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

Have Questions About the New Stress Test Rate? Here Are Some Answers… Feb 22nd

The Department of Finance created shockwaves this week with its announcement that it will be revamping how insured mortgages are stress tested. Now that the dust has settled, here’s a more in-depth look at the implications, as well as some industry reaction. But first, a quick recap of what’s ch.... More »
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They’re both 25 and make $262,000. This couple wants to pay off their mortgages and spend more on travel. How do they start? Feb 4th

Ace and Ada know they make a lot money for people their age, but it came out of “sweat and tears” and following in the footsteps of immigrant parents. Now they want to know how to spend it..... More »

Department of Finance Announces New Qualifying Rate for Insured Stress Test Feb 19th

The federal government announced on Tuesday it will be changing the benchmark qualifying rate used for Canada’s insured mortgage stress test. The change, which will take effect April 6, 2020, means borrowers with insured mortgages (typically those with less than 20% equity) will need to prove they.... More »
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Are Toronto House Prices Headed Back to 2016 Levels? + MORE Feb 13th

Concern is growing that Canada’s largest housing market may be about to experience a new round of froth, similar to that seen in 2016. Back then, red-hot housing markets in the Greater Vancouver and Toronto Areas ultimately forced the federal government to introduce the 2016 and 2018 mortgage stre.... 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?


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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