For the last six months, we’ve been watching fixed mortgage rates climb like a stubborn cat up a tree. Just when was looking like this would never end, we’re now starting to see some relief.  As of late last week, we’ve seen multiple lenders dropping their fixed rates by as much as 0.25%. But is [...]

With all the writing I’ve done on rising mortgage rates this year, I was starting to feel like Bill Murray in Groundhog Day. But instead of reliving the same day over and over, it felt like I was writing the same blog over and over. ‘Mortgage Rates are rising again!”  So far this year, I’ve [...]

Much to the delight of variable rate mortgage holders, the Bank of Canada announced this morning that they will be holding their rate for the second time in a row. It was only about two weeks ago when the possibility of a hike with today’s announcement was about 50/50. But with CPI inflation dropping to [...]

In a world where there is no shortage of economic uncertainty, choosing the right term length can be like trying to pick the winning lottery numbers. We’re all on the hunt for the lowest mortgage rates as we all have a common goal: To save as much money as possible. But the lowest mortgage rate [...]

This is almost starting to sound like a broken record, but fixed mortgage rates are rising again.  Many mortgage lenders announced fixed rate increases as recently as this morning. I would expect others to follow suit within the next few days.   The lowest 5 year fixed rates have now increased by well over 1% since [...]

The Office of the Superintendent of Financial Institutions (OFSI) has implemented changes affecting those with combined loan plans (CLP). A CLP combines a mortgage with a home equity line of credit (HELOC) as a single financial product. Most CLPs are readvanceable, which means the lender allows you to re-borrow the principal you’ve paid down with [...]

Just when we thought we were catching a break, fixed mortgage rates are now facing upward pressure once again. Since early May this year, they’ve been steadily climbing, tacking on an increase of more than 1%. But there was a brief sigh of relief in late August when some lenders decided to trim their fixed [...]

Rate shopping can feel like a tough game, especially in a world where mortgage rates are as unpredictable as the weather. Just as the weather forecast can change unexpectedly, so can mortgage rates. It can be frustrating to find the lowest rate, only to discover that it’s no longer available once you are ready to [...]

In this morning’s announcement, the Bank of Canada adhered to market expectations by maintaining their overnight rate at its current level. While the decision was not a shocker, there was some speculation about the possibility of another rate hike. The Bank has made it clear that they are not taking chances with inflation. If they [...]

It’s only natural that a mortgage lender will want to see your ID. After all, they are lending you several hundred thousand dollars, if not more. For the most part, providing ID is just a formality. However, there are times when something as simple as ID can create problems with your mortgage closing if not [...]