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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The Latest in Mortgage News: Half of Canada’s Big Housing Markets Are Unaffordable Sep 30th

A new study of 15 major urban centres across Canada shows that housing unaffordability continues to be a major concern in nearly half of those markets. A median-income earner wouldn’t qualify for a mortgage large enough to fund their home purchase in seven key markets, including the Greater Va.... More »

Combatting Mortgage Fraud: Scrap The Status Quo + MORE Oct 6th

Canada’s conservative nature means that we have a tendency to abide by the status quo, remaining committed to tradition and the processes that have historically worked in our favour. Fortunately this approach has, in many ways, proven valuable, cushioning us from the damaging effects of variou.... More »
 bank mortgage

Why didn’t the Bank of Canada Gov cut rates last week? + MORE Sep 12th

WAS THIS A BIG MISTAKE? Last week, Stephen Poloz, the Bank of Canada Governor, kept the Prime Rate as is during the 6th of their eight scheduled meetings for 2019.  The Current Target rate is 1.75%.  (Bank Prime rate is derived from this rate.  Today’s Bank Prime rate is 3.95%..... More »
 property

Creative Ways to Finance Your New Home Aug 19th

In a tight housing market, it can be tough to come up with the cash you need for a new home. Many Canadians looking for new alternatives are having to get creative. For some folks, it may be as simple as finding friends or family to take the journey with them, or sharing their homes with others. Co.... 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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