More Mortgage Changes Coming?

The OFSI (Office of the Superintendent of Financial Institutions – crazy-long name, eh?) is thinking about continuing to tighten the mortgage rules in this country. Last year the reduced the maximum amortization of insured mortgages from 30 to 25 years (which had previously been reduced from 40 to 35, then from 35 to 30). Now… Continue reading More Mortgage Changes Coming?

Interest Adjustment – Getting Up to the Starting Line

Article courtesy of MCAP.   The best way to understand the concept of interest adjustment is to start with knowing and understanding the term “Interest Adjustment Date” or IAD. Every fixed rate mortgage has an IAD and the name implies that this is the date upon which an interest adjustment will take place but that’s… Continue reading Interest Adjustment – Getting Up to the Starting Line

Mortgage Amortization – A Common Sense Overview

Article courtesy of MCAP.   A good way for a borrower – let’s call our borrower Barry – to understand the concept of “amortization” in the context of mortgage repayment is to look forward to a time when the mortgage is fully re-paid. How much is Barry borrowing and how much can he afford to pay… Continue reading Mortgage Amortization – A Common Sense Overview

Consumer and Industry Perceptions

As part of its commitment to understanding perceptions about the Canadian mortgage industry, CAAMP (Canadian Association of Accredited Mortgage Professionals) surveyed both consumers and industry members this past fall. I thought it might be interesting to look at some of the results of that survey (my comments in italics). Canadians have approximately 68% equity in… Continue reading Consumer and Industry Perceptions