Mortgage lenders brace for 'challenge' when borrowers face renewal crunch — via financialpost
, but about 30 per cent are subject to separate criteria established by the credit union and approved by the Financial Services Regulatory Authority of Ontario, the provincial regulator.
The bank stress test was introduced when interest rates were at historic lows for an extended period and was meant to provide a built-in cushion to manage higher rates. But even with loans that weren’t qualified based on that criteria, Gilfoy said Meridian has not experienced any concerning trends in its residential mortgage portfolio beyond what the big banks have seen as the key overnight interest rate set by the Bank of Canada soared to five per cent from 0.25 per cent in early 2022.
For now, Gilfoy said, real estate values, a strong employment picture and recent wage gains are providing some comfort to mortgage lenders. Meridian also offers variable-rate fixed-payment mortgages, but said in a statement that it does not have the same level of exposure as many of its lending peers.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Best First Credit Cards To Build Credit Of July 2023You’ve decided that you are financially ready for your first credit card. These 10 cards are some of the best first credit cards to help you build credit.
Leer más »
Mortgage demand falls as rates stay highMortgage applications fell 1.8% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.87%.
Leer más »
High mortgage rates will hurt the housing market for years: Moody'sHigh mortgage rates will keep hurting homebuyers for years to come
Leer más »
Today’s mortgage rates for July 25, 2023Looking for the most up-to-date mortgage rates to empower your purchasing or refinancing decisions? We’ve got you covered
Leer más »
'Barbie' star Margot Robbie paid off her mother's mortgage after finding success in HollywoodMargot Robbie decided to pay off her mother's mortgage once she became successful in her acting career. 'Anyone in my position, you'd do that for your mom,' she said.
Leer más »
Mortgage demand drops as interest rates remain stubbornly highMortgage demand dropped as interest rates remain stubbornly high.
Leer más »