Lisa Tollis, Real Estate Salesperson
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Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money. The line of credit popularity that took place in … Continue Reading 50+ with little or no Mortgage? You Need a Line of Credit!

5/14/2019 1:52:21 PM

We’ve seen mortgage rates drop steadily over the past three months. At the beginning of this year, we saw fixed rates approaching 4%. And, today, we’re seeing them sit around … Continue Reading It’s war. Mortgage Rate Wars. You could win with Big Rate Cuts!

5/10/2019 2:18:34 PM

Before I get into the topic of new home financing, I want to share some positive news! The Ontario housing market is definitely alive and well! I’m seeing new properties … Continue Reading Finance Your New Construction Home at Prime Minus 0.80%!

5/9/2019 9:47:47 AM

With warmer weather comes a renewed energy and hope for the coming months. It’s also the official start of the Spring housing market. Are you considering buying a home? If … Continue Reading Top 3 Things Homebuyers Need to Know this Spring

5/7/2019 10:32:11 AM

This is probably the biggest positive mortgage lending change in 10 years. A major lender has just announced a new program for self-employed individuals! For the last several years, mortgage … Continue Reading BIG NEWS: Mortgage includes Self-Employed Business Income and Best Rates!

4/30/2019 7:43:42 AM

We’ve all heard the saying ‘necessary evil’ – something that we need or must have but don’t necessary like. It’s kind of like taking cough syrup that doesn’t taste so … Continue Reading Beware of Mortgage Insurance Double Charges!

4/5/2019 12:45:58 PM

I’d like to think the Total Net Worth Program reintroduced by a lender recently is an indication of what’s to come! I’m excited about this program. It allows borrowers with … Continue Reading Is Common-Sense Lending Making a Comeback?!

3/28/2019 1:52:47 PM

Mortgage News Daily

Posted To: MBS Commentary

Both stocks and bonds have been edging back into less panicked territory after trade war drama fizzled out last week. In other words, stock prices and bond yields were moving higher together. To be fair, bonds got one last rally push from Italy/EU drama mid-week (stocks didn't care as much about that one). Either way, by the end of last week the worst of the "risk-off" momentum appeared to be over and momentum looked to be shifting back in the other direction. Overnight weakness in equities markets threatened to push bond yields back down and create a green day for rates as opposed to modest weakness implied by the recent trend. But stocks were only ever looking panicked in the overnight and early morning hours. As soon as the 9:30am NYSE session got underway, stocks found their...(read more)

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5/20/2019 4:25:25 PM

Posted To: Mortgage Rate Watch

Mortgage rates moved microscopically higher today, depending on the lender. In terms of underlying movement in the bond market, however, rates should have risen a bit more than they did. This has to do with the timing of the bond market weakness and the amount of movement lenders typically want to see before changing their mortgage rate offerings for the day. Simply put, weaker bonds suggest higher rates, but bonds didn't weaken fast enough for most lenders to see their "re-price" threshold. All of the above means that most lenders continued to offer rates that were very close to the lowest levels in more than a year. Only a handful of days have been any better, and all of them have occurred in the past 2 months. Much of the credit for the recent drop in rates goes to the well-publicized trade...(read more)

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5/20/2019 3:18:00 PM

Posted To: MND NewsWire

Freddie Mac's May Forecast continues to look for a downward trending interest on the 30-year fixed-rate mortgage. The company's economists are project an average rate of 4.3 percent this year with a small increase to 4.5 percent in 2020. Coupled with a strong labor market, low unemployment, and "modest" wage growth, this should mean a steadily growing housing market this year. The forecast is for total housing sales, both new and existing, to slightly best the 2018 number of 5.96 million units, rising to 5.98 million. Existing home sales will account for 5.35 million of the total and new home sales for 630,000 units. Sales in 2020 are expected to be even better, at 6.14 million overall. Housing starts will be flat this year , with single-family starts gaining 0.01 million units to 0.88 million...(read more)

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5/20/2019 8:06:54 AM

Posted To: MBS Commentary

In the week just past, bonds managed to extend the already unexpected gains that began on May 6th following a sharp escalation in US/China trade war rhetoric. Trade-related news continued to be a market mover throughout that two week period, and markets remain susceptible to "aftershock" headlines. Last Wednesday saw a flare-up in Italy/EU tensions revolving around the country's decision to violate EU budget rules. In general, risks to EU monetary stability are good for the bond market. There was limited economic data throughout the week, but logical reactions in general. That said, the size of the reactions was muted by the market's focus on geopolitical issues. In the week ahead, data will once again be limited with new and existing homes sales reports being the only notable...(read more)

