Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
NBC says rising rates will lead to mortgage market “normalization” + MORE Aug 30th
National Bank of Canada, the smallest of the Big 6 banks, reported third-quarter earnings in-line with market expectations..... More »
5 surprises to avoid when switching mortgages before your term ends + MORE Jul 31st
These days, being a home owner with a mortgage can feel like you’ve ordered the chicken dinner before realizing there was a steak special. You orchestrate a last-minute switch before your meal arrives, and it’s only once your overcooked steak is served that you know you’ve made a mistake. .... More »
Mortgage borrowers to see payments increase by 20-40% at renewal: Bank of Canada May 19th
The Bank of Canada says it it concerned about the ability of households to service their debt, particularly as mortgage holders are facing payment increases of up to 40% at renewal..... More »
Mortgage renewal strategies in today’s high interest rate environment + MORE May 10th
The current interest rate climate for mortgage brokers and their clients is dramatically different compared to just a year ago, requiring a whole new strategy when it comes to renewals..... More »
‘Business for self’ clients are on the rise. How do you secure a mortgage for one? + MORE Feb 24th
Roughly 2.9 million Canadians were self-employed in 2018, according to Statistics Canada, and many of them are keen to buy a home..... More »
Four Tips to Speed up Your Underwriting Process
For many Canadian Mortgage professionals, underwriting a deal is just part of the job. It’s done so often, it can feel methodical and automatic.
Now’s not the time to switch to a fixed-rate mortgage
The Bank of Canada’s April 13 interest rate hike of 0.5%—the biggest one-time rate jump in decades—caught many variable-rate mortgage holders off guard. Some are likely thinking about running to their local bank branch or mortgage specialist to lock into a standard five-year fixed rate. Those who do so will likely be welcomed into the lion’s den by employees with open arms, wide grins and reassuring sales pitches bestowing the benefits of peace of mind and comfort.
Stop! Yes, banks’ prime lending rate has increased from 2.4% to 3.2% with the first two benchmark rate increases this year. And yes, we will most likely see another Bank of Canada rate increase come June, and it could push the prime rate further, possibly to 3.7%. This all seems uncontrollable, unmanageable—and it will cause many to panic.
You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense…
If rates keep rising, your monthly interest payments could almost double. But there are some things you can do to protect yourself.