Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Good debt and Bad debt…. do we Canadians recognize the difference? Oct 25th
I saw this article from earlier this year about Good debt and Bad debt. Canadian Personal debt levels have now surpassed $2.21 trillion. That’s a big number, should we be concerned? I started to wonder how much of this is Bad debt? Let’s take a closer look at these stats.
First.... More »
From military service to mortgage success: How Philippe Gauvin found his perfect calling + MORE Jun 24th
When Philippe Gauvin completed his military service in 2019, he wanted to find a career that similarly valued discipline, a strong work ethic, and that provided the opportunity to help people..... More »
Two Thirds of Canadians Don’t Understand Their Mortgage Agreement + MORE May 13th
Did you know: two in three Canadians are signing over thousands of dollars in contracts they don’t fully understand? It sounds foolhardy – but that’s the reality in Canada’s mortgage market, according to Scotiabank’s annual mortgage poll. The survey found just 33 per c.... More »
Should you buy or sell first in today’s real estate market? May 1st
We’re in the market for a new home, but we aren’t sure whether we should sell our home first or buy first. We’ve had people suggest both, and we’re wondering what might be best in the current real estate market.
Should you buy or sell first in real estate?
Whether you should buy .... More »
Mortgage Careers of the Week + MORE Oct 24th
Company: Educators Financial Group Position Title: Regional Director, Lending Services (Ottawa-Carleton) Yeears of Experience Required: Over 10 years business development experience in financial services and sales, specifically residential mortgages, lines....... More »
Fixed vs Variable Mortgages
– mortgageshowdown.com
Fixed vs Variable Mortgages (to lock in or to float)
The Canadian mortgage markets have shifted and there is a legitimate conversation for the choice between fixed and variable mortgages. For the past two years the variable rate mortgage has been a poor choice for most clients. This is a result of the fixed and variable being almost the same rate, for example in May of 2013 we have five year fixed rate mortgages at 2.79% and five year variable mortgages at 2.70% (prime -.3). When the rates are as close as they were, unless there is a very specific reason for wanting a variable, the best choice for almost all of our mortgage clients was to select a fixed rate.
My personal rule is that once there is a 1% or larger gap between fixed and variable rates, then the variable is definately worth considering.
Currently we have a gap of 1%, with the fixed rates being ~3.59% and the variable being ~2.60%. My personal caveat is that although I will explain a strategy that we have used with many of our clients and have had tremendous results with, there are some clients that are truly a best fit for the fixed rate and I would never fault anyone for selecting the current fixed rates as they are historically excellent…
The Canadian mortgage markets have shifted and there is a legitimate conversation for the choice between fixed and variable mortgages. For the past two years the variable rate mortgage has been a poor choice for most clients. This is a result of the fixed and variable being almost the same rate, for example in May of 2013 we have five year fixed rate mortgages at 2.79% and five year variable mortgages at 2.70% (prime -.3). When the rates are as close as they were, unless there is a very specific reason for wanting a variable, the best choice for almost all of our mortgage clients was to select a fixed rate.
My personal rule is that once there is a 1% or larger gap between fixed and variable rates, then the variable is definately worth considering.
Currently we have a gap of 1%, with the fixed rates being ~3.59% and the variable being ~2.60%. My personal caveat is that although I will explain a strategy that we have used with many of our clients and have had tremendous results with, there are some clients that are truly a best fit for the fixed rate and I would never fault anyone for selecting the current fixed rates as they are historically excellent…
The Ultimate Mortgage Checklist
– canadianmortgagetrends.com
Have you ever had a sick feeling in your stomach after buying a car, or a big screen TV, or a boat, or expensive jewelry? It’s that nagging worry that…
