Don't forget the March 2, 2009 RRSP deadline.


Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.

(0 comments)

mortgages: Interest Rate Cut to Lowest Since 1694 - 01/08/09 08:00 AM
The Bank of England has cut its overnight lending rate by half point to 1.5%, the lowest since the central bank was founded in 1694.
Many economists believe that the Bank of England will cut rates below 1.0% by the second quarter. The central bank reduced the interest rate by 1.5 percentage points in November and by 1 percentage point in December.



Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.

(2 comments)

mortgages: Interest Rate Lowered to 1.50% - 12/09/08 10:01 PM
The Bank of Canada on Tuesday cut its key lending rate by 75 basis points to 1.50%, more than many economists had expected. This is the lowest since 1958.
Lower interest rates, if passed on by the commercial banks, encourage businesses and households to borrow and spend for expansion and consumer goods, thereby stimulating economic activity.
The interest rate cut today by the Bank of Canada was this biggest cut since October 2001.
The record low for Canada's key rate was 1.12 percent in 1958, a time when it was based on treasury yields rather than actions by policy makers.
The … (0 comments)

mortgages: Bank of Canada Excepted to Lower Interest Rates - 12/08/08 09:06 PM
Bank of Canada is expected to lower interest rates this Tuesday... many economists are forecasting a half-point chop to their bank rate to 1.75 per cent, the lowest since 1960.
Interbank funding spreads have narrowed by more than half since mid-October. This is making it possible for banks to pass on the central bank rate cut to customers in the form of lower prime rates.
Prime rates are the rates for loans to banks' best corporate borrowers and are the base for lending on everything from mortgages, lines of credit, consumer loans and car loans.



Gina Burgio, Mortgage … (1 comments)

mortgages: Bank of Canada expected to Lower Interest Rates - 11/13/08 12:31 AM
Bank of Canada has hinted that they may cut interest rates again.
Early today in Toronto, Bank of Canada Senior Deputy Governor Paul Jenkins stated, "Some further monetary stimulus will likely be required to achieve our 2 percent inflation target over the medium term."
The Cdn Central Bank cut its benchmark overnight lending rate to 2.25 percent on Oct. 21.
Some economists expect that the Bank of Canada will cut their overnight rate a half point to 1.75 percent on Dec. 9. This would be the lowest since 1960.


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Gina … (4 comments)

mortgages: Bank of Canada cuts rates by 0.25 percent - 10/21/08 11:02 AM
The Canadian Central Bank cut rates today by a quarter point to 2.25%.
This rate cut today by the Bank of Canada was left than the half point cut expected by some economists.  The reaction to this was also seen by the Canadian Dollar... falling to a three-year low following today's announcement.
It will be interesting to see how various Canadian financial institutions react today to the news... in terms of their prime rates and mortgage rates.
The Central Bank commented however that it would likely have to lower rates further to combat the effects of the global financial crisis.  "In line with … (1 comments)

mortgages: Canadian Central Bank Expected to Lower Rates - 10/20/08 02:24 PM
The Bank of Canada is expected to lower its overnight lending rate by as much as a 0.50% tomorrow.  If so, this will be the second time in two weeks that the Bank of Canada has taken action to lower rates as part of its efforts to help tame the global financial crisis.
Their overnight rate influences the prime lending rates charged by the chartered banks in Canada.  It can affect borrowing costs on variable-rate mortgages and lines of credit.
It will be interesting to see how the Banks react.  The last time the Bank of Canada announced a half-point cut on Oct8, not all the chartered … (0 comments)

mortgages: Canadian Central Bank Expected to Lower Rates - 10/20/08 02:19 PM
The Bank of Canada is expected to lower its overnight lending rate by as much as a 0.50% tomorrow.  If so, this will be the second time in two weeks that the Bank of Canada has taken action to lower rates as part of its efforts to help tame the global financial crisis.
Their overnight rate influences the prime lending rates charged by the chartered banks in Canada.  It can affect borrowing costs on variable-rate mortgages and lines of credit.
It will be interesting to see how the Banks react.  The last time the Bank of Canada announced a half-point cut on Oct8, not all the chartered … (1 comments)

