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Up-to-Date Mortgage News


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Picture this: you’re buying a home or refinancing your mortgage. You hire a lawyer to facilitate the transaction. You decide to go with a mortgage that is NOT through one … Continue Reading Your Lawyer May Be Overcharging You

6/11/2021 12:49:43 PM

“Save up to $3,000 on heating and cooling” “No monthly payments for 3 months”  “No interest for 6 months” Sound familiar? You’ve probably seen tons of offers like these on … Continue Reading How Financing a Furnace Can Affect Your Mortgage

6/8/2021 10:37:35 AM

Securing a mortgage just got a little more difficult. As you likely know, getting an uninsured mortgage in Canada requires you to prove you can keep up with payments if … Continue Reading Are Canadians Ready For A Tougher Stress Test?

5/27/2021 9:10:32 AM

From the stock market to the way we work, nothing is exactly “normal” right now. It’s impossible to look at a dramatic societal shift and not attribute it to the … Continue Reading Will the Housing Market Cool Off?

5/21/2021 7:43:53 AM

The Bank of Canada governor, Till Macklem, made no change to interest rates on April 21st, the 3rd of 8 annual meetings dates. This comes as no surprise, though, There wasn’t … Continue Reading Interest Rates to Stay As-is for Now. But When Will They Rise Again?

5/3/2021 5:56:44 PM

There is big news that was announced earlier this month and it might affect home buyers in the market for a mortgage. The Office of Superintendent of Financial Institutions (OSFI) … Continue Reading New, tougher mortgage stress test?  What will this do to our red hot real estate market?

4/27/2021 9:41:59 AM

In today’s ultra sensitive society, I had better give a warning… I’m not promoting bullying.  Okay, now that we got that out of the way, here’s why a bully offer … Continue Reading Bully Offers and Why They May be a Good Tactic

4/15/2021 4:03:48 AM

Mortgage News Daily

Posted To: MBS Commentary

New Week, New Sense of Urgency The new week wasted no time in differentiating itself from the previous week as bonds sold off somewhat briskly this morning. This was a known risk given the motivation for the recent gains. Specifically, short-covering rallies leave themselves open to these little reversals. The bigger question of "where do we go from here" may depend on the incoming data and especially Wednesday afternoon's Fed announcement/forecasts. Despite the early selling pressure, bonds offered some reassurance in the afternoon by holding calmly under 1.50%. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Consumer Sentiment 86.4 vs 84 f'cast 1yr Inflation expectations down 0.6% 5yr Inflation expectations down 0.2% Market Movement Recap 09:22 AM Roughly unchanged overnight...(read more)

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6/14/2021 3:19:57 PM

Posted To: Pipeline Press

Elaine F. reminded me of a quote from Hemingway: “Never mistake motion for action.” And basketball coach John Wooden said, “Never mistake action for achievement.” The FHFA is certain taking action, and moving toward achieving its goals, although those don’t necessarily match those of many borrowers or lenders. Why every originator should care is spelled out in “The Secondary Market’s Presence in the Primary Markets” . By raising gfees (as lenders saw last Friday) to one borrower at a time, will Freddie Mac and Fannie Mae reach the hundreds of billions of dollars of retained capital that many believe are required to exit conservatorship ? Of course not. And it appears that TPO business (correspondent and wholesale) is being hit much harder than...(read more)

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6/14/2021 9:44:30 AM

Posted To: MBS Commentary

Last week was relatively impressive and perhaps somewhat surprising in terms of bonds' ability to rally in the absence of overt fundamental motivation. As we discussed, the covert motivation was/is largely one of trading positions (i.e. shorts covering). Speaking of things "we discussed," there's also that post-NFP conversation about rally momentum setting the bond market up for a selling opportunity. If short positions have covered and trading levels are starting the week confirming a bounce at recent low yields, is this the selling opportunity? That may depend on the Fed. We're less worried about what they change in terms of policy and more interested in verbiage changes, dot plots, and the invariable update on whether or not the tapering discussion has evolved. Is it...(read more)

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6/14/2021 8:20:41 AM

Posted To: Mortgage Rate Watch

No, this isn't one of those click-bait headlines that promise to share "one weird trick" or proclaim "you'll never believe what happened next." Well, actually, some people might have a hard time believing this one. In the interest of respecting the time of those who are already up to speed on this week's economic data and interest rate movements, we're about to talk about the paradoxical drop in rates despite decades-high inflation. Everyone else, read on! Inflation is one of the mortal enemies of interest rates. Here's why: Rates are determined by the amount of money investors are willing to pay for bonds/loans. Basically, investors give you a big chunk of cash and you make payments (with interest) over time. Inflation makes dollars less valuable (or, said another way, it makes "stuff" cost...(read more)

