Tag Archive: switches

Mortgage regulation and higher rates changed the game in 2018, lowering the amounts borrowers could qualify for by up to 20% and reducing the incentive to renegotiate for a better rate. That had clear implications for refi volumes. UsingTeranet‘s 2018 Ontario data as a guide, the number of borrowers: refinancing with their existing lender plunged 36% (vs 2017) switching their...

In Canada, the cheapest mortgage rates are usually available on insured (or insurable) mortgages. But refinances cannot be insured thanks to rule changes in 2016. That’s been a problem for folks with existing mortgages—particularly those who have “collateral charges.” Collateral charges are mortgages that readvance or have a line of credit attached to them. Examples include the: RBC Homeline Scotiabank...