The Benefits Of 30 Year Amortization

By |2020-08-27T13:30:33+00:00August 27th, 2020|Mortgage Rates|

Many people request a 25 year amortization because it’s considered standard, without much other thought. They may associate a 30 year amortization with paying more interest, and that it will take an additional 5 years to have their mortgage paid off in full. This is not necessarily the case, as I’ll discuss later in this [...]

How Much Impact Will A Credit Check Have On Your Score?

By |2020-08-19T18:45:26+00:00August 19th, 2020|Mortgage Rates|

It’s not a secret that a credit check will impact your score, but is this something that you should be worrying about when applying for a mortgage? Let’s look into this a bit further to give you a better idea of how much of an impact a check will have on your credit score.   [...]

Higher Mortgage Qualification Amounts Can Soon Be Expected

By |2020-08-12T19:07:24+00:00August 12th, 2020|Mortgage Rates|

Anyone looking to get pre-approved for a mortgage will soon be qualifying for a higher amount. The Bank of Canada is expected to lower their 5 year mortgage rate to 4.79%, down from the current 4.94%. The Bank of Canada rate is often referred to as the benchmark rate, which is the rate used for [...]

Mortgage Rates Continue To Fall

By |2020-08-05T15:51:28+00:00August 5th, 2020|Mortgage Rates|

I remember when 5 year fixed mortgage rates first broke below 4% around 10 years ago. It was unreal to see rates this low, and many thought they couldn’t possibly get any lower. Especially considering they were in the 5-6% range just a year or two earlier. Who knew how much lower they would become? [...]

What Happens If Your Home Appraisal Comes In Low?

By |2020-07-29T14:04:30+00:00July 29th, 2020|Mortgage Rates|

You’re purchasing a new home and all your conditions for your mortgage approval have been satisfied. That is… all except for the appraisal. If the appraisal were to come in lower than the purchase price, then this could present issues with your mortgage, regardless of how solid your qualification is on paper. Let’s take a [...]

How To Choose Between Fixed and Variable Rate Mortgages

By |2020-07-22T20:33:45+00:00July 22nd, 2020|Mortgage Rates|

There are many people, both mortgage professionals and borrowers alike, who will swear that variable rate mortgages are always the way to go. Their reasoning is that variable rate mortgages have historically beat out fixed rates, or that variable rate mortgages have always worked out for them in the past. Everybody’s situation can be a [...]

Bank of Canada Interest Rate Announcement

By |2020-07-15T18:35:50+00:00July 15th, 2020|Mortgage Rates|

This morning, the Bank of Canada announced that they will be maintaining their overnight rate at 0.25%. No big surprise here, and any movement from the BOC this morning would have been shocking. The overnight rate is what financial institutions use to set their prime rate, which is currently 2.45%. Prime rate does not influence [...]

Is It Okay To Put In An Offer Without A Financing Condition?

By |2022-09-14T21:48:59+00:00July 8th, 2020|Mortgage Rates|

With all the pent-up demand for real estate, and with mortgage rates at record lows, the Greater Toronto real estate market is hot. We have been getting more requests for pre-approvals than any other time in the past. It seems as though all of a sudden, everyone wants to buy a home. With all this [...]

Wishing You A Happy Canada Day With Low Mortgage Rates!

By |2020-07-01T19:23:19+00:00July 1st, 2020|Mortgage Rates|

Canada Day in the middle of the week! Woohoo! Not quite as convenient as having it on a Friday or a Monday, but look at it like this… It’s like a mini weekend packed in between two short two day work weeks! Now, that I can handle! As everyone celebrates Canada’s 153rd anniversary (of course [...]

The Real Estate Market Is On Fire!

By |2020-06-24T20:29:06+00:00June 24th, 2020|Mortgage Rates|

2020 has been an interesting year, and definitely one that we will never forget. When everyone started to realize the severity of the pandemic back in mid-March, people started to panic. Businesses started shutting down, and literally millions of people were either laid off, or experienced significant cuts to their income. We had no idea [...]

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