A common goal for many homeowners is to become mortgage-free. After all, how good would it feel to eliminate that payment entirely? Prepayment privileges are a proven way to get there faster… by increasing your regular payments or adding lump sums, you can shave years off your amortization and save thousands in interest. However, there [...]
After reaching their lowest point in 3 years back in April, bond yields climbed by roughly 32% by mid-July. This resulted in multiple hikes to fixed rates over that period, with some lenders increasing by as much as 0.40%. Fortunately, bond yields have started to settle back down, with a particularly steep drop on Friday, [...]
This morning, the Bank of Canada delivered its fifth scheduled policy announcement of the year, opting to keep its overnight rate unchanged… a decision in line with most analysts’ forecasts. Strong employment figures and stubbornly elevated inflation have kept the central bank on pause for a third straight meeting. While many economists still anticipate at [...]
With so many choices out there, shopping for a mortgage can feel overwhelming… regardless of how many times you’ve been through it before. Some become overly focused on getting the lowest mortgage rate without even considering if the mortgage even suits their needs to begin with. As it is, choosing a mortgage based on rate [...]
After hitting a three-year low in April, fixed mortgage rates have quietly begun to climb again. While insured rates remain as attractive as 3.79%, and a handful of uninsured options still flirt with the sub-4% threshold, most mortgage lenders have now pushed all their fixed-rate offerings above 4.00%. What’s Driving Rates Higher? As you’ll [...]
One of the biggest decisions homebuyers face is whether to go with a fixed or variable mortgage rate. It’s also one of the most common questions we get at PMT. The truth is, there’s no one-size-fits-all answer. Every client comes from a different financial situation, with different goals and risk tolerance. What works for your [...]
When Mike and Suzanne sat down to look at their finances, the mood was tense. Between raising two small children, juggling careers, and managing the costs of everyday life, their debt had quietly crept up over the years… and it was costing them a small fortune: Debt Type Balance Owing Interest Rate Monthly Payment Credit [...]
Thinking about buying a cottage? There’s nothing like escaping the city for weekends by the lake… campfires, tubing, wakeboarding, fishing, and family memories just steps from your door. Some of my fondest childhood moments were made at the cottage. But before you start your search, it’s important to understand how mortgage financing works for cottage [...]
After a streak of seven consecutive rate cuts, the Bank of Canada has hit the pause button… not once, but twice. With the next announcement set for July 30, the mortgage world patiently (or impatiently) awaits. Will the BoC resume its cuts? Will they pause for the third time in a row? Or are we [...]
Renewing your mortgage might seem simple. Your lender sends you a form, you sign and and send it back. That’s it, you’re done! We’re all busy and sometimes this seems like the right choice. After all, now it’s out of your hair and you don’t need to worry about it for another 3-5 years. But [...]
