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Everything You Need to Know About Mortgage Prepayment Privileges
A common goal for many mortgage borrowers is to get their mortgage paid off as soon as they can. Who doesn’t want to be mortgage-free? Pretty much all mortgages come [...]
Choosing the Right Mortgage Term
The most common term length for a mortgage is five years, and this is typically the first option quoted by banks and brokers alike. But is the five-year term really [...]
Increases to Fixed Mortgage Rates Coming… But Why?
Earlier in 2019, it was predicted that we would see a rate drop from the Bank of Canada as late spring. Three scheduled rate announcements later and still no rate [...]
Was This Morning’s Interest Rate Announcement A Surprise?
The mortgage industry was watching this morning's scheduled interest rate announcement from the Bank of Canada very closely. Economists were split as to whether we would see a cut, or whether [...]
Are Variable Rate Mortgages Worth Considering in Today’s Market?
Over the past 30+ years, people of traditionally come out ahead by choosing a variable rate mortgage, which leads many mortgage professionals to suggest for their clients to always go [...]
What to Expect From The Bank of Canada Rate Announcement Coming on Sept 4th
Around a year ago, it was widely predicted that we would see 2-3 increases to prime rate in 2019. Economists did a complete 180 on these predictions in January of [...]
Is The Mortgage Stress Test Really Necessary?
When mortgage regulations changed on November 30, 2016, mortgage borrowers were required to pass a stress test in order to qualify for a mortgage. This meant that anyone applying for [...]
Where Are Mortgage Rates Heading This Summer?
Back at the start of 2019, the lowest 5-year fixed rate was 3.49%. The market, however, shifted early February and rates started plummeting and plummeting fast. Around that time, I [...]
Should You Choose 25 or 30 Year Amortization?
Amortization is something that many mortgage borrowers do not put much thought into. The ‘standard’ amortization is 25 years, and this is what most mortgages are approved with. But [...]
This Morning’s Interest Rate Announcement and What it Means For Fixed Mortgage Rates
It has been predicted from the start of the year that there will be a cut coming to prime rate at some point this summer. The Bank of Canada had [...]
Why a 5 Year Fixed Mortgage May Not Be The Best Choice
There are so many options when trying to choose a mortgage that is best for you. The most common question is whether to choose fixed or variable. However, one that [...]
Beware The Trap of Early Mortgage Renewal
You have a mortgage renewal coming up in six months, and your bank calls you offering you a ‘special rate’ for renewing your mortgage early. They tell you that this [...]
What Does Today’s Interest Rate Announcement Mean for Mortgage Rates?
There has been much anticipation that a cut to prime rate will be coming. In this morning's scheduled rate announcement by the Bank of Canada, they stated that there will [...]
The Danger Behind 10 Year Fixed Mortgage Rates
With the gap between 5 and 10 year fixed mortgages narrowing, more and more people are starting to consider 10 year fixed mortgages. After all, mortgage rates are still quite [...]
Why Variable Rate Mortgages Are Not The Best Choice Right Now
One of the most common questions people as me is whether it’s better to take fixed or variable rate mortgage. Many mortgage professionals, along with many borrowers will suggest choosing [...]
How Today’s Bank of Canada Announcement Will Affect Mortgage Rates
The Bank of Canada announced this morning that they will be maintaining their overnight rate, which means there is no increase to prime rate. This is exactly what we were expecting [...]
Is it Better to Have Your Mortgage With a Big Bank?
Clients often tell me that they are only interested in having a mortgage through one of the big banks. The first question I’ll ask in this situation is simply… ‘Why?’ [...]
Choosing a Variable Rate With Intention to Convert to a Fixed
One of the most common questions clients ask me each day is whether to go with a fixed, or variable rate mortgage. The correct answer can vary depending on market [...]
How A Past Bankruptcy Affects Your Mortgage Approval
Just because you have a past bankruptcy, it doesn’t mean that you won’t qualify for a mortgage. You can still purchase a home with a down payment as low as [...]
How Much Lower Will Mortgage Rates Get?
Fixed mortgage rates have been dropping, and dropping fast! Almost too fast to keep up, as every day there is at least one lender dropping rates. Each week, rates across [...]
New First Time Homebuyer Incentives Fail to Impress
There were multiple possible changes on the table for mortgage regulations for the federal budget which was announced this past Tuesday, March 19th. Everything from increasing the amortization to 30 years [...]
Mortgage Rates Continue to Slide… How Much Lower Will They Go?
Back in fall, it was being widely predicted that both fixed and variable rates would continue to see rapid increases through 2019. However, a shift in economic development has radically [...]
This Morning’s Interest Rate Announcement and What This Means For Mortgage Rates
The Bank of Canada announced this morning that they will be maintaining their overnight rate, which means there is no increase to prime rate. This announcement came this morning, March 06th [...]
Everything You Need to Know When Choosing a Variable Rate Mortgage
You need a new mortgage and after contemplating whether to go fixed or variable, you have chosen that a variable rate mortgage is right for you. But are all variable [...]
Should You Go with a Fixed or a Variable Rate Mortgage?
It’s the age-old question. Do I go fixed? Or is variable rate the better option? There are many that believe that variable is the better choice. All the time, and for every person. But [...]