Amortization is something that many mortgage borrowers do not put much thought into.  The ‘standard’ amortization is 25 years, and this is what most mortgages are approved with.   But is 25 years right for you? The lowest rates are generally found with amortizations of 25 years and under. Any amortization over 25 years and [...]

It has been predicted from the start of the year that there will be a cut coming to prime rate at some point this summer.  The Bank of Canada had another scheduled interest rate this morning and announced no changes to their overnight rate, which in turn affects prime rate.  So it looks like we'll [...]

There are so many options when trying to choose a mortgage that is best for you. The most common question is whether to choose fixed or variable.  However, one that is less common is regarding the length of your mortgage term. The 5-year fixed mortgage has become standard, but this doesn’t necessarily mean that this [...]

You have a mortgage renewal coming up in six months, and your bank calls you offering you a ‘special rate’ for renewing your mortgage early. They tell you that this is an exclusive offer and that you can save by renewing your mortgage early. They’ll often tell you that if you want to take advantage [...]

There has been much anticipation that a cut to prime rate will be coming. In this morning's scheduled rate announcement by the Bank of Canada, they stated that there will be no changes to their overnight rate, which means there is no increase to prime rate. So the wait continues. There is still a high probability [...]

With the gap between 5 and 10 year fixed mortgages narrowing, more and more people are starting to consider 10 year fixed mortgages.  After all, mortgage rates are still quite low by historical standards. While short term outlook is for rates to continue to decline, long term outlook is for them to rise. For this [...]

One of the most common questions people as me is whether it’s better to take fixed or variable rate mortgage. Many mortgage professionals, along with many borrowers will suggest choosing variable every time. While it’s true that variable rate mortgages have been the clear winner in over 80% of situations over the past 30 years, there [...]

The Bank of Canada announced this morning that they will be maintaining their overnight rate, which means there is no increase to prime rate. This is exactly what we were expecting to happen. In most cases, the Bank of Canada scheduled rate announcements affect prime rate only, which then affects variable rate mortgages and HELOCs (Home Equity Line of Credit). [...]

Clients often tell me that they are only interested in having a mortgage through one of the big banks.  The first question I’ll ask in this situation is simply… ‘Why?’ Everyone has their own ‘why’, but usually, the answers are fairly similar. It’s usually due to some sort of false belief about non-bank lenders. Often [...]

One of the most common questions clients ask me each day is whether to go with a fixed, or variable rate mortgage. The correct answer can vary depending on market conditions, as well as the spread between fixed and variable. As of now, the spread between fixed and variable is closer than it has been [...]