Breaking your mortgage? Make sure it’s worth it. Here is how to calculate your mortgage penalty.
This true or false quiz will test your knowledge on common mortgage misconceptions including topics such as the mortgage stress test, down payment, mortgage types and more.
The Bank of Canada cuts key interest rates amid fears of deepening economic downturn. Fixed mortgage rates are now at their lowest level since the fall of 2019, making this an ideal time to shop the market.
According to a new MPC report, the new mortgage stress test is leaving 18% of home buyers out of the market, though most can still afford to make monthly payments…
In 2018, new Ontario mortgage applicants likely won’t be able to afford the same home, as stricter mortgage rules come into place. And while those with a fixed rate mortgage are not impacted by interest rate increases implemented by the Bank of Canada, their affordability will be affected as well. For example…
The latest industry numbers from CREA and TREB are out this week, and they all point to a cooling housing and mortgage market across Canada.
For a while now we’ve been reading headlines about how interest rates are at “historic lows.” Which is great news for anyone with a variable-rate mortgage, line of credit debt, or who is looking to negotiate for things like car loans or fixed-rate mortgages. But what’s the other extreme? How high have – and could – interest rates go, and what would it mean to your savings if they did?
Only the most naïve customer would pay the “posted” rate for their mortgage. (You didn’t pay the posted rate…did you?!?). Whether you use a third-party mortgage broker, or simply walked into your nearest bank branch and spoke with their mortgage specialist, you almost certainly were offered a discount off the posted rate. So why do financial institutions bother having these rates?