Mortgage Product Highlights

Here is the most recent mortgage update from my mortgage broker.

The fixed rate mortgage have been trending down since Oct 2008.  The trend remains. The next Bank of Canada prime rate announcement is on Jan 20th 2008. We expect around 0.50% further reduction.  However, the question is “will the bank adjust their prime lending accordingly?”  CMHC and Genworth (insurance for high ratio mortgages) have both tightened the guideline up on self-employed applicants.  Genworth no more allows commissioned/sales to qualify under “stated income” program. Other alternative products available.


  • Commercial small business owner program, loan amount <$500,000, owner occupied, at prime +1-2% available.  Applicant must have existing business showing cash flow.  Program to terminate end of March 2009.
  • Best 5 Year fixed rate 4.49% – purchase or refinance, credit score > 680, no pre-approval
  • Best 1 Year 3.89% rate special – insured mortgage only
  • 100% Financing/Refinance – can be done through self-insured lenders, > 640 score, rate 10.74% and up, 1stmortgage.