mortgages: Canadian Dollar vs US Dollar and the Price of Oil - 10/16/08 09:16 PM
Many people were wondering last week why the Canadian Dollar started to lose value against the US Dollar, when it appears that the USA was in greater crisis mode in comparison to Canada.
Well here is why....
Canada is one of the world's largest producers of oil and holds oil reserves second only to Saudi Arabia, which makes Canada very reliant on its most prized commodity.  It is also the largest supplier to the world's biggest oil consumer - the United States.  Therfore, rising oil prices tend to be good for Canada/bad for the U.S., while falling oil prices tend to be bad … (0 comments)

mortgages: Canadian Dollar vs US Dollar and The Price of Oil - 10/16/08 11:30 AM
Many people were wondering last week why the Canadian Dollar started to lose value against the US Dollar, when it appears that the USA was in greater crisis mode in comparison to Canada.
Well here is why....
Canada is one of the world's largest producers of oil and holds oil reserves second only to Saudi Arabia, which makes Canada very reliant on its most prized commodity.  It is also the largest supplier to the world's biggest oil consumer - the United States.  Therfore, rising oil prices tend to be good for Canada/bad for the U.S., while falling oil prices tend to be bad … (16 comments)

mortgages: Conservatives Win Election in Canada - 10/15/08 01:50 AM
In Canada, the Conservatives were re-elected into Government this Tuesday evening, with Stephen Harper maintaining his position as the Prime Minister of Canada.  However, the Conservatives will once again have a minority gov't. 
This is Canada's third consecutive minority government.  It appears Canadian voters have opted for no major changes amongst their elected representatives during these tough economic times.
 
(3 comments)

mortgages: US Gov't Bailout of AIG - 10/13/08 12:47 PM
Last month, the US gov't announced that it was lending US$85billion to AIG (American International Group Inc.) in exchange for an 80% equity stake in AIG.  The gov't has also increased its credit to AIG by another US$38billion.  The Fed is in the process of also appointing trustees to oversee the US gov't's stake.
There have been mixed reactions in the marketplace regarding the US gov't taking an ownership interest AIG, the nations largest insurance company.  AIG subsidiary, AIG United Guaranty, provides mortgage default insurance to lenders, including financial institutions in Canada since 2006.  Canada Mortgage and Housing Corporation (CMHC), a corporation owned … (0 comments)

mortgages: US Gov't Bailout of AIG - 10/13/08 12:12 PM
Last month, the US gov't announced that it was lending US$85billion to AIG (American International Group Inc.) in exchange for an 80% equity stake in AIG.  The gov't has also increased its credit to AIG by another US$38billion.  The Fed is in the process of also appointing trustees to oversee the US gov't's stake.
There have been mixed reactions in the marketplace regarding the US gov't taking an ownership interest AIG, the nations largest insurance company.  AIG subsidiary, AIG United Guaranty, provides mortgage default insurance to lenders, including financial institutions in Canada since 2006.  Canada Mortgage and Housing Corporation (CMHC), a corporation owned … (1 comments)

mortgages: Cdn Do-Not-Call List System Crashes - 09/30/08 05:53 PM
Thousands of people rushed to register their numbers on the Do-Not-Call List caused the website servers to crash.  The CRTC has since announced that they are increasing capacity/bandwidth to their website.
The CRTC has also said that by 1:30pm on Tuesday, 223,000 people has registered for the service.  More than one million people tried to access their telephone hotline to register. Their site and hotline were activated at 12:01am on Tuesday.
Though the service was launched Tuesday, it won't take effect until 31 days after a person has registered.
 
(2 comments)

mortgages: Do-Not-Call List in Canada - 09/30/08 07:51 AM
Starting this month, Canadians will be able to register their phone numbers on a national do-not-call list, but they may find telemarketing calls replaced by junk mail and spam.
There are also telemarketing exemptions, which includes:
Registered charities seeking donations. Newspapers looking for subscriptions. Political parties and their candidates. Companies that have an existing business relationship with a consumer within the previous 18 months. Organizations directing calls and faxes to businesses. Canadians who don't want to receive marketing calls from a company with whom they have a relationship can ask to be put on the firm's internal do-not-call list. This would … (3 comments)

 
Gina Burgio (VERICO Designer Mortgages Inc.)

Gina Burgio

Ancaster, ON

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