Oriana Financial Group of Canada Ltd.

Mortgage News From Oriana Financial

Bank of Canada raises rates as Poloz’s tale of recovery from Great Recession finally starts coming true

Financial Post ~ July 11th, 2018Kevin Carmichael: Beyond trade, the bigger story in decision is that most companies are responding to their order books rather than headlines in business pagesThe Bank of Canada raised interest rates July 11 because Stephen Poloz’s tale about how the economy would recover from the Great Recession finally is coming true.Most everyone assumed the central bank would lift the benchmark rate a quarter point to 1.50 per cent. The few who didn’t thought ... Read More

Interest-Only Makes a Comeback

Canadian Mortgage Trends ~ June 22nd, 2018Innovative mortgage products. Remember those?With Ottawa’s onslaught of rule tightening, it’s been a while since we’ve seen a new product that was substantially unique. This is one of them.Merix Financial, the broker channel’s seventh-largest lender by market share, is launching the Interest-Only Flex mortgage on Monday.The IO Flex has one key purpose: to cut a borrower’s monthly carrying costs.While the rates are higher ... Read More

Mortgage Rates 101

Quite often I am asked, "What are the current mortgage rates"?  With the mortgage market today, this is not an easy question to answer anymore. . There are things to consider when it comes to mortgage rates: 1.    Is this a purchase, renewal or a refinance? 2.    If you are purchasing, how much is your down payment? Is it more or less than 20%?3.    What is your credit score?  It is Good or Bad?4.    When is the closing ... Read More

Oriana Financial was named as one of Canada's Top Independent Brokerage!

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10 Ways To Refresh Your House For Spring

HGTVAdd these tasks to your spring cleaning list to make sure the exterior of your home is in full bloom for warmer weather.Clean Out The ClogsAs the rainy season rolls in, it’s time to make sure your gutters are free of debris. Ignoring this notoriously painstaking task could lead to major problems down the road like foundation damage from all the water that can’t properly drain, basement flooding, or rotting wood just to name a few. It’s best to plan ahead and solve these ... Read More

Could you pass the mortgage stress test? Here’s how to find out

Global News - March 23rd, 2018As of Jan. 1, Canadians getting, renewing or refinancing a mortgage might have to undergo a stress test, proving that they would be financially OK even if interest rates were to rise substantially above their actual mortgage rate.That’s because new federal guidelines came into effect at the beginning of the year. They require all federally regulated financial institutions to vet borrowers’ applications using a minimum qualifying rate equal to the ... Read More

Two ways variable-rate mortgages are the better deal right now

Globe and Mail ~ March 27th, 2018 The safe and sound choice in today’s mortgage market is to lock down a rate for five years and let borrowing costs do what they may.That’s how you should proceed if you’re a nervous first-time home buyer or just holding things together financially as you renew. Everyone else, consider the variable-rate option. While they leave you exposed to rising interest rates ahead, variable-rate mortgages can be cheaper in two important ... Read More

Everyone’s mortgage is about to get more expensive

MACLEAN'S ~ January 17th, 2018Get ready for a rate shock adjustment that is expected to accelerate in 2019. The Bank of Canada raised its benchmark interest rate to 1.25 per cent Wednesday and signalled that, barring certain risks, more hikes are likely in the rest of the year. That’s creating an unusual situation for Canadians: for the first time in years, those renewing mortgages will be faced with higher rates and an increase in payments.Even before Wednesday’s decision, five of ... Read More

Canada's advisers reveal their best suggestions for managing your money in 2018

Globe and Mail ~ January 2nd, 2018The people who have seen you naked, financially speaking, have some ideas about how you can better manage your money in 2018.Financial planners and investment advisers in my LinkedIn network were asked a few weeks ago to complete this thought: "If I could change one thing about how Canadians manage money, it would be to…" Here are some highlights from 199 comments covering a great range of topics, starting off with overspending and undersaving.Note the ... Read More

10 questions you probably have about buying a home

MoneySense ~ November 22nd, 2017If it’s your first time buying, here’s some clarityThinking about buying a home? It can feel like an intimidating process and you probably have about a million and one questions about this big step. Here are 10 helpful queries we’ve answered recently that might help you on your journey to homeownership.1. Is this the right time to be buying a house?So you want to buy a house but fear the market is going to crash any second? The market’s ... Read More

