There’s a lot of talk about mortgage rate increases in Canada. After years of ultra-low interest rates there’s only one direction for rates to go – up. Here’s a few tips to help you prepare for the rate rise.
A ‘reverse mortgage’ is a new way of borrowing money for people over 62 years of age. Some people love them, while others say they’re a dangerous last resort.
Let’s take a look at the factors that influence fixed and variable mortgage rates in Canada.
If you’re a member of the Debt Club (i.e. you have mortgage that will take you quite a while to pay off), you need to start planning for your ‘graduation day’ – the day when you become Debt Free.
Although your amortization says 25 years – there and a few simple steps that you can take to make sure you become debt free faster and spend less money on interest along the way.
Are you new to the housing market and looking for your first mortgage? Perhaps you already have a mortgage but you’re looking for a better rate? Or maybe your mortgage is up for renewal? Regardless of your situation, here’s our checklist to help you find the Best Mortgage Rate.
Put your hand up if you have so much money left after you pay your monthly bills that it becomes a burden. Does anyone have that problem? Anyone? We most definitely don’t have spare $100 bills clogging up our jean pockets either.
If you’ve done your mortgage homework, you might know by now how important lump sum payments can be in reducing your overall interest and allowing you to pay off your mortgage faster. But sometimes the benefits of lump sum payment options can result in higher fixed term interest rates. If you know you’re not going to take advantage of these features, why pay more for them?
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.
Fractional ownership of recreational properties is, as the name suggests, a way for you to become the part owner of a cottage at the fraction of the price of purchasing the whole thing.
Yesterday, we told you how the rate of inflation affects interest rates. While it is important to understand how inflation works, there are several other indicators that are important to watch that also affect mortgage rates in Canada.
Inflation is basically an increase in the price of goods and services. Economists like to keep inflation at about 2-3%. That means something you buy in one year for a dollar will, at least in theory, cost $1.02 a year later.