Tag: mortgage broker

How to buy your first home by 29

February 26, 2018 | By | 3 Comments

What’s the rush?  The financial “why” HSBC did an interesting study in the UK in 2014.  It suggested that if you buy your first home by 29, you create a positive cycle that not only benefits your own financial situation, but that of your future children as well.  Buying early gives enough of a boost that you […]

Continue Reading

How using a mortgage broker reduces your rate by 17.5 basis points

January 30, 2017 | By | 2 Comments

Mortgage brokers drive mortgage rates down A 2011 Bank of Canada study said that “the average impact of a mortgage broker is to reduce rates by 17.5 basis points.”  In fact, controlling for certain variables such as borrower income, they actually found that “borrowers using a broker got a discount of approximately 32 basis points.” (See the […]

Continue Reading

Mortgage rates going up: the Trump effect

November 14, 2016 | By | 2 Comments

Lenders advise: mortgage rates going up We’ve just received several notifications of mortgage rates going up, imminently.  Rob Carrick’s latest article in the Globe and Mail highlights the impact of the U.S. election on bond rates. “Mr. Trump’s plan is to stimulate the slow-growing U.S. economy by spending big on infrastructure, and that has financial markets worrying […]

Continue Reading

Why use a mortgage broker? 59% would, when they learn the benefits

November 7, 2016 | By | Add a Comment

Do first-time homebuyers really get any benefit from a mortgage broker? Last week I met with Tom* and Marcy*, a couple in their early 30s who are interested in doing the mortgage planning for the purchase of their first home. They’re thinking of a property in the $700,000 range in Toronto or Mississauga. They have solid jobs; Tom’s […]

Continue Reading

Going, going, gone! [New mortgage rules and conventional mortgages]

October 17, 2016 | By | Add a Comment

Down payment of 20% plus?  New mortgage rules that affect you With all the media hubbub recently, you probably know that the Canadian finance minister announced stringent new mortgage rules on October 3, 2016.   If you are looking to buy a new home or refinance, you maybe be affected, even if you have 20% down or […]

Continue Reading

Canada’s new mortgage stress test

October 10, 2016 | By | Add a Comment

The mortgage stress test – what you need to know On October 3, 2016, Canada’s Finance Minister announced the latest round of mortgage rule tightening:  a more stringent mortgage stress test for borrowers looking to get a new mortgage. The hope is that making it more difficult to qualify for mortgages will protect our housing market over […]

Continue Reading

Is the bi-weekly mortgage payment always better?

March 21, 2016 | By | 1 Comment

The mystique of the bi-weekly mortgage payment I met with clients over the weekend to do some mortgage planning. They’re buying their first home, and they had lots of great questions about lender options, how to decide between a variable rate or fixed rate mortgage, and the mortgage process. Then they said something I’ve heard clients […]

Continue Reading

Why mortgage brokers like monoline lenders (and you should, too!)

February 29, 2016 | By | Add a Comment

Monoline mortgage lenders – offering mortgage choice Finding a perfect mortgage is like finding the perfect home. It’s an important decision that requires a lot of shopping around. That’s where we mortgage brokers come in. We’re a one-stop shop, with access to over 50 of Canada’s leading lenders. We don’t just work with the major banks; […]

Continue Reading