5 reasons to house-hunt this winter

Homeownership.caMove over, summer real estate market: An increasing number of Canadians, including first-time homebuyers, are turning to winter house hunting. Here are five reasons why the off-season may be the most magical time of the year…to buy your first home!1. There’s less competitionBetween travel, holiday planning, end-of-year demands at work and a natural urge to cocoon at home, people are less likely to launch a house hunt in December.This means you’re less likely ... Read More

Canadian home sales edge up in October, but prices fall amid mortgage rule changes

Financial Post ~ November 15th, 2017OTTAWA — Resales of Canadian homes rose 0.9 per cent in October from September, but prices declined in the month and tighter mortgage rules will likely put more pressure on Canada’s once-booming housing market, separate reports showed on Wednesday.The Canadian Real Estate Association said resales edged higher for a third straight month in October as the market stabilized after a series of mortgage rule changes and a foreign buyers’ tax in ... Read More

Ten ways the new mortgage rules will shake up the lending market

Globe and Mail ~ October 17th, 2017T-minus 76 days and counting until Canada's banking regulator launches its controversial mortgage stress test. It'll be squarely aimed at people with heavier debt loads and at least 20 per cent equity – and it will be a tide turner.Given where Canada's home prices and debt levels are at, this is easily the most potent mortgage rule change of all time. Here are 10 ways it's going to shake up Canada's mortgage market for years to come:1. It's like a ... Read More

OSFI is reinforcing a strong and prudent regulatory regime for residential mortgage underwriting

OTTAWA - October 17, 2017 - Office of the Superintendent of Financial Institutions Canada Today the Office of the Superintendent of Financial Institutions Canada (OSFI) published the final version of Guideline B-20 - Residential Mortgage Underwriting Practices and Procedures. The revised Guideline, which comes into effect on January 1, 2018, applies to all federally regulated financial institutions. The changes to Guideline B-20 reinforce OSFI’s expectation that federally regulated ... Read More

As Mortgage Market Tightens, Private Lending Is a Growing Opportunity

Mortgage Broker News ~ September 27th, 2017Canada’s housing market is red hot, but securing a suitable mortgage is becoming harder than ever before. Stricter lending requirements, new government controls and rising home values have made it more difficult for individuals and families to qualify for a loan. Although these new measures are intended to keep unqualified buyers from obtaining a mortgage, they are also impacting sound borrowers who may not have the equity or employment history ... Read More

What you need to know about the Equifax data breach

Associated Press ~ September 9th, 2017Equifax, one of the three main credit reporting companies, said this week that a major data breach exposed Social Security numbers and other important information of millions of people.The breach affected about 143 million in the United States, as well as some people in Canada and the United Kingdom, but Equifax didn't provide a number. Hackers had access to the data between May and July, Equifax said. The company discovered the hack on July 29 and publicly ... Read More

Bank of Canada hikes rate. What does it mean for your mortgage?

The Bank of Canada has increased its benchmark interest rate for the second time this year, a sign that the economy is improving enough to allow borrowing costs to rise from historic lows reached in the aftermath of the global financial crisis. The overnight lending rate was raised to 1 per cent from 0.75 per cent. When the Bank of Canada changes its benchmark rate, the move ripples through to other interest rates, including those of mortgages. With that in mind, here is a guide to how the ... Read More

Mortgage rule changes are cooling housing market: Morneau

Globe and Mail ~ August 22ndFinance Minister Bill Morneau says last October's sweeping mortgage rule changes aimed at cooling Canada's housing market have successfully dampened high-risk borrowing.But despite a report urging Ottawa to look at ways of boosting support for Canadians entering the housing market, the Minister ruled out any new measures along those lines, expressing concern that such an approach would encourage higher house prices.The comments are part of a recent letter from Mr. ... Read More

Too much tightening?

Mortgage Broker News ~ July 26th, 2017One big bank is sounding the alarm about recent and future mortgage policies.“Let’s be clear. A soft landing that eases Ontario and BC house prices and mortgage growth would be welcome news for macroeconomic stability,” CIBC Chief Economist Avery Shenfeld said in his latest report. “But nobody can be too sure of what kind of landing we’re now in. Better to carefully phase in further changes in rates and regulatory policy to ... Read More

CURRENT RATES

2 YEAR 3.29%

3 YEAR 3.49%

4 YEAR 3.59%

5 YEAR 3.34%*

5 YEAR Variable 2.70%*

Updated July 17th, 2018
*Special conditions apply. Interest rates are provided for information purposes only and are subject to change without notice.

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