Fixed Rates and Bond Yields

In the past year we have seen fixed mortgage rates jump by 3% from the record low rates we had during the pandemic. At the same time variable rate holders have also seen substantial changes to their mortgage interest rates with the Bank of Canada increasing rates over 2% since its first increase back in … Continue reading Fixed Rates and Bond Yields

Preparing Your Home For A Successful Appraisal

When you refinance your home, or even when you are switching mortgage lenders and your mortgage is uninsured, the mortgage lender will require an appraisal on the property to confirm your property's current value. Your home is one of your largest assets so of course you want it to appraise high within your current market. … Continue reading Preparing Your Home For A Successful Appraisal

How to alter your mortgage to give yourself some financial reprieve

Here are 3 things you can do to give you some financial reprieve during these uncertain times. 1. Reduce your monthly mortgage payment. There are two ways to do this. a)  If you are making accelerated bi weekly payments, change it to biweekly. Accelerated essentially pays an additional month of mortgage payments per year., by … Continue reading How to alter your mortgage to give yourself some financial reprieve

COVID-19-What Home Owners Need to Know

As your trusted mortgage adviser's we are absolutely committed to doing everything we can to help you if you are experiencing difficulty making your mortgage payments. These are unprecedented times, incredibly volatile and information is being adjusted, changed, clarified on a daily basis. I hope the information provided here can provide some help and please … Continue reading COVID-19-What Home Owners Need to Know

POSTPONED- Changes to the Mortgage Stress Test

The changes announced in this blog, have been postponed. With the impact on the economy from COVID-19, the regulators have decided to wait on any changes. It is worth to note that at this time the Stress Test has lowered with most mortgage lenders and today (March 31st, 2020) it is currently 5.04%. Previous post … Continue reading POSTPONED- Changes to the Mortgage Stress Test

Insurance Series- Default Mortgage Insurance

Default Mortgage Insurance is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. In Canada, we are fortunate that we have three organizations that offer default mortgage insurance: CMHC – Canadian Mortgage Housing Corporation, Sagen (formerly Genworth), and Canada Guaranty. Why is this important and a benefit to a borrower? … Continue reading Insurance Series- Default Mortgage Insurance