Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Renewing your mortgage? A guide for Canadians + MORE Oct 10th
More than two years have passed since interest rates took off in 2022, and though the Bank of Canada (BoC) has started backing down that ladder, holders on five-year fixed mortgages continue to face significantly higher rates and payments as their home loans come up for renewal. Even those currently.... More »
How to build credit history in Canada + MORE Jun 30th
A credit history is a person’s track record of using credit (borrowing money) and repaying debt. Your credit history can affect many aspects of your financial life—from getting approved for a credit card or renting an apartment to taking out a mortgage or a car loan, among other things. In some .... More »
How Financing a Furnace Can Affect Your Mortgage + MORE Jun 10th
“Save up to $3,000 on heating and cooling”
“No monthly payments for 3 months”
“No interest for 6 months”
Sound familiar? You’ve probably seen tons of offers like these on flyers and emails from your utility company. It sounds great on the surface. You can save some money.... More »
State of the mortgage market: Canadians anxious about their finances, but still see housing as a good investment + MORE Mar 8th
Canadian homeowners may be feeling more anxious about their finances these days, but an overwhelming majority continue to believe real estate is a good long-term investment..... More »
Rate Increases a Concern, but Many Borrowers Say They Can Handle It: RBC + MORE Mar 26th
Rising interest rates is a concern for most mortgage holders, though many feel "well-positioned" to deal with it..... More »
Tapping into Lower Interest Rates: Does Renewing Your Mortgage Early Save You Money?
– ratesupermarket.ca
Late last year, many had forecasted that the Bank of Canada might cut interest rates in 2020. However, no one could have foreseen just how low-interest rates were about to plummet in the coming months.
Canada’s COVID-19 lockdown led to a sharp rise in unemployment, causing the Bank of Canada to slash its key lending rate from 1.75% to 0.25% in just the span of one month.
The silver lining for those still employed and with a mortgage is that mortgage rates have also fallen to historic lows—which means for some, it may be the right time for an early renewal.
How the pandemic may affect a renewal
As the pandemic was taking hold of the economy, a rush of homeowners inundated lenders with requests for mortgage payment deferrals, which led to delays for other services, such as mortgage renewals. Fortunately, things have normalized once again, and processing times are back to where they were.
When your mortgage comes up for renewal, your lender doesn’t always re-verify your employment situation…
