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Today's Mortgage Terms starting with N

Notice of Default:

A step in the foreclosure process in which the lender formally informs the court that the borrower is in late in payments.

Non-Assumption Clause:

A provision in a mortgage contract preventing the assumption of the mortgage by another borrower without the lenders permission.

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Canadian mortgage rates news:

RBC cuts Canada's economic growth forecast - Globe and Mail
Royal Bank of Canada joined the downgrade brigade Wednesday as it chopped its growth forecast for the Canadian economy this year to 0.9 per cent from 1.4 per cent, citing global financial turmoil and disappointing trends in the past two quarters ...

Canadian Banks Reluctantly Reduce Prime Mortgage Rates Following BOC's ... - Economicnews
(CEP News) - Following the co-ordinated action by central banks to cut target interest rates by half a percentage point on Wednesday, Canada's major banks have followed suit. Yet while the Bank of Canada slashed rates to 2.5% from 3.0%, Canadian ...

Canadian pol criticizes banks - CNN Money
TORONTO (AP) -- The global credit crisis is starting to restrict the ability of Canadians to obtain loans for mortgages, cars and investments, Canada's finance minister said Thursday. Finance Minister Jim Flaherty said he is looking to increase ...

Mortgage lenders grapple with credit crunch - Globe and Mail
Confusion is spreading through the mortgage market as lenders already grappling with soaring borrowing costs are now figuring out how to deal with a surprise rate cut by the Bank of Canada. The reaction was swift at Canadian Imperial Bank of Commerce ...

Dominion Lending Centres: The Current Market Crisis and What It Means ... - Market Wire
COQUITLAM, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2008) - The current market crisis has Canadians scrambling to find answers as to how the market volatility will affect their homes and investments. For most Canadians, their home is the largest ...

Flaherty vows to speed up infrastructure projects - Globe and Mail
Casual Observer from The End of the world as we have known it., Canada writes: I love it. This is exactly what I thought the Liberals should be saying. Instead, Dion says today that the economy will slow down their plan. I guess the tories ...

TD trims prime but lags BoC cut - Globe and Mail
OTTAWA — Toronto-Dominion Bank, the first Canadian financial institution to act after Wednesday's global cut in interest rates, said it would lower its prime rate by just a quarter of a percentage point, refusing to pass along all of the Bank of ...

Canada reacts to credit crisis by buying mortgages - Forbes
Canada is buying up to $25 billion Canadian ($21 billion) in mortgage backed securities from the country's banks in an effort to maintain the availability of credit, the country's finance minister said Friday. Finance Minister Jim Flaherty said the ...

Canada buying mortgages to keep credit available - Chicago Tribune
TORONTO - Canada is buying up to $25 billion Canadian ($21 billion) in mortgage backed securities from the country's banks in an effort to maintain the availability of credit, the country's finance minister said Friday. Finance Minister Jim Flaherty ...

TD Canada Trust hikes variable mortgage rates, lines of credit - News1130.com
TORONTO - One of Canada's biggest mortgage lenders, TD Canada Trust, is increasing the interest rate charged for its home equity line of credit and variable-interest mortgages. The bank has been charging its prime rate for its Home Equity Lines of ...