5 things you need to know about fixed mortgages

5 things you need to know about fixed mortgages

A fixed-rate mortgage is pretty much what it sounds like: a mortgage with a interest rate that is fixed. Whereas a variable rate fluctuates throughout the term of your mortgage, a fixed rate (and your monthly payment) stays the same throughout the term. A fixed rate...
More rule changes mean more reasons to use a mortgage broker

More rule changes mean more reasons to use a mortgage broker

The next new mortgage regulation, which comes into effect 1 January 2018, will require borrowers to qualify based on a rate that is 2 percentage points above the contract rate or the Bank of Canada posted 5-year rate (currently 4.89%), whichever is higher. The “stress...
New mortgage rules coming in 2018

New mortgage rules coming in 2018

Earlier this week, the Office of the Superintendent of Financial Institutions released details of mortgage changes that will take effect 1 January 2018. The most significant change is a new stress test for homebuyers with uninsured mortgages (typically mortgages with...
How using a mortgage broker can save you time and money

How using a mortgage broker can save you time and money

As mortgage brokers, we focus on finding you the best deal, not on keeping you with the same bank. We work for you, not the banks. Sure it takes a bit more time to meet with us than it does to sign and mail a renewal letter, but the meeting is free and we do all the...
Bank of Canada finally raises interest rate

Bank of Canada finally raises interest rate

For the first time in 7 years, the Bank of Canada didn’t announce that they were keeping their overnight rate at 0.5%. Instead, they announced this week a rate increase: to 0.75%. The bank cited economic growth—both domestic and international—for their position...
Considering a reverse mortgage? 3 risks you should know first

Considering a reverse mortgage? 3 risks you should know first

If you’re a homeowner over the age of 55, you may have heard of reverse mortgages. Basically, a reverse mortgage allows you to access a portion of your home’s value to use as cash flow. One of the benefits is that you don’t have to pay any interest of principal back...