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Canadian Mortgage News Daily — May 11, 2021

Daily news buttletin

Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents).

Reader note: RateSpy’s mortgage news is now at → RATESDOTCA.

  • Frustrated homebuyers, renting is not a ‘financial coffin’ (The Globe & Mail)
    • Shannon Lee Simmons says: “Save for a down payment in a tax-free savings account and then withdraw $35,000 to contribute to a registered retirement savings plan…at least 90 days ahead of buying a home; withdraw the $35,000 from the RRSP under the federal Home Buyers’ Plan and get a hefty tax refund as a result of the initial RRSP contribution.”
  • It pays to shop around (Toronto Sun)
    • Sure, but it’s unclear how the stats in this story support the conclusion that “half of Canadians do not shop around for their mortgages.”

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  • Dave says:

    Hey Rob,
    How does today’s update impact people that want to refinance? Let’s say get per-approved before June 1 but only go to the notary to close after June 1.
    Thanks. Dave.

  • The Spy says:

    Hi Dave, Policies vary but as long as you get approved and sign your lender’s refinance commitment before June 1, you should be good. But verify with your lender. There’s hundreds of lenders out there and some do things differently.

  • Terminal Augusto says:

    Hi Spy,

    My renewal is coming up at the end of August.
    I’ve been shopping around for the best rate/terms for me

    Is it common to have to sign a commitment letter in order to lock in a rate in Ontario?

    I contacted a lender and told them I was shopping around for a mortgage and wondered what rate they would offer me. They required all my information/documents. After going through the approval process, they sent a full mortgage contract and they want everything signed to lock the rate?

    Is this normal? or am i committing to them if I sign?
    (they are offering the best rate so far, but not the best terms, and I am still interested to see what other lenders are offering)

    • The Spy says:

      Hi Terminal,

      Yes, most providers (not all) will make you sign something to hold a mortgage rate.

      If it’s a mainstream lender (e.g., not a private lender, etc.) you are generally not bound to close the mortgage simply because you signed the approval. You can easily confirm this with your mortgage provider.

      Once you sign with a lawyer/notary/signing agent/title company, then you are usually obligated to proceed.

      Good luck….

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