Category Archives: Blog

Fixed Mortgage Rate Outlook – February 2012

Like variable mortgage rates, the outlook for fixed mortgage rates is flat over the short term.  The longer term outlook for fixed rates however is a little less certain.  Fixed mortgage rates have been flirting with record lows for the past 30 days so it wouldn’t be surprising if over the near term there was some modest increases.  However to get a better sense of where fixed rates are going … Read More

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Variable Mortgage Rate Outlook – Feb 2012

The outlook for variable rate mortgages is flat.  Steady as she goes for at least the remainder of 2012 and likely well into 2013.  This is great news for borrowers, bad news for investors and confusing news for legislators and lenders.  So who controls variable mortgage rates in Canada?  This is a great question and the answer is more convoluted than you might think.  First, we must understand that variable … Read More

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3 Strategies to Pay-Off Your Mortgage

It’s wise to shop around to find the best mortgage.  This includes educating yourself on the features and benefits of specific lenders as well as seeking advice from a trusted mortgage professional.  Having said all that, the best mortgage is no mortgage at all.  If you are looking to have your mortgage burning party sooner rather than later then you need to adopt these 3 strategies. 1)      Lower your amortization … Read More

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Would the Real Mortgage Broker Please Stand Up!

The popularity of using a mortgage broker has increased significantly over the past decade.  Today 1 in 4 Canadians arrange their mortgage through a mortgage broker or agent and statistics show that these broker customers are more satisfied with the service they receive than through other channels.  This is good news for the consumer and great news for the mortgage brokerage industry. When something works well then everyone wants to … Read More

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Regular or Premium? Mortgage, that is!

Many homeowners think a mortgage is a commodity just like gasoline.  If that was the case then all you’d have to do is find the lowest interest rate to save the most money and receive the best service.  If that sounds too good to be true, it’s because it is.  Before deciding on a mortgage you’d be wise to consider your needs along with the features and benefits of the … Read More

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How is Your Mortgage Registered?

How is your mortgage registered?  Not too many people realize that there is a difference between a collateral charge and a standard charge mortgage, and most lenders won’t inform you.  Recently, TD Bank and ING have mandated that all their mortgages be registered as a collateral charge.  There are some benefits to this, but there are also some negatives that enslave you to them. The normal way of registering your … Read More

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Mortgage Insurance Options

Determining how much life insurance you need is the first step in assessing your overall mortgage insurance needs.  Generally speaking you need enough to pay out your debts including your mortgage, and have enough left over to cover your kids expenses (including school) until they move out on their own.  If you have a financially dependent partner then you will also need to have enough to assist them with their … Read More

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RRSP Top-up vs. Mortgage Pay-down

Well it’s that time of year where all the pundits weigh in on how to spend your extra money (assuming you have any). Good cases may be made for topping up your RRSP as well as for paying down your mortgage and the inevitable conclusion is to top-up your RRSP and then use the tax refund to pay-down your mortgage. Cop-out answer! Like most things in life there is no … Read More

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2012 Housing Prices Set for Modest Increase

Ask 3 different economists the same question and get 3 different answers.  This is nothing new, and maybe one day it will stop surprising me.  Add organizational biases to the mix and the direction of the differences reveal which economist is working for which organization.  Over the past couple of weeks unfolding economic announcements have revealed the following:  Economists from the banks expect a pricing correction (meaning reduction) of up … Read More

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The 2.99% Interest Rate

Was it a mirage or was the 5 year fixed rate mortgage really as low as 2.99%?  The short answer is yes and no.  BMO was the only mortgage lender to actually post a 5 year fixed rate mortgage at 2.99%.  The catch is that they have two 5 year fixed mortgage rates, and the 2.99% was their “Low Rate Mortgage” which is really a no frills mortgage.  In other … Read More

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