Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
MCAN Home’s ICON Partner Program Rewards and Unites, Prioritizing Brokers and their Clients + MORE Feb 9th
When the MCAN Home Mortgage team was planning its ICON Partner Program launch, they didn’t realize how critical the focus on experience, community and relationships was about to become..... More »
Why January is peak season for second mortgages in Canada Dec 18th
For many mortgage brokers, January is the busiest month of the year..... More »
The Latest in Mortgage News: Bond yields soar higher, fixed mortgage rates expected to follow Jun 15th
Bond yields surged to a fresh 14-year high this week, driving expectations that fixed rates are likely to continue rising..... More »
First National’s Q3 earnings “exceed expectations” on strong mortgage originations + MORE Nov 4th
Against a challenging economic backdrop, First National managed to outperform in the third quarter thanks in part to continued strong mortgage originations..... More »
How the Bank of Canada’s interest rate works—and why it’s rising + MORE Apr 13th
The Bank of Canada has raised its policy interest rate by half a percentage point for the first time in decades, a move intended to slow runaway inflation. The rate hike brings the Bank’s policy interest rate, also known as the overnight rate, up to 1% from the previous 0.5%.
It’s the s.... More »
Badass Brokering: Proven Keys to Sales Success
– canadianmortgagetrends.com
By Mike Cameron, Special to CMT This article is the first of a four-part series adapted from Mike Cameron’s presentation “Badass Brokering: Proven Keys to Sales Success.” Mike has delivered these talks across the country, including at the Mortgage Professionals Canada regional symposiums. His goal is to introduce you to a framework for creating a sales process specific to your practice and to your unique self. When I kick off my presentations, I talk about the fact that no matter the profession, no matter the product, as salespeople we all sell the same thing. I start by asking the audience what they READ MORE
Mortgage math when you have 2 properties
– moneysense.ca
Q: We have two mortgages on two separate properties:No. 1: $100,000 at 2.5% fixed that comes up for renewal in Feb. 2017
No. 2: $160,000 at 2.94% fixed that comes up for renewal in Feb. 2018
Last year my husband took out a home equity line of credit (HELOC) on the first home for $150,000 (for business use). Eventually we opted to transfer this debt into a secured loan of $100,000 with a hybrid rate—a fixed rate portion at 1.99% (up for renewal in Oct 2017) and a variable rate at 2.7% (prime+0%). Now he is ready to pay the monthly payment as well as make an extra $1,000 to $2,000 per month payment. We just don’t know what debt we should tackle first? Every time I use a calculator, it shows that I save the most if I pay down the debt with the lowest interest rate, but everything I read tells me to pay off the debt with the higher interest rate first. Help!
— Julie M., Toronto
Robert McLister, mortgage planner at intelliMortgage and founder of RateSpy:
When deciding which of the two debts to pay off quicker, always choose the one with the higher interest rate, unless there’s a special consideration…
