Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
What to do with a rental property when you owe more than it’s worth + MORE Apr 22nd
Q. I bought a home in Fort McMurray, Alta., for $413,000 in 2007. Five years later, in 2012, I moved out and started renting the property, and it has remained an income property since then.
With the decline in oil prices, the town of Fort McMurray has seen real estate losing value like crazy. After .... More »
What happens when a buyer backs out of a real estate deal? + MORE Sep 2nd
When it comes to backing out of a real estate deal, the law doesn’t tend to side with the dealbreaker, says Ron Butler, a veteran mortgage broker and one of the founders of Butler Mortgage in Toronto. If you’re the buyer, “You should find a way to complete the sale—beg, borrow, do whatever y.... More »
Listening, understanding, empowering: The client-centric values behind HomeEquity Bank Nov 15th
Partnering with mortgage brokers to put clients first..... More »
The big question on mortgage borrowers’ minds: fixed or variable? Feb 15th
With variable mortgage rates potentially at a peak and fixed rates having recently retreated, borrowers are asking themselves the age old mortgage question: should you go fixed or variable?.... More »
What’s the best mortgage for first-time home buyers? + MORE Dec 8th
Q: I’m buying my first home—a starter home—that I plan to live in for the next five to seven years. How do I know which mortgage is right for me? — First-time Buyer, Toronto
Get the mortgage rate that works for you.Find the best rate for you in under 2 minutes at ratehub.ca. Let's ge.... More »
What You Need to Know About Ending Your Mortgage Early
– ratesupermarket.ca
According to mortgage industry experts, more than half of Canadians end their mortgages before maturity. The reasons they may choose to break their mortgage vary: finding better interest rates, needing home renovations, changing family composition, moving for work, or kids going off to university. If you choose to break your mortgage outside of your renewal period, you will pay a penalty. So, when does it make sense to end your mortgage early and how does the process work?
How are mortgage penalties assessed?
Mortgage penalties are intended to compensate lenders for the money they’ll lose if you break a mortgage contract. The majority of mortgages can be broken, including fixed and variable rate mortgages. Penalties are usually less if you’re breaking a variable mortgage. The penalties for breaking a fixed-rate mortgage can be high enough that it won’t be a good financial choice to break a fixed-rate mortgage simply to refinance.
Variable rate mortgage penalties are straightforward…
A Rate War on Canada Day?
– canadamortgagenews.ca
I’ve never seen more competition with mortgage rates in my 30-year career than I have in the first five months of 2019!
Rates are under 3%!
On May 10th, a new jobs report was released by the federal government showing 106,000 new jobs created in the month of April. This blew away all expectations. And, the reaction was immediate, including higher mortgages being imminent and a bull stock market on the horizon… and yet, this didn’t happen.
Even this unexpected positive economic news could not stop the more common belief that our economy and the economies of the world were not on fire. This was most likely a one-time thing.
The following week, we didn’t see the normal rate spikes that would typically follow this positive economic news. Instead, we saw wholesale mortgage rates drop a little further. This is due to lower bond yields, which lead to lower fixed-mortgage rates. Lower yields reflect reduced investor confidence in Canada. Bad news for Canada, but good news for mortgage consumers…
The Latest in Mortgage News: New Data on Financial Distress in Canada
– canadianmortgagetrends.com
A significant number of Canadian households reported being late on a debt payment or missing it entirely, according to a new report from Statistics Canada. The 2016 data from the agency’s Survey of Financial Security shows that more than 1-in-10 Canadians (11%) with some form of debt reported skipping or making a late non-mortgage payment. […]
