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

Fixed VS Variable- Which is right for you?

Lets dig a little deeper to understand variable rate and fixed rate so that you can decide which is best for you. Note, these mortgages referred to in this post are closed mortgages, which is what most Canadians have their mortgage in as the interest rates are the lowest. First understand that a mortgage payment, … Continue reading Fixed VS Variable- Which is right for you?

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

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?

A Collateral Mortgage is not a Standard Mortgage

When you purchase a home, your name is on your land title as being the owner of the property and any other interests in the property- such as a mortgage- will also go on title. We assume that all mortgages are registered the same- however there are very big differences between a standard mortgage charge … Continue reading A Collateral Mortgage is not a Standard Mortgage