Category Archives: Personal Finance

Agents and Clients

The relationship between a mortgage broker and a real estate agent can be a fruitful one for all parties involved. But like any relationship, it relies heavily on communication and the ability to help one another to in the end get the best results for you, the client! There are several benefits and services a mortgage agent may provide to a real estate agent to help better their relationship; which … Read More

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Fixed Mortgage Rate Forecast – August 2014

Fixed mortgage rate forecasts over the past few years have been fairly consistent in forecasting continued low mortgage rates in the near term with some upward pressure expected in medium term.  A historical look at the last 12 months however reveals a different reality.  Mortgage rates and the bonds that drive them have actually fallen almost in tandem by a half a percentage point.  Although that forecast remains unchanged today, … Read More

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Mortgage Basics

When we get down to the basics of life, it’s really quite simple.  Down to its core, all we really need is food, shelter and love.  Everything else is optional. Shelter can come in many forms.  Living with relatives, renting your home, or the loftier goal of owning your own home.  Although home ownership is not a necessary part of life, it’s a goal for most Canadians.  The good news … Read More

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Mortgage Matters

Does your mortgage matter?  Are you better off renting?  Sometimes life can feel like a daily grind.  Working to pay your bills and your mortgage, just trying to get through to the weekend so you can finally relax.  Resentment can build up pinching pennies to save up for a week’s vacation.  Some of us have even settled on renting instead for a couple hundred dollars less a month to spend … Read More

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The Miracle of Compound Interest Can Make You Rich

The miracle of compound interest can make you rich.  A house is the biggest asset you will own in your lifetime.  If you pay off your mortgage quickly using the miracle of compound interest, then you will be privileged with an impressive net worth. Take the example of Penny Morepayment.  If Penny buys her first home for $375,000 at the age of 30 and takes out a mortgage of $300,000, … Read More

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The Home of Your Dreams is Within Reach

The home of your dreams is still within reach.  Weather you’re currently renting and saving to buy your own home or are currently a home owner and dreaming of that ideal home, be advised, that home is within reach.  All the talk about an overvalued housing market and the implementation of the tightest mortgage rules in decades shouldn’t discourage you from working towards the home of your dreams.  The Canadian … Read More

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Life is Short, Make your Mortgage Shorter

One positive consequence of the tighter mortgage rules is shorter amortizations.  While extending your mortgage over 40 years may make your payments more manageable and allow you to qualify for an even bigger home, you may never live to see your mortgage burning party. In pricier markets, the rational has been that you will enjoy significant capital appreciation that can contribute to your retirement savings.  Many are also under the … Read More

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4 Year Mortgages Make a Comeback

It must be Spring time, the mortgage wars are back.  It seems like a repeat of last year with Bank of Montreal (BMO) reducing the rate on their 5 year “no frills” mortgage to 2.99%.  There’s something about a rate below 3% that kicks off a flurry of responses from the competition.  Along with the usual warnings about the added costs of going with a “no frills” option, the banks … Read More

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CMHC Poised to Increase Mortgage Insurance Premiums

The annoucement made earlier this year by CHMC regarding increases to their mortgage insurance premiums is set to take effect Thursday of next week.  The 2 other mortgage insurers are following suit making this a unilateral price increase in the oligopic mortgage insurance industry. You still have a chance to avoid the increase by getting your mortgage approved by CMHC before the May 1st deadline.  However in order to give … Read More

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Increase Your Mortgage Payments

Paying off your mortgage is a common goal for homeowners.  The monthly obligation of mortgage payments is usually a family’s biggest financial burden, and the sooner it’s gone the better.  Getting rid of your mortgage is a little like pulling off a Band-Aid.  You can minimize your mortgage payments today and make your cash flow as comfortable as possible or you can put everything you have towards your mortgage to … Read More

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