Alternative lenders gain market share as total mortgage growth slows, CMHC says

July 17, 2019

A for sale sign displays a sold home in a housing development in Ottawa on July 6, 2015. A new report from the Canada Mortgage and Housing Corporation suggests more people are turning to alternative lenders, while the overall number of new mortgages slowed amid government interventions aimed at cooling the housing market. THE CANADIAN […]

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How to Get the Best Mortgage Rate in 2019

July 15, 2019

Getting the best rate on your mortgage is important and can save you a ton money over the life of the loan. Over the life of a 30-year mortgage, the interest paid alone can amount to almost as much as the cost of the home you are buying, depending upon the rate and other factors. […]

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Weekly mortgage applications fall as the highest rates in a month are spooking spring buyers

April 24, 2019

Homebuyers had been brushing off the slight rise in rates during recent weeks, but as those rates move even higher, pruchasers are now pulling back. Overall mortgage application volume fell 7.3% last week from the previous week, but it was 6.6% higher than a year ago, thanks to stronger refinance volume, according to the Mortgage […]

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‘Mortgage prisoners’ given help by City regulator

March 26, 2019

A change of rules aimed at helping lower the housing costs of thousands of so-called “mortgage prisoners” has been proposed by the City watchdog. Some 150,000 homeowners are stuck on high interest-rate home loans with unregulated or inactive firms, and are unable to switch to a cheaper deal. The Financial Conduct Authority has proposed loosening […]

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Mortgage rates are now breaking to new lower territory, and they could stay there for months

March 25, 2019

The average rate on the 30-year fixed mortgage is falling again today, as investors rush into the bond market. Mortgage rates loosely follow the yield on the 10-year Treasury. The average lender is offering a rate between 4.125 and 4.25 percent, with more aggressive lenders going to 3.875 percent for borrowers with pristine applications, according […]

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Mortgage applications set a record for the third straight week as lower rates largely benefit the wealthy

March 20, 2019

Lower rates are not giving mortgage demand any sizable boost, except when it comes to higher-end homes. Total mortgage application volume rose 1.6 percent last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 1.8 percent higher than a year ago. The gains came mostly from refinance volume, […]

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Why You Might Not Want to Pay Off Your Mortgage Early

March 17, 2019

Many financial planners, myself included, often advise people against paying extra toward their mortgage — especially if their mortgage has a historically low interest rate like many originated in recent years do. There are some good reasons for this. For starters, most people have other debts that should be higher on their priority list. Furthermore, […]

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How to calculate what credit score you need to get a mortgage for a house

March 9, 2019

There was a time when you could get a mortgage, regardless of your credit score. There were no-credit loans, loans for people without incomes or assets, and even home loans for people who had recently declared bankruptcy. Unfortunately, these lax lending standards were a major contributor to the near-collapse of the U.S. financial system in […]

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Weekly mortgage applications jump 5.3% as lower rates seem here to stay

March 2, 2019

In this Tuesday, July 17, 2012 photo, a single family home is offered for sale in the Hollywood area of Los Angeles. Average rates on fixed mortgages fell again this week to record lows, creating more incentive for buyers to enter the recovering housing market. Mortgage buyer Freddie Mac said Thursday, July 19, 2012, that […]

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Mortgage rates fall to one-year low, setting the stage for a sunny spring selling season

February 23, 2019

A woman looks at real estate listings in a brokerage window. Rates for home loans fell to the lowest in over a year as investors remained concerned about economic headwinds, setting up the housing market for a strong spring season. The 30-year fixed-rate mortgage averaged 4.35% in the February 21 week, mortgage guarantor Freddie Mac said […]

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