The Bank of Canada increased interest rates again today for the third straight time by 0.25% to bring their key interest rate up to 1%. Some banks have already move to increase their Prime rates, meaning variable mortgage rates will go up starting tomorrow Sept 9, 2010.

You can read more details here: http://www.ratesupermarket.ca/blog/b...ates-increase/

There are may platforms available over internet now days offering the facility to refinance home loans. I would like to ask you guys that how many of you guys are using refinancing platforms online and do you prefer online refinancing or not?

In this synchronized world of competition where everyone is trying their level best to be the best, it is hard on the part of the consumer to choose, when left to his own diplomacy. Choosing the best has also become difficult with the increase in the number of builders who are ready to serve the consumer with mind-blowing designs and affordable and attractive contracts. Thus for a consumer what he looks as the primary element will be the background history of the builder and his projects. The second most things will be the rate of his success and then comes the experience and the status.

This ideology makes it risky for the sprouting builders as they finally stagger to find a way out. But this is not true everywhere. In the developed countries like USA and UK the new builders are rated only for their present skill. If they can impress the consumer with their exclusive designs, for the consumer the respective builder will be the he had seen ever. Also the consumers of the developed countries are far more obliging and the builders too feel at home. The less stress more will be the result. This is the reason why we are able to see some dynamic designs at the developed countries and if we look out for the atmosphere, the city life too will seem calm and serene.

Thus the liability which falls on the part of the builder is to gather more trust and to be far more dedicated towards his own work. The consumers always like the builder who thinks differently and might suggest some new ideas which will bring the cost down in one way, and at the same time on the other hand will fetch the consumer with more positive results. When it comes to the matter of building a home, the consumer becomes a studious student of the builder as for him, the builder he has chosen will be the best home builder and his suggestions will be the best one.

There has been a long-running debate as to whether a borrower should use a bank or a mortgage company to obtain a home purchase loan or refinance home loans. The question of which type of lending institution would provide a better rate, better service or best advice is a common concern for most borrowers. Borrowers are also looking for high integrity and stability in a given lending institution. Some borrowers are even worried that the company lending the money may go out of business — leaving them to deal with the consequences. And of course, everyone wants the best price.

Hello, I am in my late 20's and buying my first property.

I got approved for a loan from Coast Capital. Found an apartment and put in an offer. Coast Capital denied my loan because they didn't want to sign off on the bulding because in the minutes they read something about a leak. I still wanted the apartment so my agent quickly arranged for me to get my mortgage through RBC which they approved. The apartment is 255,000 and Im only able to put down 5% (15k) down. I just finished school (I'm a registered nurse) so because of my work history, low down payment I had to have my mom co-sign for me (she's not on title). Also, I will have to pay the CMHC fee. So basically my mortgage is high risk.

I'm meeting with the mortgage specialist at the end of the week to discuss my mortgage options. I want to know what you guys think my best option is. This is what she emailed me:

Your rate is 5 years closed fixed 4.04%
Payments biweekly accelerated (taxes not included)
$548.09

We touched on this briefly the other day...as of April 19th there was a change in the guidelines for anyone going through CMHC. Those clients that do not qualify at the 5 year posted rate (before any discounts) have to take the 5 year term. You do not qualify at his rate..so you have no choice but to go with the 5 year rate.

What does she mean by this? I have to go with this option? What if I want to go with an open and variable or closed and variable. I dont know, what is the best option for me? Is 4.04 the best that can be done for me? I don't think I can go shopping for another lender now because I already bought the apartment or the finalization is waiting for this whole thing with the approval to work out. Will the rates be going up or down in the next 5 years. Could you guys give me any advice so I know what to say to her when I see her this week. Thanks. I'll take any opinions.

I'm considering my first house purchase in the GTA (Ontario) and was wondering if anyone has any good links that describe the plethora of options/incentives/tax breaks offered to first time buyers. Much of what google returns appears to be link spam or of dubious origin. I'm also torn between taking $20K out of my RRSPs (about 1/3 of my current retirement savings) for my down-payment versus leaving it alone and using a smaller down payment. The difference would be ~5% downpayment on $350K versus a ~10% downpayment.

Thanks.

I found a company on this site, Safebridge, contacted them by telephone and decided to apply for a mortgage through their online sight.

After sending all my personal information I received no contact, I then wrote their customer service officer and again never received any response. Although within their posted limits, maybe my deal was too small to warrant their attention? I am now unable to find this company's quotes on this site and am a little nervous about the private info I sent them.

Does anyone know if they are a reputable company, or have a similar experience?

Thank-you,