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Tag: Bank of Canada

New Canadian Mortgage Rules Announced

According to The Department of Finance’s announcement it has been changed some of the rules for the new high-ratio mortgages in Canada, which will take effect from October 15, 2008. According to the new mortgage policy in which Government of Canada adjusted its minimum standards for the mortgage insurance guarantee framework, new mortgages with government-backed mortgage insurance policies whether issued by the Canada Mortgage and Housing Corporation or private insurers, the maximum amortization period will be 35 years, and the minimum down payment will be five per cent (borrowers may borrow their five per cent down payment, but it will not be insured).

Canadian Mortgage Rule changes highlight:

  • Maximum amortization period has been fixed for new government-backed insured mortgages to 35 years.
  • Minimum down payment of 5% is now required for new government-backed insured mortgages.
  • Establishing a consistent minimum credit score requirement.
  • Requiring the mortgage lender to make a reasonable effort to verify that the borrower can afford the his/her loan payment.
  • Introducing lenders about new loan documentation standards to ensure that there is evidence of property value and the borrower’s sources and level of income.

Like most of the mortgage companies have already start working their maximum amortization to 35 years for new mortgages and so do the borrower start thinking their own way, where is a possibility the mortgage application mostly effected before implication date or after? but mortgage client is out in the market due to the favorable temperature and an interest rate which is already fixed by the Bank of Canada, and who knows what it’ll be after the October 15.

Bank of Canada Keeps Interest Rates at 3%

OTTAWA July 15, Bank of Canada warns of inflation and slow growth that’s why bank holds steady on key interest rate that is 3%. Anyway, The combination of slow growth and high inflation is a difficult puzzle for policy makers because battling one ailment exacerbates the other.

There are various schools of thought who have been predicting on this critical issue but it’ll be normal soon, because most of the problems are seem external rather than internal economical situations. Anyhow, most of the economists already expected the same solution from the Bank of Canada like bank left its key interest rate unchanged.

In accordance with the Bank’s announcement, lending institutions in Canada are expected to keep their prime-lending rate unchanged and steady too. The prime rate used by lenders is the base rate that they use in pricing loans to their most creditworthy customers. Variable-rate mortgages, variable-rate credit cards, and home equity lines of credit are typically linked to a lender’s prime rate. Anyhow, Pricing for fixed-rate mortgages is not directly affected by bank’s decision.

Unclaimed Dollar Accounts in Canada with Canadian Banks

Information About Unclaimed Balances and Dormant Bank Accounts in Canada

Lying inactive your bank account does not affect your right over your money or assets staying with your bank, bank as a custodian always looking for the rightful owner to claim his/her money whenever he/she may remember or intimated. There are certain of reasons that you may not remember to maintain and claim your bank accounts like relocating, changing your banks, inheritance and a bad memory that could create a possibility to have your unclaimed balances with your bank in Canada.

Canadian banks are legally bound and required to send written notification to the owner of a dormant bank account, you will receive your first inactivity account notice after two years and other after five years if not responded the first one by your bank. After nine years of account being inactive and unanswered notices, the Bank Act authorized the Office of the Superintendent of Financial Institutions (OSFI) to publish information about all unclaimed balances of $100 or more in the Canada Gazette, which is available at most public libraries in Canada with the purpose to help people locate their unclaimed balances. After 10 years of inactivity, all unclaimed balances are then transferred to the Bank of Canada as a final authority and custodian on behalf of the owner.

How To Make A Claim and Find Dormant Bank Accounts in Canada?

There are millions of dollars, lying with the Bank of Canada from unclaimed bank accounts in Canada for the purpose to return the money back to its rightful owners free of charge. Bank of Canada holds unclaimed bank balances are exclusively Canadian-dollar deposits in, and negotiable instruments can be in any form of deposit accounts, bank drafts, certified checks/cheques, deposit receipts, money orders, term deposits, credit card balance, GIC, or traveler’s checks issued by, Canadian banks at locations in Canada. For the convenience of the general people the Bank of Canada provides an online search tool along with detailed instructions on how to claim money and assets that is yours. To avoid one of the most common ways money become lost, you may also check other people with you like names of your friends, relatives, co-workers, neighbors and anyone else you may think of either live or dead.

