New Government Regulations Around Mortgage Penalty Disclosures
Buying A Home / First Time Home Buyers / Mortgage News / Mortgages

New Government Regulations Around Mortgage Penalty Disclosures

Over the weekend the government announced new mortgage regulations that require federal financial institutions to revise the mortgage penalty disclosures they currently provide to consumers. Federally regulated financial institutions have until November 5th, 2012 to comply with these changes and compliance will be closely monitored by the Financial Consumer Agency of Canada (FCAC). Continue reading »

Friday Mortgage Round Up: February 3rd, 2012
Mortgage News / Mortgages

Friday Mortgage Round Up: February 3rd, 2012

We said “goodbye” to the super low 2.99% 5 year fixed rates last week and said “hello” to a still very competitive 3.08% 5 year fixed rate this week. For most rate shoppers, this increase of 10 bps can be traumatizing. Consumers tend to drool over a mortgage rate that is even just a few percentage points (or more) below other advertised rates. But let’s not forget that not all low rates are what they seem. Some super low mortgage rates typically signal a no-frills product that isn’t fully loaded with the features and benefits that might be important to you. Is shopping for a mortgage rate just like buying anything else; you get what you pay for? Continue reading »

Friday Mortgage Round Up: January 20th, 2012
Mortgage News / Mortgages

Friday Mortgage Round Up: January 20th, 2012

This past Tuesday the Bank of Canada had their first meeting of 2012 to discuss any changes they were going to make to the overnight lending rate. Low and behold … no change. This came as no big surprise to Canadians and the overnight rate remains steady at 1%. FYI the next meeting is scheduled for March 8th, 2012. How does this impact the mortgage industry exactly? Continue reading »

RateSupermarket.ca on Canada AM Talking About the Mortgage Penalty (IRD)
Mortgages / Mortgages 101 / Refinancing and Renewing / RSM News

RateSupermarket.ca on Canada AM Talking About the Mortgage Penalty (IRD)

After the Bank of Canada interest rate hike last week, the CTV’s Pat Foran, did a story on some misunderstandings about the dreaded mortgage penalty. Many Canadians believe that the penalty to get out of your mortgage early is typically 3 month’s interest. However, it really depends on the lender and type of mortgage you … Continue reading »