Mortgage Corner

With mortgage rates settling at historic lows, chances are you’ve considered breaking your current mortgage and renewing or refinancing now before rates begin to rise. Perhaps you want to free up cash for such things as renovations, travel or putting towards your children’s education? Or maybe you want to pay down debt or simply pay…

Earlier this week, Ottawa unveiled major initiatives to slow housing activity both by potentially discouraging foreign home purchases and, more importantly, by making it more difficult for Canadians to get mortgages. As well, the Finance Minister is limiting the degree to which mortgage lenders can buy portfolio insurance on mortgages with downpayments of 20% or…

Term Fixed Closed Rate 6 months 3.95% 1 Year 2.29% 2 Year 2.09% 3 Year 2.34% 4 Year 2.49% 5 Year 2.39% 7 Year 2.98% 10 Year 3.89% Prime = 2.70% Variable Closed (5 yr) = Prime minus 0.50% = 2.20% Variable Open = Prime plus 0.80% = 3.50% Secured Credit Lines = Prime plus…

Let’s take a look at some of the potential changes the government could make to mortgage qualification. Qualifying All Terms at the Benchmark Rate As it stands right now, variable rate mortgages and fixed rate mortgages with terms of less than five years are qualified using the benchmark rate. The benchmark rate is set higher…

Term Fixed Closed Rate 6 months 3.95% 1 Year 2.29% 2 Year 2.09% 3 Year 2.34% 4 Year 2.49% 5 Year 2.29% 7 Year 2.98% 10 Year 3.89% Prime = 2.70% Variable Closed (5 yr) = Prime minus 0.50% = 2.20% Variable Open = Prime plus 0.80% = 3.50% Secured Credit Lines = Prime plus…

Mortgages are funny things. When you’re buying a house, you can’t wait to hear these words: “Your mortgage has been approved”. But what that really means is that you are going to be a homeowner. And as discussed in the previous article, there is a lifestyle element of homeownership that is very attractive. But let’s…

Term Fixed Closed Rate 6 months 3.95% 1 Year 2.29% 2 Year 2.09% 3 Year 2.34% 4 Year 2.49% 5 Year 2.39% 7 Year 2.98% 10 Year 3.89% Prime = 2.70% Variable Closed (5 yr) = Prime minus 0.50% = 2.20% Variable Open = Prime plus 0.80% = 3.50% Secured Credit Lines = Prime plus…

Every time you apply for a new mortgage, your application it has to stand on its own merit. Just because you were approved for a mortgage in the past doesn’t guarantee you will be approved for a mortgage in the future. Every application is its own thing! It doesn’t matter if you have have been…

Term Fixed Closed Rate 6 months 3.95% 1 Year 2.29% 2 Year 2.09% 3 Year 2.34% 4 Year 2.49% 5 Year 2.49% 7 Year 2.98% 10 Year 3.89% Prime = 2.70% Variable Closed (5 yr) = Prime minus 0.50% = 2.20% Variable Open = Prime plus 0.80% = 3.50% Secured Credit Lines = Prime plus…

Term Fixed Closed Rate 6 months 3.95% 1 Year 2.29% 2 Year 2.24% 3 Year 2.34% 4 Year 2.49% 5 Year 2.49% 7 Year 3.44% 10 Year 3.84% Prime = 2.70% Variable Closed (5 yr) = Prime minus 0.50% = 2.20% Variable Open = Prime plus 0.80% = 3.50% Secured Credit Lines = Prime plus…