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Becky Keays, sales representative with REMAX Jazz Inc., Brokerage. Oshawa Ontario, Canada.


 

End of 100% financing and 40 year amortizations from the market

October 8, 2008

 

With the disappearance of 100% financing and 40 year amortizations from the market, we can provide your clients with an alternative. Because of the credit crunch Banks have increased their rates including prime,it's as high as prime + 1 compared with the old "prime -minus" environment. Unlike the U.S very few Canadians are in arrears, just 0.27% of residential mortgages were in arrears (3 months or more as of June 2008). On the sub-prime end 2% may be in arrears or foreclosure. In total, 20,000 to 25,000 Canadian home owners might be in arrears out of 8.05 million home owners, that's a very small fraction. We may face some corrections in the market and I think the banks are just being cautious so as not to have panic like what's happening in the U.S.

 

 Lee Thomas

FISCO lic. # M08006529

 

       Mortgage Intelligence

       Direct Line: 905 686 9792

Office: 905 686 6744

Fax: 416 987 0811

E-mail: lee.thomas@migroup.ca

www.migroup.ca/leethomas


Tagged with: 100 financing 40 year amortization mortgage mortgage rates home loan lending 5 cash back mortgage
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Last updated 03/15/2014.

RE/MAX Jazz Oshawa:

193 King Street East Oshawa, ON L1H 1C2 Office: (905) 728-1600 Fax: (905) 436-1745

 

Becky Keays & Associates.
*Sales Representative
 

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