How's my rate? + MORE Feb 1st

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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The State of the Mortgage Market: 2020 + MORE Mar 14th

Mortgage Professionals Canada has released its latest State of the Mortgage Market report today, which is chock full of new stats and insights into the Canadian mortgage market. Despite regular headlines about rising home prices and overvaluation in the country’s largest centres, the report fi.... More »

CMHC tightens mortgage rules in latest response to COVID-19 + MORE Jun 10th

On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic.  The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a hig.... More »

2020 Mortgage Forecasts: Defaults to Jump, Originations to Tumble, Sales to “Suffer” + MORE May 8th

There’s no doubt that Canada’s mortgage and real estate industries will suffer in the short term due to the impacts of the coronavirus pandemic. But how long will the pain last and how far out might the recovery be? Those are questions being asked by many in the industry, and some have p.... More »
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Deferred payments on your mortgage or credit card? How to handle the strain when payments restart this fall + MORE Jul 28th

Hundreds of thousands of Canadians have deferred debt payments since COVID-19 took hold. There are some simple things you can do now to make sure you’re ready when those payments resume..... More »
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Mortgage Lenders Provide COVID-19 Update – Part 2 + MORE Apr 16th

In a recent series of panel discussions put on by Mortgage Professionals Canada, a cross-section of some of the country’s top lenders and insurers provided updates on how the COVID-19 pandemic has impacted operations and shaped their outlook. Similar to the previous sessions, the overwhelming mess.... More »
The Bank of Canada announced this week it will begin purchasing 10-year Canada Mortgage Bonds (CMBs), a move seen as paving the way for mortgage lenders to more easily offer lower-cost 10-year fixed mortgage rates to consumers. This is the first time the Bank has purchased 10-year fixed mortgage bonds on the open market. Previously it has only participated in 5-year fixed and 5-year floating rate note issues. “The Bank will continue to adhere to its principles of neutrality, prudence […]

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How's my rate?

– canadamortgagenews.ca

How's my rate?You’re two years into your mortgage term. You’ve got a great rate, or so you thought? But now you aren’t sure. With so much talk about record low interest rates, you begin to question. Maybe there’s a better deal out there? Did you choose the right product and lender? Has your mortgage advisor or broker contacted you during those two years? Does this sound familiar?
We’ve all heard of buyer’s remorse. That’s when you make a purchase, only to regret spending the money days or weeks later. I’m seeing a lot of people second-guessing their mortgage decision recently. And I have news for you… RELAX! There is a way to check to and see if you made the right choice, and better still, there is a way to see if you can do better today.

It’s called getting a Mortgage Review.  I go through this process with every new client and with existing clients at least once per year. We compare existing rates, debts and balances against current rates, products and costs…

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Considering Extra Mortgage Payments? Understand Your Prepayment Penalties
Your mortgage is a long financial commitment. It makes sense to want to get rid of it as soon as possible. But if you pay off your mortgage early, your lender loses out on the interest on that debt. That’s why borrowers often have to pay a prepayment penalty when you pay down more of the mortgage than is permitted in your mortgage contract, or pay out the mortgage outright.
You may have some prepayment privileges in your mortgage agreement. Most lenders typically allow you to make annual lump sum payments of 10% to 20% and increase your monthly payments by the same amount. Your rights depend on the flexibility of the contract. Here’s what to think about — plus a handy calculator to help you determine what kind of penalty you might face.
What is the Difference Between Open and Closed Mortgages?
Typically, a closed mortgage can be locked in at a lower interest rate, but you can’t make additional payments outside of what is contractually permitted. An open mortgage, on the other hand, allows you more flexibility to repay the debt whenever you like, but often entails higher interest rates…

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