What Is Collateral Mortgage?
The term of Collateral Charge has been heard by many of us today, yet many of us don’t quite understand it. It refers to how the mortgage is registered on title.
A mortgage, or charge in legal terms, can be registered on title as regular charge or collateral charge, depends on the lender’s instruction to the solicitor.
With regular charge, the provisions regards to the mortgage details matches your actual mortgage details such as loan amount, balance due date, etc.
Bank of Canada maintains its overnight rate target at 1/2 percent
This morning, the Bank of Canada announced that its overnight rate target maintains at 1/2 per cent, and the current prime rate stays at 2.70%.
Many of our clients are choosing shorter term now, and the most popular mortgage rate is two year fixed rate.
Information Notice
The next schedule date for announcing the overnight rate target is May 25th, 2016.
Bank of Canada Maintains Overnight Rate at 1/2 Percent
Bank of Canada announced this morning that there is no change to the interest rate.
The current prime rate is still at 2.70%.
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* New Applications Between Jan. 14th to Feb. 15th, 2016
* Funding/Closing On Or Before Feb. 29th, 2016
* Minimum Mortgage Amount Of $200,000
* Applicable To Promo Rates (Subject to Approval).
Call Us Now At 1-877-479-9998 Or 416-238-2698
Email Us Now At: info@valueland.ca
Minimum Down Payment Increases Starting Feb. 2016
Finance Minister Bill Morneau made the announcement earlier this morning that the minimum down payment for purchase will increase effective Feb. 15, 2016.
The new policy only affects houses that are more than $500,000.
The new required down payment is 5% on the first $500,000, 10% on the reminder.
For example, for a house at $800K, the minimum down payment is $55,000:
5% * $500K = $25K
10% * $300K = $30K
$25K + $30K = $55K
Housing Market Trend: Low Borrowing Rates; Possible Minimum Down Payment Increase
On December 02, 2015, Bank of Canada has announced to remain the overnight lending rate at ½ per cent. Our current prime rate stays unchanged at 2.70%.
Following BOC's Rate Drop, Prime Rate Drops to 2.70% from 2.85% with Most Lenders
Following yesterday's rate reduction by Bank of Canada, most of the major bank has announced to drop the prime rate by 15 bps, makes the prime lending rate at 2.70%.
Bank of Canada Maintains Overnight Rate at 3/4 Percent
Bank of Canada's announcement today indicating no changes to the interest rate.
The current prime rate is still at 2.85%
Please contact us today and see how you can get 2% (P-0.85%) variable rate.
Banks and Other Lenders are Lowering Prime Rate to 2.85%
Following RBC's first announcement on January 27, 2015 to lowering the prime rate to 2.85%, all the other major banks and some of the smaller lenders have followed the movement and lowering the prime rate to 2.85% as well.
In combination with the 0.90% discount to the prime, the lowest variable rate you are looking at is 1.95% today. Some conditions apply, please contact Valueland Mortgages to find out more details.
Bank of Canada Lowering It's Overnight Rate by 0.25%
Bank of Canada has made a surprising move by lowering it's overnight interest rate from one per cent to three-quarter of a per cent.
The major banks will most likely to follow the move and drop their prime rate from 3% to 2.75%.
When it does happen, the lowest 5-year variable rate could be 1.85% (P-0.90%).
Please contact us to find out how you can apply.