About Paul Meredith

Paul Meredith is the author of the Amazon #1 best selling book, Beat the Bank – How to Win The Mortgage Game in Canada, and has ranked as one of the top 75 mortgage brokers in Canada since 2016. He was a finalist for Mortgage Broker of the Year in 2018, and can be seen as the exclusive mortgage broker on season two of TV’s Top Million Dollar Agent.

What Happens If Your Home Appraisal Comes In Low?

By |2020-07-29T14:04:30+00:00July 29th, 2020|Mortgage Rates|

You’re purchasing a new home and all your conditions for your mortgage approval have been satisfied. That is… all except for the appraisal. If the appraisal were to come in lower than the purchase price, then this could present issues with your mortgage, regardless of how solid your qualification is on paper. Let’s take a [...]

How To Choose Between Fixed and Variable Rate Mortgages

By |2020-07-22T20:33:45+00:00July 22nd, 2020|Mortgage Rates|

There are many people, both mortgage professionals and borrowers alike, who will swear that variable rate mortgages are always the way to go. Their reasoning is that variable rate mortgages have historically beat out fixed rates, or that variable rate mortgages have always worked out for them in the past. Everybody’s situation can be a [...]

Bank of Canada Interest Rate Announcement

By |2020-07-15T18:35:50+00:00July 15th, 2020|Mortgage Rates|

This morning, the Bank of Canada announced that they will be maintaining their overnight rate at 0.25%. No big surprise here, and any movement from the BOC this morning would have been shocking. The overnight rate is what financial institutions use to set their prime rate, which is currently 2.45%. Prime rate does not influence [...]

Is It Okay To Put In An Offer Without A Financing Condition?

By |2020-07-08T16:21:33+00:00July 8th, 2020|Mortgage Rates|

With all the pent-up demand for real estate, and with mortgage rates at record lows, the Greater Toronto real estate market is hot. We have been getting more requests for pre-approvals than any other time in the past. It seems as though all of a sudden, everyone wants to buy a home. With all this [...]

Wishing You A Happy Canada Day With Low Mortgage Rates!

By |2020-07-01T19:23:19+00:00July 1st, 2020|Mortgage Rates|

Canada Day in the middle of the week! Woohoo! Not quite as convenient as having it on a Friday or a Monday, but look at it like this… It’s like a mini weekend packed in between two short two day work weeks! Now, that I can handle! As everyone celebrates Canada’s 153rd anniversary (of course [...]

The Real Estate Market Is On Fire!

By |2020-06-24T20:29:06+00:00June 24th, 2020|Mortgage Rates|

2020 has been an interesting year, and definitely one that we will never forget. When everyone started to realize the severity of the pandemic back in mid-March, people started to panic. Businesses started shutting down, and literally millions of people were either laid off, or experienced significant cuts to their income. We had no idea [...]

Mortgage Rates Reach New Record Lows – How Much Lower Will They Go?

By |2020-06-17T18:09:46+00:00June 17th, 2020|Mortgage Rates|

  The past few months have been a roller coaster for mortgage rates. In early March, they were falling faster than we could keep up with. We would quote a rate, only to see a lower rate the next day…. then again the next. This made mortgage shopping a little more difficult. You would get [...]

Lower Mortgage Qualifying Limit Will Have Minimal Impact

By |2020-06-10T16:27:23+00:00June 10th, 2020|Mortgage Rates|

Last week, the Canadian Mortgage and Housing Corporation (CMHC) announced that they will be adjusting some of their policies effective July 1st. The most notable change is the lowering of their maximum qualifying limit. When most people hear the name CMHC, they think of mortgage default insurance, which is what borrowers require if they are [...]

This Morning’s Interest Rate Announcement And What This Means For Mortgage Rates

By |2020-06-03T16:25:03+00:00June 3rd, 2020|Mortgage Rates|

Unlike the past few interest rate announcements by the Bank of Canada, their announcement this morning was not as highly anticipated. Everyone pretty much knew the outcome, so no surprises here. As expected, the Bank of Canada maintained their overnight rate at 0.25%, which is what mortgage lenders use to set their prime rate. The [...]

Fear of Falling Home Values May Lead To A Higher Minimum Down Payment

By |2020-05-27T16:06:58+00:00May 27th, 2020|Mortgage Rates|

The Canadian Mortgage and Housing Corporation (CMHC) recently hinted that they may be increasing the minimum down payment to purchase real estate from 5% to 10%. The reason for this would be to ensure that first time homebuyers have additional equity to protect themselves against potentially falling real estate values due to the pandemic.   [...]