How Interest Rate Changes Affect Your Variable Rate Mortgage
Buying A Home / First Time Home Buyers / Home Ownership / Mortgage News / Mortgages / Mortgages 101 / Personal Finance / Refinancing and Renewing / RSM News / Your Budget

How Interest Rate Changes Affect Your Variable Rate Mortgage

Fixed rate mortgages are pretty straightforward, but a variable rate mortgage depends on the Bank of Canada’s overnight lending rate. So what happens if that rate should change? Read on to find out! Continue reading »

The Challenges of Buying a House in Toronto
Buying A Home / Mortgage News / Mortgages

The Challenges of Buying a House in Toronto

Rounding up our Regional Real Estate series, we take a look at Toronto’s housing market. For most first time home buyers, a downtown condo poses as a good starter option – but you’ll be hard pressed to find a single family home within the 416. The Big Smoke also poses significant challenges for those looking to buy for the first time – when you factor in high unemployment and level of debt, buying is often ruled out altogether. A predicted price drop, however, could change everything. Continue reading »

Friday Mortgage Round Up: June 8th, 2012
Mortgage News / Mortgages

Friday Mortgage Round Up: June 8th, 2012

The turbulent month of May has passed, and it’s onward to June! With 5 Year and 10 Year Fixed Rates hitting all time lows, many consumers are considering a longer than usual term – and they’re giving 10 Year rates a second glance. But what implications does this hold for those who may need to break their mortgage? We look at the pros and cons of making a long term mortgage commitment. Continue reading »

Friday Mortgage Round Up: February 17th, 2012
Mortgage News / Mortgages

Friday Mortgage Round Up: February 17th, 2012

After the CMHC announcement hit headlines last week, a few lenders changed their guidelines for promotional rates offered. The lenders revealed that the promo rates are no longer offered for conventional mortgages anymore and they are only looking at high-ratio deals. CMHC claimed that their cap wouldn’t affect qualified home buyers nor would it affect the cost of buying a house. Ahemm… the last time I checked, putting LESS money down on a home to qualify for a lower promotional rate, increases the interest payments made over the life of your mortgage, thereby directly affecting the cost of buying a house! Continue reading »