Mortgage Career of the Week + MORE Jan 16th

As a mortgage broker, signing up with a franchise or broker network has advantages. But for those who were previously licenced under a large brokerage, switching to a franchise/network model…

Company: Equitable Bank Position: Regional Business Manager (2) Years of Experience Required: Minimum 3-5 years Licences or Registrations Required: AMP designation is an asset Location of Positions: Montreal, QC and…

It seems like not a week goes by that a major news story doesn't rock the Canadian real estate market regarding mortgage rates. While it's true that mortgage rates are an important factor when it comes to homebuying, it's even more essential for Canadians to understand exactly how mortgage rates work, and how they can affect home loans.
What are mortgage rates?
A mortgage rate is a term used to describe the interest on a home loan. For most individuals, obtaining a mortgage is a necessary part of buying a home. Mortgage rates are figured on the principal balance of a home loan, meaning how much money is still owed before the loan has been fully repaid. Since a higher balance means more interest, mortgage rates are typically more expensive at the beginning of a loan. As the balance is paid off, less interest is able to build up. This is also why homebuyers spend so much time searching for low rates, as lower interest means less money owed.
Additionally, since mortgage rates mean that more interest is able to build up, higher rates make it more difficult to pay off a loan faster…

Last week, CBC’s Kathy Tomlinson made national headlines with her breaking story about TD charging car loan interest rates of 25%.  Wow!   Are you kidding me?  The reaction was incredible and went viral.  Over 4000 comments in just a few days. Now, this doesn’t have anything to do directly with mortgages, but it’s relevant […]

 Last week’s Employment Stats shocked everyone when we didn’t see the expected 14,000 new jobs created as Economists were expecting.  Instead, we got hit with a reported 46,000 jobs lost in December.    Economists aren’t always accurate with their forecasts (news flash) but they usually aren’t this far off either. We won’t look at why […]