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6/11/2021 5:21:00 PM

Posted To: MBS Commentary

Bonds Circle Weekend Wagons as Fed Day Looms This week was a bit of a barn burner for the bond market with 10yr yields falling at their fastest pace since the start of the pandemic. It's not too troubling to see the modest weakness creep in on Friday. This could be explained by something as simple as traders exiting shorter-term long positions in an attempt to get neutral for next week's big-ticket events. Chief among those will be Wednesday's Fed Announcement (which includes updated economic projections and "dots"). Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Consumer Sentiment 86.4 vs 84 f'cast 1yr Inflation expectations down 0.6% 5yr Inflation expectations down 0.2% Market Movement Recap 09:43 AM flat for most of the overnight session, then modestly weaker...(read more)

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6/11/2021 2:55:57 PM

Posted To: MND NewsWire

The number of loans in forbearance declined by 61,000 or 2.9 percent during the week ended June 8. Black Knight said that 2.06 million loans remain in various forbearance programs, 3.9 percent of all active mortgages. There were significant declines among all lender programs. Loans serviced for bank portfolio or private label security (PLS) investors saw the most substantial change with 33,000 fewer loans in forbearance. Those serviced for the FHA and VA decreased by 19,000 and for Fannie Mae and Freddie Mac (the GSEs) the decline was 9,000. As of June 8, there were 647,000 GSE loans remaining in forbearance, 2.3 percent of those loans, along with 840,000 FHA/VA loans and 576,000 portfolio/PLS loans. The latter two numbers represent 6.9 percent and 4.4 percent of the respective portfolios....(read more)

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6/11/2021 11:36:08 AM

Posted To: MND NewsWire

Lenders aren't taking the refinance boom for granted. Fannie Mae's second quarter Mortgage Lender Sentiment Survey found most respondents do not expect business, and therefore profits, to remain at current levels. Sixty-nine percent said profit margins would decline over the upcoming three months , 19 percent expect they will remain the same, and 11 percent believe they will increase. It was the third quarter in which pessimism predominated, but only 52 percent of respondents to the first quarter survey expected a decline. Lenders reported they had seen increased demand for purchase mortgages over the prior three months as demand for refinancing wound down. The net share of lenders who reported that demand had grown turned negative for the first time since the first quarter of 2019 and was...(read more)

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6/11/2021 11:27:34 AM

Posted To: Pipeline Press

Friday: time for some random non-mortgage stuff. Everyone knows that if you lose one sense, your other senses become enhanced. Which is why people with no sense of humor have a heightened sense of self-importance. Jeff Bezos… your divorce so bad you’re going to leave Earth ? That’s something! Every state (watch, whenever I use the term “every” folks find exceptions… which is fine, it’s how I learn) has a state mineral, or a mammal, or a motto. What about a state gun? A state firearm has only been designated by eight of the fifty states in the U.S: Alaska, Arizona, Utah, Indiana, Kentucky, Pennsylvania, West Virginia, and Tennessee. Some years ago, the U.S. had 78,000 fewer truck drivers than it needed. Now that shortfall is 280,000. As a result, truckers...(read more)

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6/11/2021 10:14:36 AM

Posted To: MBS Commentary

Slightly weaker?! How could we say such things when the MBS chart looks like this: Don't worry. This isn't exactly "real" due to the roll . The prices on the June 10th side of the chart are for the now-retired June coupons whereas the prices on the June 11th side of the chart are for July coupons. July coupons have been trading for a few months and their prices have always been a bit lower than June's. So about half of the weakness seen on the chart is not really there. If there were no roll, the chart would look more like this: In terms of Treasuries and big-picture momentum, yesterday's rally took us to the best levels in months. As we've been saying for the past few days, the strong post-payrolls momentum will eventually set up a selling opportunity. So we have...(read more)

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6/11/2021 8:43:02 AM

Posted To: MND NewsWire

It is hardly a surprise given the rapid increase in home prices, but homeowners gained another $1.9 trillion in equity in the first quarter of this year. CoreLogic's Homeowner Equity Report says homeowners with mortgages, (about 62 percent of all properties) saw an increase of 19.6 percent compared to the first quarter of 2020. This is an average annual gain of $33,400 per household. At the same time, the number of homeowners who were underwater, owning more on their mortgages than the value of their home, decreased by 24 percent over the 12 months ending in March, 7 percent in the first quarter alone. This meant that 450,000 properties emerged from negative equity during the year, leaving 1.4 million homes, 2.6 percent of those with a mortgage, underwater. The issue of negative equity has...(read more)

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6/11/2021 7:42:30 AM