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Up-to-Date Mortgage News


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The incredible variable rate wars we’re seeing this month are about to come to a close! It would be a shame to miss out on these savings! And, while there … Continue Reading Record-Low Variable Rate Wars EXPIRE THURSDAY… Don’t miss out!

5/29/2018 11:03:29 AM

In order to fully understand how to take advantage of record-low variable rates, it’s important to learn some mortgage history. BMO came out swinging first a week ago with a … Continue Reading And the Variable Rate price wars begin… Here’s how you can benefit!

5/17/2018 9:18:57 AM

Quoting rates isn’t straightforward anymore. Your final rate is based on your credit score, purchase price or home value (homes over $1 million purchased after Oct 17, 2016 have higher … Continue Reading Prime minus 1.09%… Yes, this is a record-low Variable Rate!

5/8/2018 8:58:24 AM

Much has been written about last week’s Posted rate hikes by TD and RBC. Don’t panic! This is just their posted rate – it’s not the actual rate they give … Continue Reading TD & RBC raised the POSTED rate… but not their REAL rates

5/3/2018 7:32:42 AM

I originally posted a breakdown of how mortgage penalties are calculated by different lenders on January 4, 2011. This remains relevant today and, since this has been my most popular … Continue Reading Mortgage Penalties: You could pay thousands to break your mortgage depending on your lender!

4/26/2018 8:32:37 AM

In recent months, we’ve seen the mainstream media publish several stats and articles about Canada’s declining real estate market. The popular stories go something like this: Home sales fall by 22%; … Continue Reading REAL facts on Housing Prices… they’re not dropping like you may think!

4/24/2018 9:18:35 AM

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

Mortgage News Daily

Posted To: Pipeline Press

Rumors continue to swirl. Will a top-10 bank really terminate hundreds, possibly a thousand, of its retail originators in late July/early August for not meeting minimum production standards? Is Houlihan Lokey out there marketing a well-known company (a provider of compliance outsourcing solutions to lenders and servicers) to Radian, Black Knight, or overseas firms? Are hundreds of lenders engaged in small-scale unpublicized layoffs to eliminate overstaffing? Maybe I am merely making this stuff up. Maybe not. Lender Products and Services The American Bankers Association announced its endorsement of Built Technologies, a Nashville-based fintech company focused on simplifying the administration of residential and commercial construction loans through secure, cloud-based software. Built’s...(read more)

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6/18/2018 6:51:52 AM

Posted To: MND NewsWire

Americans are sitting on a nearly unprecedented level of untapped wealth - or maybe sitting IN it is more to the point. A report from Black Knight notes the first quarter of this year saw the "tappable" equity Americans have in their homes rose at what could be a record pace. The company says tappable equity growth is a different metric than simple equity growth as it is the amount that homeowners can actually use. That is, it is the amount of a home's value that can be borrowed against before reaching a combined loan-to-value (CLTV) ratio of 80 percent. Tappable equity grew by $380 billion in the first quarter of 2018. That 7 percent increase is the largest single quarter growth in Black Knight's records, which go back to 2005. Equity growth is usually greatest in the first and second quarters...(read more)

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6/18/2018 6:27:47 AM

Posted To: MBS Commentary

Fresh fears of trade wars pushed stocks and bond yields lower in the overnight session as the White House promised another wave of tariff announcements in the morning. China retaliated by promising its own tariffs and markets slumped accordingly. By "accordingly," I mean they slumped as much as they have for any other trade war headline after the initial shock wore off--i.e. not too terribly much. Case in point, stocks ended up bouncing back and nearly erasing all of the losses. Bonds, on the other hand, got a bit of an extra boost from the overall momentum following 2 decent days of central bank news, as well as weaker economic updates out of Europe overnight. 10yr yields rallied all the way to 2.889 before bouncing up to 2.922% by the close (still 2.4bps lower on the day). MBS underperformed...(read more)

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6/15/2018 3:35:59 PM

Posted To: Mortgage Rate Watch

Mortgage rates fell again today, bringing the average rate just slightly lower on the week. Unlike the past 2 days, there were no big ticket calendar events today. Instead, motivation came from market jitters of new tariff announcements and the ensuing retaliation from China. Markets ultimately decided it wasn't the end of the world (yet) and bounced back in the other direction (higher stocks, higher rates) during the 2nd half of the day. Fortunately, the bounce in rates (via the bond market) wasn't big enough to force mortgage lenders to adjust their rate sheets for the worse. That knife cuts both ways though. If bonds were to merely hold flat by the start of Monday's trading, the implication would be for slightly higher rates to begin the day. Loan Originator Perspective Rally makes it time...(read more)

