If your goal is to pay your mortgage off as quickly as possible, you may be inclined to request a shorter amortization. After all, you’ll become mortgage-free faster by choosing a 25 year amortization instead a 30 year, right? Not necessarily. In fact, if you’re planning on paying your mortgage off as fast as possible, [...]
A HELOC, or Home Equity Line Of Credit, is a simply a line of credit that is registered against your home. It can also be referred to as a SLOC (Secured Line Of Credit). It allows you to draw equity out of your home when you need it. There are two notable benefits of having [...]
Following the collapse of Silicon Valley Bank last month, there has been some speculation that we could see the Bank of Canada cut their rate as early as June of this year. The news had rattled not just the US banking industry, but the financial industry around the globe. Bond yields immediately plummeted which resulted [...]
The Bank of Canada announced this morning that they are holding their rate for the second straight time. Each time they leave it unchanged puts us one step closer to the moment everyone has been waiting for…. a rate cut, which is expected to lead to a new, downward trend in prime rate. But this [...]
Variable rate mortgages have historically outperformed fixed rates most of the time. But that doesn’t mean they always win. If they did, then no one would even consider a fixed rate mortgage. Yet history has shown fixed to be the more popular choice. Why? People like fixed rate mortgages as it gives them peace of [...]
It is no big secret that a recession is all but inevitable at this point. The sharp and rapid rate increases from the Bank of Canada in 2022 were far greater than anyone expected. This alone had the R word written all over it. To add fuel to the recessionary fears, the collapse of Silicon [...]
Immediately following the news on the collapse of Silicon Valley Bank in the US, bond yields plummeted by roughly 19%. This put immediate downward pressure on fixed mortgage rates. But that doesn’t mean a rate drop is guaranteed. Logically speaking, a 19% drop in bond yields would result fixed rates dropping by 19%. That would [...]
It’s amazing the impact that news can have on mortgage rates. Up until Thursday of last week there was upward pressure on fixed rates which was building quickly. We had already seen them increase over the last few weeks, and the precipitous upward trend in bond yields continued to pressure fixed mortgage rates to move [...]
In this morning’s scheduled rate announcement, the Bank of Canada confirmed that they are leaving their rate where it is. Finally! Exactly what variable rate mortgage holders wanted to hear. This is the first time they have maintained their rate since January 26, 2022. After eight consecutive rate hikes, six of which were oversized, it’s [...]
With much stronger employment statistics coming out of both the US and Canada earlier last month, bond yields started to soar which have resulted in fixed mortgage rate increases across the board. While I would love to tell you that fixed rates have stabilized, further increases are not only possible, but likely. Anyone with a [...]
