Tag: mortgage rates

Private mortgage rates: why are they so high?

October 22, 2018 | By | Add a Comment

Unpacking private mortgage rates The first step in understanding private mortgage rates is to get back to the basics.  Let’s start with covering those…. What is a private mortgage? Simply put, private mortgages are offered by Canadian mortgage lenders who aren’t your typical “A” or “B” lender.   Big names are Fisgard or New Haven, but […]

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Fixed or variable rate mortgage: which is better?

September 9, 2018 | By | 1 Comment

Fixed or variable rate mortgage: is rate the only thing to look at? One of the biggest questions you’ll face when planning your mortgage, is whether to lock in to a fixed rate or choose a variable rate mortgage. Currently, the 5 year fixed rate is around 3.19% – 3.89%, depending on your credit score, […]

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Understanding mortgage rates

August 9, 2018 | By | Add a Comment

This is why mortgage rates are suddenly way more complicated If you’ve been shopping for a mortgage lately, you’ll have noticed that rates can be all over the map. That’s because new mortgage rules have made the mortgage pricing matrix is much more complicated, and online mortgage quotes are less reliable. That’s why it’s important […]

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Balance mortgage rate with options, privileges and payment schedules

December 18, 2017 | By | Add a Comment

What is an Interest-Saving Mortgage? One of the problems in the mortgage industry is the way mortgages are advertised: usually by rate. If an online rate says 1.9%, chances are homebuyers are going to check it out. What many don’t realize is that saving interest is what saves money over the long term, and that […]

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After the rate hike…what’s next?

August 8, 2017 | By | Add a Comment

On July 12th, for the first time in seven years, the Bank of Canada increased the overnight rate by .25%, withdrawing some of the stimulus that was needed after the oil price collapse and 2008 financial crisis. Variable rate mortgages and lines of credit will see higher rates and modest payment increases. Fixed-rate mortgages – […]

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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 […]

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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 […]

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First-time homebuyers: what do you deserve?

November 25, 2014 | By | 1 Comment

I work with many first-time homebuyers in Toronto, Mississauga, Oakville, and beyond.  Some have already talked to a professional of one type or another about their mortgage, others haven’t. All of them seem surprised at the time I take to provide them with information, options and scenarios that they could choose. “Why doesn’t everyone work with a mortgage broker?” … […]

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