Does your mortgage renew this year?

There are many Canadians whose mortgages are up for renewal this year. In 2014 the average discounted 5 year fixed rate was 2.81%, compare that with today's best averaging around 3.64% and  its no wonder that many Canadians are worried about their mortgage payments on their upcoming renewals. Over 3/4 of renewing mortgage holders are … Continue reading Does your mortgage renew this year?

Assumable Mortgages

With the latest increase in financing rates we might be hearing a lot more about assumable mortgages. An assumable mortgage is one that the lender allows another borrower to take over or assume the mortgage without changing any of the terms of the mortgage. The new applicant takes over the obligation for the payments left … Continue reading Assumable Mortgages

Mortgage Penalties

Often when looking at mortgage, many buyers 1st question is "what is your best rate?". While rate is certainly a consideration when choosing a mortgage product, knowing the features of the mortgage product should be top priority- because not all mortgage products or lender offerings are equal. In many cases, Canadians often end up paying … Continue reading Mortgage Penalties

CMHC premiums increase March 17th.

As of March 17th, Candians will be spending more money on mortgage default insurance. The impact of the new mortgage regulations that came into effect in October of 2016 are what the Canada Mortgage and Housing Corp.(CMHC), is giving as reason for the need to increase premiums for the third time in the past few … Continue reading CMHC premiums increase March 17th.