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.
Latest News

The Latest in Mortgage News: CMHC sees chance of a recession if BoC policy rate hits 3.5% + MORE Jul 13th

As the Bank of Canada continues to hike interest rates, the country's housing agency sees the chance of a recession growing the higher rates go..... More »

Honouring the latest Mortgage Hall of Fame inductees Oct 20th

After a pandemic-induced hiatus, hundreds of mortgage professionals gathered at the Vancouver Convention Centre Monday night to honour the latest inductees into the Canadian Mortgage Hall of Fame..... More »

TD reports strong mortgage volumes and stabilizing amortizations + MORE Aug 27th

Despite a sharp slowdown in mortgage originations this year, TD reported continued strong volume growth of 4% in the second quarter..... More »

Latest in Mortgage News: BoC Sees Early Signs of Housing Overheating, but Will Keep Rates Low for Now Feb 27th

Fixed rates may be heading higher, but variable-rate holders can rest assured their rates won’t be going up just yet, at least according to Bank of Canada Governor Tiff Macklem. During a speech on Canada’s labour market, Macklem said monetary policy will need to continue to provide stimu.... More »

Borrowers to “feel the strain” of high interest rates for several quarters to come, says BoC Apr 13th

High mortgage rates are taking a bite out of borrower's budgets, and the Bank of Canada says they will continue to "feel the strain" for several more quarters to come..... 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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