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5/20/2019 7:42:22 AM

Posted To: Pipeline Press

Tony H. sent, “A conference is a gathering of people who singly can do nothing, but together can decide that nothing can be done.” Not at this MBA event, right!? Here in New York there’s a lot to talk about. Ellie Mae laying off 10% of its workforce, for example. MERS reporting 19,000 eNotes added to the MERS eRegistry during the first quarter of 2019, more than in all of 2018. At the MBA’s Secondary Conference one topic being batted about is the LTV ratio. Yes, the “lender to vendor” ratio has been sinking over the years as the number of vendors has increased. One-month bank statement programs? Yup, there’re out there. Chase Advantage reminding capital markets folks of 2006 programs & pricing through “access to the private MBS market?”...(read more)

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5/20/2019 6:28:55 AM

Posted To: MBS Commentary

Bonds began the overnight session in unchanged territory but began to improve on various news reports that fueled a global flight-to-safety. These included the latest edition of US/China brinksmanship as well as a surprise update on the Brexit talks "collapsing." The Brexit news reaction delivered Treasuries to the domestic starting line in much stronger territory (10yr yields down into the 2.36's), but that was as far as the day's gains would go. After an hour and a half of indecision , yields began to rise right at the NYSE open. They received another push at 10am from stronger-than-expected Consumer Sentiment data (which included higher inflation expectations to boot!). Just as yields weren't willing to press any lower than yesterday's lowest levels, neither were...(read more)

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5/17/2019 2:01:35 PM

Posted To: Mortgage Rate Watch

Wednesday was the best day this week for Mortgage rates with the average lender at the lowest levels in more than a month and very close to the lowest levels in more than a year. Things changed on Thursday with rates moving up slightly. That said, Thursday would have been the best day in more than a month had it not been for Wednesday! Friday brought effectively no change to Thursday's levels, thus keeping the average lender very close to long-term lows . In fact, the average loan quote won't have changed in terms of the quoted interest rate during the past 3 days--only in terms of the upfront costs. In other words, APR would be slightly higher while the payment rate itself would be unchanged (APR factors certain upfront costs into a total cost of financing). In the bigger picture, rates have...(read more)

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5/17/2019 1:35:00 PM

Posted To: Pipeline Press

A capital markets friend relayed this note recently received from an LO. “When do you think stated pick-a-pay products will come back? I have some borrowers with LTVs less than 70% who could really use that. Can you find us a program to offer?” Huh? Pick-a… Pik-a-chu? As over a thousand capital markets folks head to New York this weekend to tax their livers and hear, yet again, another set of titillating GSE reform updates at the MBA Secondary conference that are heard at every conference, there is investor chatter as always, like PHH re-entering the mandatory business. At least one associated group is optimistic. U.S. homebuilders are becoming significantly more confident after a sharp downturn last year. The monthly confidence index of the National Association of Home Builders...(read more)

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5/17/2019 6:57:13 AM

Posted To: MBS Commentary

In the day just past, bonds enjoyed a break in trade-related headlines, an absence of new Italy/EU drama, and a reasonably informative set of economic reports in the morning. Less enjoyable was the fact that the econ data made a case for bond market weakness. Indeed, the main thrust of upward momentum in Treasury yields followed the 8:30am economic reports. Nonetheless, bonds were able to find a supportive ceiling mid-morning, even as stocks continued to rally. In the day ahead, there's only one mid-tier econ report to digest in the form of Consumer Sentiment. This CAN move markets, but frequently doesn't. Leading Economic Indicators shares the same time slot, but is better characterized as almost never moving markets. Beyond the data, overnight trading suggests markets remain susceptible...(read more)

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5/17/2019 6:53:44 AM

Posted To: MND NewsWire

Refinancing held on to a 35 percent share of mortgage originations in April according to the Origination Insight Report from Ellie Mae as the 30-year note rate dropped for the fourth consecutive month. The rate was at its highest so far at 5.01 percent in January. The April average was 4.61 percent. The share of refinancing was little changed from March for any of the loan types and ranged from 38 percent for conventional loans to 23 percent for those backed by FHA. The time to close loans continues to shrink, dropping two days to 40. Time to close a refinance was 33 days, down from 34 in March and 43 compared to 45 for purchase loans. "We are seeing closing times drop across the board as our lenders leverage technology for a more efficient and streamlined loan origination process," said Jonathan...(read more)

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5/17/2019 6:09:51 AM