Even with recent increases to fixed mortgage rates, they are still among the lowest in history. Rates this low are not typical, and not close to anything we would expect to see in a healthy economy. Remember, It took a pandemic to bring them down to where they are today. While fixed mortgage rates seemed [...]

Fixed mortgage rates have been trickling downward since the spring, however this trend has now reversed sharply. Fixed mortgage rates are largely influenced by bond yields, which have been steadily increasing since the beginning of September. In the past week alone, they spiked from 0.855 to 1.112, representing an increase of roughly 30%. Pretty significant. [...]

Income confirmation is a crucial part of the mortgage approval process as it assures lenders that the borrower has the capacity to repay the loan. It doesn’t matter how large your down payment is, or how much equity you have in your property. Mortgage lenders are required to confirm that the borrower’s debt to income [...]

One of the most commonly misunderstood terms used in the mortgage industry is biweekly payments. The confusion comes from there being two options. Biweekly and accelerated biweekly. When most people use the term biweekly, they are referring to accelerated biweekly. However, many may not even reailze that there is also a non-accelerated version. Which leads us [...]

The Bank of Canada continued their predictable and rather boring trend of uneventful rate announcements this morning, confirming that there will be no change to their overnight rate. Even though predictable, it’s good news to find the rate unchanged given that the next move from the BOC will be upward. The overnight rate is important [...]

One of the most common questions I get is what can be expected from mortgage rates moving forward. We’re now enjoying some of the lowest mortgage rates in history, but how long will this last? Fixed mortgage rates have been relatively stable for much of 2021. The exception is late February, early March when we [...]

Unless you’re new to the world of mortgages, you’re likely aware that the minimum down payment to avoid mortgage default insurance is 20%. What many may not be aware of is that a down payment of greater than 20% down payment will sometimes be required. For the most part, 20% will be sufficient. However, there [...]

When shopping for mortgage rates, most people gravitate towards 5 year terms, as this is what has become ‘standard’. This doesn’t mean a 5 year term is right for everyone, and in some cases, a shorter term mortgage can make more sense. There used to be a time when shorter term mortgages carried lower rates [...]

As the name implies, the application is an online form that you complete when you are applying for a mortgage. It’s basically a collection of information, which gives the lender a snapsnot of your financial picture. Most of the application will be self-explanitory. I don’t need to tell you out to fill out your name [...]

Mortgage terms can range anywhere from one to ten years, with the most common being five years. At the end of your term, your mortgage is due and payable. This doesn’t mean you have to fork out hundreds of thousands in cash, although that is one of your options should you have the means to [...]