Mortgage rates remain very, very low. In fact, RBC even further reduced some fixed rates recently (albeit by as little as 0.1%). At the same time, banks are starting to tighten lending on loans that are not government backed. -vreaa
This from OttawaMike at greaterfool.ca 20 Dec 2009 10:32 am -
“The subject of banks resetting HELOC’s and even calling lines of credit came up [on greaterfool.ca] a few times in past. This week I heard from 3 people who were hit. One colleague has an I.T. consulting firm with 5 employees and lots of work in the pipeline. The bank arbitrarily called his LOC and left him scrambling. Two other home owners I know had their HELOC rates increased 1.25%. All these individuals are low-risk/high-equity customers, but I guess CMHC won’t backstop those products.”
