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Yesterday, Bank of Canada (BoC) Governor, Stephen Poloz, left rates unchanged. This kept the bank prime rate at 3.45%. This also, indirectly, affects fixed mortgage rates. Great news for anyone with … Continue Reading Got a mortgage? Good news: Bank of Canada didn’t raise rates yesterday!

4/19/2018 8:05:47 AM

A few years back, I had the privilege of hearing one of my childhood idols – former Toronto Maple Leafs captain, Darryl Sittler – speak at a Real Estate Investment … Continue Reading Darryl Sittler made his fortune in Real Estate… not Hockey!

4/5/2018 8:15:40 AM

Rental vacancies are ridiculously low and demand for rental units is high… and growing! That’s just a sampling of the opportunistic real estate investment news Ted Tsiakopoulos, CMHC’s Regional Economist … Continue Reading Ontario Housing Market: Increased Opportunity for Investors!

4/3/2018 9:30:57 AM

The BIG SIX BANKS have been caught. For those who still think the banker is your friend and is only looking out for your best interests, guess again. They’re in … Continue Reading BIG SIX BANKS exposed and called out by Financial Consumer Agency of Canada!

3/29/2018 7:56:03 AM

When it comes to mortgages, $100 isn’t going to get you very far. But what if you paid an extra $100 a month towards your mortgage? It’s not a lot … Continue Reading How can an extra $100 boost your mortgage?

3/27/2018 5:33:57 AM

Trying to decide what’s the best move can be difficult… and, I must admit, this isn’t an easy subject to tackle. There are so many opinions! But it’s important enough … Continue Reading RRSP, RESP, TFSA or Mortgage prepayment… Which offers the best bang for my buck?

3/20/2018 7:38:19 AM

You’ve heard the stats: 1 out of every 2 marriages fails. Actually, I think the number of failed marriages is even higher now. Wait, let me rephrase that. A marital … Continue Reading I’m getting divorced. Should I keep the family home?

3/15/2018 11:47:29 AM

Mortgage News Daily

Posted To: MND NewsWire

Freddie Mac's economists say, "The broader economic environment remains favorable for home sales," but they add a lot of caveats to that statement . Sales are holding up so far, despite the increase in mortgage rates, but will that continue? Sales started recovering in 2010, with the aggregate of new and existing sales growing annually except for 2014; largely because rates rose that year. Rates are not necessarily the only driver, however, from 2016 to 2017 home sales rose along with rates. Of course, sales depend on the interaction between demand- and supply-side factors. Demand factors include demographics, labor market outcomes, and financing conditions including rates and the availability of credit. Among supply factors are the construction of new homes, vacancy rates, and the inventory...(read more)

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4/23/2018 12:09:14 PM

Posted To: MND NewsWire

Existing-home sales seemed to have reclaimed their footing, posting their second consecutive gain after two straight months of declines. The National Association of Realtors® (NAR) said March sales of single-family homes, townhomes, condos, and coops rose 1.1 percent compared to February, putting sales at a seasonally adjusted annual rate of 5.60 million units. The March pace built on a 3.0 percent increase in February, but sales are still down 1.2 percent compared to March 2017 . Sales in February were at a rate of 5.54 million. Analysts polled by Econoday had expected existing home sales in the 5.39 to 5.80 range. The consensus was 5.51 million units. Single-family homes sales were up 0.6 percent to an annual rate of 4.99 million units from 4,96 million in February, putting those sales...(read more)

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4/23/2018 8:56:58 AM

Posted To: Pipeline Press

“A billion here, a billion there, pretty soon, you’re talking real money,” was never actually uttered by Illinois politician Everett Dirksen. ("Oh, I never said that. A newspaper fella misquoted me once, and I thought it sounded so good that I never bothered to deny it.") The big news late Friday was the CFPB & OCC announcing a settlement with Wells Fargo for auto-loan administration and mortgage practices – all lenders need adequate compliance or risk management programs, right? Wells Fargo said that the company would adjust its first quarter 2018 preliminary financial results by an additional accrual of $800 million, which is not tax deductible. According to the CFPB's consent orders, apart from paying the fine, Wells Fargo will remediate harmed consumers and undertake...(read more)

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4/23/2018 7:12:15 AM

Posted To: MBS Commentary

I'm going to be surly this week about the way the bond market is covered in the financial media. Many of the articles to which I take exception will appear in the live news stream on MBS Live and Mortgage News Daily. They are there for reference and/or "target practice," if you take my meaning. And I'm not talking about plinking cans in the 3rd grade at my buddy Tim's house (he had dirt bikes too!). I'm talking more like a heavy explosives demonstration. So please, stay behind the safety glass, put on your protective eyewear, and observe. Target 1: The Notion That High Rates Hurt Stocks: No matter how many times someone writes this in a news article--no matter how many times a talking head claims this on the TV--it never becomes true. I mean, I guess it could become...(read more)

