Refinancing your Mortgage
All about mortgage refinancing. What it is, when you need to do it and the benefits. READ MORE
Negotiate Mortgage Rate
All you want is the best mortgage product at the best possible rate, so you aren’t wasting money on paying higher interest charges then you have to on what is probably be the largest debt of your life. Is that too much to ask for? Here’s a few tips on how to negotiate the best mortgage deal. READ MORE
How to Renew your Mortgage
That’s right, we’re telling you not to sign your bank’s renewal letter, even though it’s so easy to do! Here are 5 reasons why you should force yourself to set fire to your mortgage renewal letter, or at the very least recycle it. READ MORE
Mortgage Renewal Tips
Your mortgage term is coming to an end which means your mortgage is up for renewal and it’s time to re-negotiate your rate (groan). Trust us when we say, look at this time as an opportunity. Here’s our steps to prepare you for your mortgage renewal, so that you’ll get through it like a pro (and hopefully with some savings in hand!). READ MORE
Getting Approved for Refinancing
It’s no fun cleaning the gutters but it’s even worse getting declined by the bank. Here are some pointers that might help improve your chances of getting approved for you mortgage refinance. READ MORE
Is Refinancing Worth It?
Are you thinking about refinancing your mortgage? Early refinancing has become a bit of a trend; not surprisingly though, everyone is looking to save money where they can. Obtaining a new loan with better interest rates for your home could mean saving money on monthly mortgage payments or using the extra money on other projects such as renovations or making investments. READ MORE
Mortgage Penalties
One of the questions we hear most is – when should I break my current mortgage to get a better rate? Yes, the grass is always greener on the other side (especially when it seams like everyone has a better rate than you do). But when it comes to your mortgage, it’s best to weigh out the costs first to determine if it’s worth it. READ MORE
Our First Time HomeBuyer's Guide is a series of 14 daily emails that will take you through each step of this exciting process. Think of it like a two week boot camp to get you into shape for buying your first home.
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BANK OF CANADA RATES
A reference interest rate used as a basis for other lending rates, such as variable-rate mortgages and personal loans. Each bank will have their own Prime Rate (they all tend to be fairly similar), the Bank of Canada will discount the lowest and the highest of these rates, then take an average of the three remaining to calculate Canada's Prime Rate.
Qualifying Rate: 5.14%
When you are looking for a variable rate mortgage or a fixed mortgage with a term higher than 5 years, you will likely need to qualify at a rate often higher than the actual rate you are applying for. This helps the lender ensure that if rates go up, you will still be able to afford your mortgage payments. All variable and 1- to 5-year fixed mortgages with a down payment of less than 20% will be qualified using the Bank of Canada posted 5-year fixed rate.
