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Is the New Mortgage Qualifying Rate too high?

On April 19, 2010, new mortgage rules were introduced by the government.  One of the new mortgage rules involved changing the mortgage qualification rate.  The mortgage rate which homeowners must now use to qualify is the Bank of Canada posted 5-year fixed mortgage rate (or the mortgage contract rate if it is higher).  So if […]

New Mortgage Rules Re-Visited

On April 19th, 2010, new “mortgage rules” were introduced by the Canadian government. But what are these new “mortgage rules” and how do they affect homeowners? Here is a quick summary; New Mortgage Qualification Rate – For mortgage loans with a down payment less than 20%, mortgage lenders now have to qualify them at the […]

Greater Sudbury…Some Statistics

Greater Sudbury is the 10th largest city in Ontario.  Here are some quick facts on it. Established 1893 (Sudbury) and then 2001 (Greater Sudbury) Population in 2006 157,857 Population in 2001 155,219 Population Growth of 1.7%. Total Private Dwellings 69,430 Population Density Per Square Kilometre is 49.3 Land Area of 3,200.56 Square Kilometres Located on […]

Bank of Canada Expected to Increase Rates to Deal with Rapid Inflation

The Canadian economy soared in April.  Retail sales during April increased by 2.1 percent within Canada.  This is the fourth straight month where retail sales increased.  Without a doubt, consumer spending within Canada is booming and shows no signs of slowing down.  As a result inflation has also increased.  Inflation increased by 1.8 percent during […]

Mortgage Products Explained

There are many different mortgage products out there.  Here is a simple list of them with a brief explanation. Home Purchase Mortgages Buying a home in Northern Ontario?  SudburyMortgageBrokers.com will get you a pre-approval or an approval for your home purchase.  We get you the right mortgage product and the best rate in the market.  […]