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6/15/2018 3:22:00 PM

Posted To: MBS Commentary

Bond markets have their rally caps on after making it through both central bank announcements this week without suffering any crazy damage. In fact, each day brought modest improvements and now today stands the chance of bringing enough of a rally to "confirm" those improvements from a technical standpoint. That's about the size of it at the moment. We're watching and waiting with fingers crossed. It's much the same as a sporting event where our team just made a good defensive stand and now has the ball on offense . They may or may not score, as always, but it's nice to have a chance! The only thing that troubles me about rooting for a bigger rally is that the justification for sustained improvement will be really hard to come by without something changing about the...(read more)

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6/15/2018 7:37:57 AM

Posted To: Pipeline Press

Taking a tour around the nation…No one has ever used the term “bespoke” in describing any place I’ve stayed. I barely know what it means. But if you’ve got the bucks, and want a nice place to bunk down in Hawai’i, here you go . Marlin jerky? 5,100 miles and six time zones away, a Martha’s Vineyard house that the Obamas have vacationed in sold for $15 million , $7.5 million under original asking. Falling demand on the high-end? In-between, here’s an article on the lay-offs to expect in the Dallas-Fort Worth lending industry. But Freddie Mac announced a new partnership with re-employment solutions company NextJob to provide job search assistance to current and aspiring homeowners living in high-needs and other persistent poverty areas . Digital...(read more)

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6/15/2018 6:59:19 AM

Posted To: MBS Commentary

We knew the ECB (European Central Bank) was going to have to address its bond buying program soon, because it expires after September. Several speakers had alluded to the likelihood that it would be addressed in today's announcement. Markets took that to mean that Draghi would finally talk about the probable tapering announcement at the subsequent meeting. Instead, the ECB just went ahead and pulled the trigger --several months in advance. In other words, they will indeed continue buying bonds through September. They'll buy half as many over the next 3 months and then be done by 2019. This eventuality was somewhere in the realm of the market's expectation, even if we weren't planning on confirming it so soon. The early announcement caused a bit of bond market weakness at first...(read more)

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6/14/2018 2:15:57 PM

Posted To: Mortgage Rate Watch

Mortgage rates moved LOWER today, following a policy announcement from the European Central Bank (ECB). That claim runs counter to almost any other mortgage rate headline in the mainstream news because big media is in the habit of quoting Freddie Mac's weekly rate survey. That's not necessarily a bad thing as long as you understand the underlying timelines. Unfortunately, most news outlets gloss over those important details or leave them out completely. Specifically, Freddie's survey is heavily weighted toward responses that come in on Monday and Tuesday, even though Wednesday is also technically included. Thursday and Friday are never counted. That means that any rate volatility that hits during the second half of the week typically isn't captured in Freddie's numbers. Long story short , because...(read more)

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6/14/2018 1:22:00 PM

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) is projecting a decline in new home sales in May. Its computation is based on information from its Builder Application Survey (BAS) which collects information on mortgage applications for new home purchases from the mortgage subsidiaries of home builders nationwide. Their non-seasonally adjusted BAS data indicates that applications were down by 4.0 percent from April and by 0.5 percent compared to the previous May. Based on this information and other information regarding market coverage and other factors, MBA estimates that new homes were sold in May at a seasonally adjusted annual rate of 626,000 units. This is down 4.6 percent from the April rate of 656,000 units. Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting, said, "Despite...(read more)

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6/14/2018 12:24:13 PM

Posted To: MBS Commentary

Today's domestic session begins with a positive reaction to the European Central Bank (ECB) announcement. The ECB broke from tradition by dropping their bigger bombs at the 7:45am announcement as opposed to Draghi's 8:30am press conference. They also arguably dropped the proverbial mic in a way we haven't often seen by making definitive statements about bond buying and rates well in advance of any changes. Specifically, the ECB will taper its bond buying purchases by 50% in Oct-Dec, and then be done buying new bonds. They'll still be reinvesting proceeds until further notice and they won't be considering a rate hike until the summer of 2019. At first glance, the tapering announcement seems like a problem for bond markets. In fact, it did cause a bit of initial weakness,...(read more)

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6/14/2018 7:00:37 AM