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Purview, by Teranet, delivers a national automated property valuation and fraud detection solution, designed for Canadian financial institutions, mortgage lenders, brokers and insurers that allow customers to mitigate fraud and make better mortgage underwriting and insurance decisions.

2016 changeofspaceWith the recent changes to the mortgage rules in Canada, we take a moment to look back at the evolution of the mortgage, and to highlight these new changes and what they mean.

LOOKING BACK

BEFORE 2008

During this time, lending and mortgages were much more laid back! There was 100% financing available, 40 year amortizations, cash back mortgages 95% refinancing, 5% down payment required for rental properties, and qualifications for FIXED terms under 5 years and VARIABLE mortgages at discounted contract rate. There was also NO LIMIT for your GROSS DEBT SERVICING (GDS) if your credit was strong enough. Relaxed lending guidelines when debt servicing secured and unsecured lines of credits and heating costs for non subject and subject properties.

2016 changeofspaceDominion Lending Centres breaks down the new changes to the mortgage space, answering your most asked questions — What, Who and Why? — And how WE can help!

Why is the Department of Finance implementing these new changes?

These new regulations are aimed at protecting the financial security of Canadians and supporting the long term stability of the housing market in Canada.

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Download our PDF and read more about the changes.

ProfessionalsCanada.jpg.size.xxlarge.letterboxNavigating the real estate and mortgage processes with the help of an expert mortgage broker can help set your mind at ease when making one of the largest financial decisions of your life.

Mortgage brokers negotiate with lenders on behalf of borrowers daily, so they know the ins and outs of what’s really important when arranging the best mortgage product and rate based on the unique immediate and longer-term needs of each borrower.

Brokers have access to multiple lenders’ products — including offerings available through banks, credit unions and trust companies, as well as alternate and private lenders. This means more choice for you — and better access to a product and rate that will meet your specific mortgage requirements.

Mortgage & Financing Services

MortgageRates

Terms CMHC Conventional
Variable Rate Prime -0.75% or 1.95% Prime -0.65%
6 Months 3.14% 4.55%
1 Year 2.34% 2.94%
2 Year 2.14% 2.24%
3 Year 2.35% 2.54%
4 Year 2.49% 2.64%
5 Year
2.54%
(120 days)
2.79%
(90 days)
5 Year
2.49%
(45 days)
2.69%
(60 days)
10 Year 3.74% 3.74%
Benchmark 4.64% 4.64%

5 year VRM at Prime Less .80% for "Low Rate Basic" 1.90% today.

*Rates subject to change without notice. Certain conditions may apply. OAC, E & OE. Subject to 3% penalty or IRD. Rates published as of April 11, 2017.

Understand Our Rates

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Fixed Rate or Variable Rate

The decision to choose a fixed or variable rate is not always an easy one. It should depend on your tolerance for risk as well as your ability to withstand increases in mortgage payments. You can sometimes expect a financial reward for going with the variable rate, although the precise magnitude will ebb and flow depending on the economic environment.

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WhatClients Say About Us?

Gemma patiently guided us through the process; suggested products and ways of doing things (eg, refinance) that best served our interests.

-Genevieve & Tyler