Dec 31 2013

Three Things 2014 Will Bring to the Mortgage Industry

Low mortgage rates

Canadian home mortgage rates are constantly in flux, and have been for as long as most experts can remember. While the market has been relatively stable over the past few years, its expected that there will be a few new mortgage rate trends that will shake things up in 2014. Whether you’re looking to buy a home for the first time, refinance mortgage rates or just learn more for the future, there are a few things that are coming in 2014 that you won’t want to miss!

  • New Rules – The number of rules regarding bank mortgage rates in Canada is expected to increase in 2014. While some of these rules are designed to help protect the consumer, they could make it much more difficult for some individuals to qualify for certain home mortgage rates. If you make sure that you pay attention when these rules make their debut, you’ll have a much clearer image of what you’re in for.
  • More Online Players – Online mortgage brokers are choosing to sacrifice commission rates for sheer volume of borrowers. This trend is expected to dramatically increase competition across the country. The plus side of course is that you and your family may be able to benefit from a discount. The more companies are forced to compete for your business, the better the odds you’ll be able to save money over time.
  • The Rise of Hybrid Mortgages – Government officials and economists have been warning about rising mortgage rates for years, which means that 2013 may be the end of the easily accessible low mortgage rates. In order to keep things affordable, a number of Canadian households are expected to spring for hybrid mortgages. This will add to the already steady growth that hybrid mortgages have enjoyed since 2011.

Home mortgage rates are an incredibly fickle thing to follow, even for seasoned professionals. For proof of that, look at the trouble that the United States has had over the past few years. If you’ve got your heart set on purchasing a new home and taking out a mortgage in 2014, make sure you keep helpful hints like these in mind. They could be what sets you apart from those who end up getting a bad deal on their mortgage. Read this website for more information.

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