Mortgage Amortization: Should You Go Long or Short? + MORE Aug 31st

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
 bank mortgage

Why didn’t the Bank of Canada Gov cut rates last week? + MORE Sep 12th

WAS THIS A BIG MISTAKE? Last week, Stephen Poloz, the Bank of Canada Governor, kept the Prime Rate as is during the 6th of their eight scheduled meetings for 2019.  The Current Target rate is 1.75%.  (Bank Prime rate is derived from this rate.  Today’s Bank Prime rate is 3.95%..... More »

Canadians Not Deterred By Homeownership Obstacles Sep 6th

Those dreaming of homeownership face a long list of obstacles: high prices, low supply and ever-changing mortgage rules and qualification requirements, to name a few. But that hasn’t shaken Canadians’ desire to have a place to call their own, according to the latest consumer survey from .... More »

The Latest in Mortgage News: iA Exits the Residential Mortgage Market Sep 18th

After nearly 50 years of providing residential mortgages to Canadians, Industrial Alliance Financial Group announced its exit from the space this month. “This is a result of our decision to focus on investments in key sectors for the Group,” iA spokesperson Pierre Picard told CMT. “.... More »
These 3 clients broke their mortgages, paid a penalty, and still saved between $9,000 and $26,000!
While I originally posted this article in September of 2015, I think now is a good time to take another look.
Fixed mortgage rates are at an all-time low.  If you have a mortgage that is over 3.09%, then you should consider breaking it, paying the penalty and getting into today’s lower rates.
That’s the short answer… the full answer is a little more complex, but it’s really just simple math.   If the savings is greater than the cost to break, then the answer is obvious.  You should do it!   I’ll give you some real life examples of clients whose savings could be huge $$s today if they paid their mortgage and the penalty and went into a new lower rate mortgage. Check out these success stories…

EXAMPLE 1: $710,000 balance @ 3.59% with 8 years to go.
These clients took a 10 year fixed rate mortgage 2 years ago.   Today, they can turn that into a 5 year fixed rate at 2.59%.  So, here’s what this looks like….

Current monthly payment is $3773 with 23 year amortization remaining…

Continue Reading On »

Federal Equity-Split Program Begins Monday
The First-Time Home Buyer Incentive (FTHBI) will officially begin on Monday, September 2. The program was initially announced during the Federal Government’s budget launch in March. The down payment assistance program will be administered by the Canada Mortgage and Housing Corporation (CMHC), and has been touted by the feds as a partial solution to the current housing affordability crisis across Canada.
Despite promising to make homeownership more affordable, industry experts are concerned that the program will only help a handful of homebuyers.
How does the FTHBI work?
As the name suggests, it’s available only to first-time homebuyers, and applicants must also meet the following criteria:

earn a household income of less than $120,000 a year
qualify for and purchase mortgage default insurance
make a 5.00 to 14.99 percent down payment from your own resources
limit your mortgage amount plus incentive amount (combined) to no more than four times your household income
purchase a home priced less than $565,000…

Continue Reading On »

Mortgage Amortization: Should You Go Long or Short?
If you’re in the market for a new home you probably understand the different mortgage options. But what about amortization? Should you go short or long on your amortization, and what impact does it have on your finances?
The most common amortization is 25 years. If you have at least a 20 percent down payment, however, you can go higher—up to 30 years, and sometimes longer.
Shorter amortizations are also available. Their benefit is helping you accumulate home equity faster. If you can afford the higher monthly payments of a shorter amortization, you can save thousands in interest payments.
Why Go for a Long Mortgage Amortization?
After the 2008 recession, the Canada Mortgage and Housing Corporation (CMHC) progressively lowered the maximum amortization period on default insured mortgages. Formerly, homebuyers could amortize their mortgage over 40 years. Now, homebuyers who do not have at least 20 percent equity are limited to a maximum amortization of 25 years.
If you do have 20 percent-plus equity, you have the option of choosing a 30-year amortization…

Continue Reading On »

Tens of Thousands of Empty Homes in Canadian Cities There’s an empty house problem in this country—1.34 million empty and temporarily occupied homes to be exact, with 66,000 in Toronto, 64,000 in Montreal and 25,000 in Vancouver. And the main culprits behind these high vacancy numbers are investor speculation and short-term rentals, according to a […]

Continue Reading On »


Compare insurance quotes through - save time and money!