What You Should Know About Collateral Charge Mortgages + MORE Aug 7th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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 mortgage penalties

Hacks to Slash Your Mortgage and Clear Your Debt Early + MORE Aug 16th

Finding you the best financial practices is what gets us up in the morning. And our staff is a great resource for these ideas. So we polled the staff in our office to ask one simple question:  What mortgage hacks do you use to speed up your mortgage payments? Here are their best tips for getting o.... More »
 line of credit

How to Read Your Credit Report + MORE Jun 1st

Your credit report summarizes your credit history and helps lenders weigh your credit risk. Often your credit report is initiated when you apply for your first credit card. Over time it can help you reach your larger financial goals such as obtaining a rental agreement or mortgage. When you apply f.... More »

Department of Finance Announces New Qualifying Rate for Insured Stress Test Feb 19th

The federal government announced on Tuesday it will be changing the benchmark qualifying rate used for Canada’s insured mortgage stress test. The change, which will take effect April 6, 2020, means borrowers with insured mortgages (typically those with less than 20% equity) will need to prove they.... More »

Mortgage Rates Keep Setting New Record Lows Jul 1st

While mortgage rates have been tumbling steadily over the last couple of months, many are now in record-setting territory, with certain 1- to 5-year fixed rates now available for under 2.00% from discount brokers. Concerns over a second wave of COVID-19 have caused Canada’s 5-year bond yield t.... More »
 bank mortgage

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 »
I recently had clients who were refinancing their mortgage completely reject a very attractive offering from one of the big chartered banks. Their reasoning? All of this bank’s mortgages are registered as collateral charges, and all of their online research into this topic spooked them completely. Over the years, dozens of articles have been written […]

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Should You Take a 10-Year Fixed Rate When Rates are Low?
I’ve been fielding a lot of calls lately asking about 10-year fixed rates – and with good reason! You can now get a 10-year fixed rate for around 3.04%. That’s almost at an all-time low.
But should you take this offer? NO!

Conventional thinking and human nature may lead some of us to believe this is a secure option. And, I get it. Set your payment for 10 years and you don’t have to worry about your payment going up or down. We all crave a certain degree of certainty and security.
But how secure is this? Is anyone’s life really that certain and steady? 10 years is a long time to be married to your mortgage. Does anyone really know where they’ll be in 10 years? How about in five years?
Here’s a test question: How often do people change their mortgage? Or, put another way, how often are people forced to make a change regarding their mortgage?
The answer: Every 3 years! Yup, that’s right. On average, we change our mortgage every three years…

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