VC-backed online mortgage provider, Pine, is piloting a new offering from Zown that boosts buyers' down payments and gives them extra cash for closing costs.

The program uses a well-worn strategy to put money in the buyer's pocket, but it has a few twists. Today, we examine whether the program is just marketing razzle-dazzle or a genuine boon for homebuyers.

Talk about ironic timing.

Mortgage shoppers have stampeded toward variable mortgages lately. Yet, large prime rate discounts are disappearing faster than hors d'oeuvres at a banking conference.

In the last week alone, the average floating-rate spread below prime has shrunk by 5 bps (source: Canadian Mortgage Rate Survey). Signs point to further discount erosion ahead.

What's happening