If you have found an unclaimed balance account, which you believe you are probably entitled to, you will have to complete the claim form that you will obtain from Bank of Canada. To claim funds from the Bank of Canada, you must follow the instructions carefully, submit it with the appropriate signatures and documentation required to prove your identity to support your claim to ownership of the funds. The bank then confirms your ownership, and after completing their portion of the form, forwards it to the Bank of Canada for recovery. The process a claim usually takes 4-8 weeks, although there may be delays due to the complexity of the claim and the volume of requests that the Bank of Canada receives.

The Bank of Canada makes information available to the general public free of charge as following:

  • By Internet: Unclaimed balances search database available online on Bank of Canada website (balances below $2.00 are excluded)
  • By Mail: Bank of Canada, Unclaimed Balances Services, 234 Wellington Street, Ottawa, Ontario K1A 0G9
  • By Fax: (613) 782-7802

Moreover, a request for a search database must include the full name of the individual along with applicant’s all the past residences addresses and the year of death is required in case the individual or applicant is deceased.

How Long Unclaimed Bank Balances are Held To Claim

The Bank of Canada maintains custody and holds all unclaimed balances for 100 years if $1,000 or more and for 40 years (10 years from the date of the last account activity or transaction by owner at the Canadian bank + 30 years at the Bank of Canada) if under $1,000. Moreover, unclaimed balances under $500 are kept for 20 years (10 years from the date of the last account activity or transaction by owner at the Canadian bank, plus an additional 10 years held by the Bank of Canada). For more information and changes please go to the Bank of Canada website.

Unclaimed Canadian Bank Accounts Updates

Passing of the Bill C-37 results into the following rules came into effect from March 29th 2007

  • The Bank of Canada will now hold unclaimed balances for thirty years, once they have been inactive for ten years at any of the Canadian financial institutions/banks. Therefore, unclaimed balances’ will now be held for a total of forty years prior to being prescribed.
  • Only the unclaimed balances of less than $1,000 will be prescribed after the forty-year period, previously this limit was less than $500.

Why does the Privacy Act allow personal information of individuals to appear on the Bank’s Unclaimed Balances publicly through website?

  • The Privacy Act permits the disclosure of personal information to be publicly available when an Act of Parliament so authorizes. Bank Act authorized the Office of the Superintendent of Financial Institutions (OSFI) to publish in the Canada Gazette, which is available at most public libraries, information about all unclaimed balances of $100 or more, once they have been inactive for nine years. This information includes the creditor’s name, last known address, and balance amount. The purpose of disclosing privacy is to help people locate balances that may be owed them.

How much unclaimed money is held at the Bank of Canada?

  • There were nearly 940,000 unclaimed bank accounts worth app. $320 million being recorded on the Bank’s books at the end of December 2007 and the oldest unclaimed bank account with its balance is available that dates back to 1900.

Bank of Canada Reduces Key Interest Rate January 2008

Bank of Canada steps ahead in providing better rates by reducing its key interest rate by a quarter point, for the mortgage loan seekers who are planning to get the mortgage in the year 2008, it have been a better time, there are lot of people who will benefit the offer because of heavy snow and cold weather have prolonged their planning to get into the mortgage financing requirement and formalities. So maximum people will get the opportunity by providing maximum business to the banks and other lenders in the beginning of the year.

Bank of Canada\’s lowering key interest rate announcement, where provide enthusiasm for the mortgage shoppers to act now but on the other hand this overnight rate change has given the home-work to the mortgage lending companies and brokers who have been ready with their calculations and looking for the better time and weather in which maximum people will come out. Canadian mortgage lenders will be under competitive pressure to decrease their rates for the variable-rate mortgages and lines of credit based on the prime rate. Moreover, most of the lenders will need more information and consultancy service about how a particular lender may implement a variable rate change, because its possible their calculation will differ with the other when exactly they adjust their variable rates. However, this overnight interest rate fall by the Bank of Canada will not likely to create any impact directly on the fixed-rate mortgages as compared to the bond market, which is the key factor primarily responsible for direct and instant affect over the fixed-rate mortgages rate and market.

Although, Canadian fixed-rate mortgages are fairly steady in their interest rates in these days, but still you have an option to get an opportunity to adopt the new interest rate for your fixed-rate mortgages, if its lower than the previously adopted interest rate and if you are on hold for the low interest rate on your fixed-rate mortgages then you still have an opportunity to stick with the prevailing lower interest rates while at the high interest time.

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