Home / Mortgages / Mortgage rates under 5%? They’re coming back as lenders slash fixed rates + MORE Dec 7th

Mortgage rates under 5%? They’re coming back as lenders slash fixed rates + MORE Dec 7th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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For the first time since last spring, mortgage shoppers finally have a condition-free sub-5% fixed mortgage rate option.

Continue Reading On canadianmortgagetrends.com »

Whether it’s for a cottage, a vacation home or a rental property, using your home’s equity can be an excellent way to buy that second home you’ve been dreaming of. 

“Potential buyers may not have the cash they require to pay for an asset like a second home in part or in full,” says Maxine Crawford, a mortgage broker with Premiere Mortgage Centre in Toronto. “They may have their money tied up in investments that they cannot or do not want to cash in. By using home equity, however, a buyer can leverage an existing asset in order to purchase in part or in full another significant asset, such as a cottage.”  

What is home equity?

Home equity is the difference between the current value of your home and the balance on your mortgage. It refers to the portion of your home’s value that you actually own. 

You can calculate the equity you have in your home by subtracting what you still owe on your mortgage from the property’s current market value. For example, if your home has an appraised value of $800,000 and you have $300,000 remaining on your mortgage, you have $500,000 in home equity…

Continue Reading On moneysense.ca »

Like most other financial institutions, BMO said the bulk of its mortgage portfolio will be up for renewal in the coming three years, with the payment increases averaging up to 40%.

Continue Reading On canadianmortgagetrends.com »

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