Two good news stories to round out the year. As predicted, the Bank of Canada kept the benchmark interest rate flat. It would not have been a complete shock if there had been a nudge up, as Stats Canada recently reported that our economy is expanding at a 3.5 per cent annual pace.
But as economies around the world continue to show signs of struggle, the BoC decision to hold the rate at one per cent was no surprise.
January 28, 2011
RBC has recently launched two mortgage programs that can help get purchasers who have limited down payment and a solid credit history into a home sooner. Through these programs, buyers with limited funds for down payment may be allowed to use borrowed funds or Mortgage Cash Back offers to assist them in meeting the 5% equity requirement for default insured mortgages.
Other important details of these new programs include:
* Available for home purchases only
* The property must be a owner occupied primary residence and all mortgage applicants must reside at the property
* Mortgage Cash Back and funds borrowed for down payment cannot exceed 5% of purchase price
* Available to clients for one mortgage only