Variable rate mortgages have the simplest calculation. The penalty to break your mortgage is 3 months simple interest. The lender will either calculate your penalty on their prime rate or contract rate, which includes your discount. If your mortgage balance is $500,000 and the prime rate is 3.20% and the lender is basing the penalty on the prime rate, the penalty is $4,000.00. (Mortgage Amount x Interest Rate /12 Months) x 3 Months ($500,000 x 3.20% / 12) x 3 = $4,000 If the lender calculates the penalty based on the contractual rate and your rate was 2.40%, then your penalty would be $3,000.00 (Mortgage Amount x Interest Rate…

Original Article Source Credits:   Yahoo Finance, https://ca.finance.yahoo.com/

Article Written By:  Steven Ladurantaye

Original Article Posted on:  March 11, 2021

Link to Original Article:  https://ca.finance.yahoo.com/news/canadas-housing-market-5-things-to-know-this-spring-from-mortgages-to-supply-145422706.html

What are the risks of Condition-Free Offers?

Great question. In today's market, buyers are often in multiple offer situations and want to submit a clean offer that has no conditions. This is never advisable, but we do understand that this is a very competitive market.

If you have been pre-qualified by a licensed mortgage broker, you may be vetted by one or more lenders, however, the property has NOT been vetted. Below are some issues that could affect a lender’s willingness to lend on a particular property. Please note that this list is not exhaustive. There could be other issues impacting a lender’s decision.

Original Article Source Credits: canada, https://www.canada.ca

Article Written By: NA

Original Article Posted on: 2020-09-17

Link to Original Article: https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html

Original Article Source Credits: betterdwelling, https://betterdwelling.com

Article Written By: Stephen Punwasi 

Original Article Posted on: DECEMBER 18, 2020 

Link to Original Article: https://betterdwelling.com/canadian-markets-are-seeing-a-real-estate-boom-with-population-declines

Original Article Source Credits: financialpost, https://financialpost.com

Article Written By: Kevin Carmichael  

Original Article Posted on: Dec 18, 2020   

Link to Original Article: https://financialpost.com/news/economy/bank-of-canada-governor-wants-to-avoid-housing-policy-mistakes-of-the-past

Original Article Source Credits: movesmartly, https://www.movesmartly.com

Article Written By: David Larock 

Original Article Posted on: November 3, 2020  

Link to Original Article: https://www.movesmartly.com/articles/fixed-or-variable-rate-mortgage-right-now-its-no-contest

Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  November 11, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/11/optimism-returns-to-the-markets-could-fixed-rates-start-to-rise/

Original Article Source Credits:   Move smartly , https://www.movesmartly.com/

Article Written By:   David Larock

Original Article Posted on:  NA

Link to Original Article:  https://www.movesmartly.com/articles/why-spiking-inflation-wont-impact-canadian-mortgage-rates

Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  November 17, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/11/record-low-supply-and-interest-rates-fuel-record-october-home-prices/

Original Article Source Credits:   Better Dwelling , https://betterdwelling.com/

Article Written By:  NA

Original Article Posted on:  NOVEMBER 17, 2020

Link to Original Article:  https://betterdwelling.com/canadian-real-estate-sales-slow-for-the-first-time-since-the-beginning-of-pandemic/

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