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4/23/2018 7:03:44 AM

Posted To: MBS Commentary

10yr yields hit the highest levels in more than 4 years this afternoon as bigger-picture selling pressure looks to be taking the reigns back from the Springtime consolidation that helped rates hold steady-to-slightly lower in March. There are no big, obvious reasons for the sudden spike in rates. We're left to cobble together a narrative from boring, esoteric stuff like an "imbalance in trading positions," anxiety over the data, earnings, and bond supply next week, and the end of a few days of extra help from tax deadline retirement account funding. Or, if you'd like to go with fewer words , it's no less valid to say that technicals and momentum are the culprits. In other words, bonds were in a consolidation trend. They tested the ceiling, broke the ceiling, and have been...(read more)

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4/20/2018 3:14:06 PM

Posted To: Mortgage Rate Watch

Let's clear one thing up before we begin. Freddie Mac, MBA, and Ellie Mae all noted new 4-year highs in mortgage rates this week. They are all technically wrong. This has to do with the way their data is collected and/or averaged. And while I have no doubt that they are accurately conveying the results of their data collection efforts according to their methodology, there is a more accurate way to do things. Specifically, we can track actual lenders' rate sheets every day. Even if we take an average of that daily data, we still find that rates aren't quite back to 4-year highs just yet. Depending on the lender, these occurred on one of the days near the end of February. In fact, some lenders' rates from March 21st are still higher than today's. Are we talking about very big differences between...(read more)

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4/20/2018 12:18:00 PM

Posted To: MND NewsWire

Once again Wells Fargo is about to pay dearly for its inability to walk the straight and narrow. The Washington Post , under the byline of Renae Merle, is reporting that the bank is about to be hit with the largest penalty of the Trump administration , perhaps as early as today. A settlement, reported to be in the neighborhood of $1 billion, has been reached between wells and its regulators, the Consumer Financial Protection Bureau (CFPB), and the Office of the Comptroller of the Currency (OCC) over improprieties in both their mortgage and auto lending business. The Bank acknowledged last week that it faced a hefty fine. Neither regulator has commented on the matter to date. Wells Fargo has admitted to charging some customers improper fees to lock in their mortgage interest rates and to forcing...(read more)

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4/20/2018 7:27:34 AM

Posted To: MBS Commentary

Rates are in the midst of a serious, threatening move higher. Yesterday brought additional confirmation of the end of the friendly Springtime consolidation trend and it took us one step closer to the highest yields in more than 4 years. The specific reasons for yesterday's weakness were covered in the MBS Live Huddle , but even then, the bigger-picture justification for gradual weakness in 2018 is well-documented here and elsewhere (Treasury issuance, Fed policy outlook, upside growth/inflation risks). Rates could very well continue higher today--possibly even enough to break those pesky 4-year highs from back in late February. But even if they do, it might not be the end of the world. In fact, there are at least 2 recent examples of big scary rate spikes consolidating (like we did in March...(read more)

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4/20/2018 7:20:58 AM

Posted To: Pipeline Press

Did you know that Wells Fargo gives more assistance and aid to people and communities through its Foundation than any other company in the United States. For example, “the Wells Fargo NeighborhoodLIFT program looks to the future by delivering down payment assistance and financial education to homebuyers.” If only people focused on that, right? Not only did Wells tragically lose an employee in the Southwest Airline accident, but in a smack to the Retail Division the American Federation of Teachers notified Wells that it is dropping the bank as a recommended mortgage lender for the national education union's 1.7 million members. The press continues to talk about a settlement of a potential $1 billion fine, and by some specific measures other lenders have overtaken Wells’ volume...(read more)

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4/20/2018 7:18:50 AM

Posted To: MBS Commentary

The break outside what we'll call the "Springtime Consolidation" for bonds started taking shape as early as last week. On Thursday and Friday, yields hugged the upper boundaries of that trend, simultaneously shying away from the sort of positive bounce that would typically suggest the trend's continuation. No matter! Perhaps they just needed to think things over for the weekend and things would look different on Monday. Nope! In fact, bonds weakened on Monday, which just about put the nail in the coffin of the Springtime Trend, but Tuesday's resilience raised doubts. By yesterday, however, we probably had our final answer with the big break above 2.835% and even a modest break above 2.86% in 10yr yields. Today's overnight weakness was plenty to put a period at the...(read more)

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4/19/2018 3:03:41 PM