Most big banks now have online mortgage pre-approvals. No news there. But three decades following the invention of the world wide web, big banks still don’t let you get a mortgage: on virtually any smartphone, tablet or computer without ever speaking to a banker with an instant credit check with automated screening of your application data with an industry-leading, fully...
In the next few years you’re going to see press release after press release announcing new mortgage technology from big banks. And that’s a good thing. Big banks are finally innovating mortgage processes that have been materially unchanged for years. And it’s being inspired by countries that are well ahead of Canada in online mortgage innovation. Take the UK, for...
Not much to see at today’s Bank of Canada meeting. It was another yawner as prime rate held at 3.20%. Among the few takeaways: The Bank stated: “While higher interest rates will likely be required over time, Governing Council will continue to be cautious…” Interpreted this means: Higher rates are on their way, between now and when we die. If...
If you’re among theroughly 1 in 6 conventional borrowers withthe highest debt ratios, OSFI’s new mortgage stress test could keep you from: buying the home youwant (which may be a good thing) renewing at better rates with another lender, or refinancing to lower your debt burden. That’s making hundreds of thousands of borrowers somewhat anxious.It’s why we’re seeing a small...
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