The Bank of Canada is responsible for setting the overnight rate which Prime rate is derived from. If you have a variable or adjustable rate mortgage, it’s a good idea to know the rate announcement schedule and outcomes.
For home purchases with less than 20% down payment, the lender is required to obtain Mortgage Default Insurance through one of these three companies:
As the only 100% Canadian-owned private mortgage insurer, supported by the financial strength of our ownership team, Canada Guaranty is committed to delivering service excellence and improved solutions to support borrowers.
Lenders will pull credit from both of these reporting agencies before approving new credit. Make sure you know what’s on yours to protect yourself against fraud and to avoid disappointment by being declined by a lender.