by Alan Lim
Gaining an overall understanding of the subject of refinance home loan will allow you to make informed choices about the prudence of obtaining a loan.
The choice to refinance home loan is a major decision for most people. There can be many reasons for restructuring the home mortgage--the details are unique to each individual borrower. Certain common things apply to all home loans--refinanced or original loans. |
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Examining Home Mortgage Refinancing Options |
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Sunday, 06 July 2008 01:16 |
A Summer Priority For Canadiansby Bruce Owens
Canadians looking at their home mortgage refinancing options should note a sea change in emphasis in the Bank of Canada’s policy focus that is affecting, and will in all likelihood continue to affect, Canadian mortgage markets. Well, perhaps not a sea change, but there has been a decided shift in emphasis amongst Canada’s central bankers from spurring the economy through the use of rate cuts, back to keeping a wary eye on inflation.
The Bank of Canada ended a series of six consecutive cuts to its main interest rate on June 10th when it elected to leave its overnight lending rate at its current 3.0%. (The Bank of Canada’s main rate is the interest rate it charges banks, credit unions and other financial institutions to borrow money for short periods. Banks and other financial institutions peg their prime lending rates on variable rate mortgages to the Bank of Canada’s main rate, while the market for Government of Canada bonds – which also fluctuates in response to where the Bank of Canada sets its main rate – tends to set the price for variable rate mortgages.) Recent comments by top officials at Canada’s central bank indicate that the Bank of Canada’s concern has shifted from stimulating the economy to ensuring that inflation in the Canadian economy stays within the central bank’s projections for 2008 and into 2009. Currently Canada’s inflation rate is skirting the top of that projected range.
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Last Updated on Thursday, 16 October 2008 09:13 |
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