Mortgage Corner

Unlike Americans, who enjoy a sweetheart deal with the tax authorities in that their mortgage interest can be deducted from their income taxes, Canadians have to go through hoops in order to accomplish the same thing. The so-called Smith Manoeuvre, popularized first in British Columbia by Fraser Smith in a book of the same name,…

Term Rate 6 months 3.95% 1 Year 2.74% 2 Year 2.69% 3 Year 2.55% 4 Year 2.99% 5 Year 2.89% 7 Year 3.59% 10 Year 3.69% Prime = 3.00% Variable Closed (5 yr) = Prime minus 0.60% = 2.40% Variable Open = Prime plus 0.80% = 3.80%       Courtesy of John Chrisanthidis, Mortgage Intelligence

With fixed mortgage rates eventually heading higher, a lot of Canadians will be thinking that if there’s ever a good time to get pre-approved or lock in their variable rate mortgage, this is it. What about people who already have a mortgage? Wouldn’t it be great to get out of that 5.50%, fixed-rate, five-year closed…

Term Rate 6 months 3.95% 1 Year 2.74% 2 Year 2.69% 3 Year 2.79% 4 Year 2.99% 5 Year 2.99% 7 Year 3.69% 10 Year 3.89% Prime = 3.00% Variable Closed (5 yr) = Prime minus 0.35% = 2.65% Variable Open = Prime plus 0.80% = 3.80%       Courtesy of John Chrisanthidis, Mortgage Intelligence

Whether you’re a first-time home buyer, or just need some extra guidance on mortgage basics, the following topics can help you make a well-informed decision. Down Payment Options From a low down payment mortgage to using your Registered Retirement Savings Plan (RRSP) as a source of funds, buying a home has never been easier. Conventional…