If you lock into a fixed rate mortgage, at the end of your term (which can be short, like six months or a year, or as long as ten years – averages are usually 1-5 years) you have to negotiate new mortgage terms based on the new, current rates, which may be higher or lower [...]
Putting down a large lump sum early in the life of your mortgage can pay off in the long run, by reducing the overall interest that accumulates on the principal. This can take years off your mortgage, and make your subsequent payments more effective in that more of them go toward principal than interest.
There was an article in the Globe and Mail today discussing a recent report by TD Bank. The report indicates that more Canadians are carrying debt into retirement. The report also states that the amount of debt for Canadians aged 45-65 is increasing. Quotes from TD Bank representatives state that this comes as a “surprise” [...]
Today, the Canadian Mortgage and Housing Corporation released their financial information. There were legally required to do so. This is progress! Canadians should be proud that we now have this level of statistics from Canada’s largest insurer of home mortgages and home equity lines of credit. Here are some highlights: – HELOCS has dropped by [...]
Big news just announced in the housing market is that Finance Minister, Jim Flaherty just announced the following changes to the mortgage rules in Canada: * Mortgage amortization periods will be reduced from 35 years to 30 years. * The maximum amount Canadians can borrow to refinance their mortgages will be lowered from 90 per [...]
This real estate video discusses 6 steps to help buyers improve their credit score in order to make sure that they are able to obtain financing for their mortgage at a low rate. Often buyers with poor credit scores will be required to pay a higher interest rate on a mortgage. Here are 6 tips [...]
Porting a mortgage basically means to take a mortgage from one property to apply it to another property. Porting a mortgage is very common in Canada. In the real estate porting a mortgage video below, we discuss the different aspects of “Porting a Mortgage in Canada“. Some of the things that you should be aware [...]
In the news recently is the “robo-signing” problem that is happening in the USA. Apparently 30% of the US housing market is foreclosed properties. Approximately 2.5 million homes have been foreclosed on in the US since 2005, and there are another 6 million homes that are in foreclosure proceedings or about to be foreclosed on. [...]
Two of Canada’s biggest lenders have cut their posted fixed mortgage interest rates, and economists predict rates may drop even further. The Royal Bank of Canada led the charge, announcing yesterday that its five-year lending rate would be cut to 5.59%, down a tenth of a percentage point. The Bank of Montreal quickly followed suit, [...]
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The Canadian Press recently published an interesting article called ‘Float or Fix’ – a look at the decision homebuyers face in choosing a fixed or variable mortgage rate. With the recent interest rate hike by the Bank of Canada, and several more called for in the coming two years, the question becomes ever more pertinent. [...]
Real estate news in Canada including buy and sell information, local market updates, guides, tips for Canadians in the real estate market.