Fixed Rate Mortgages Fixed rate mortgages offer a stable payment that does not change throughout the term.  With some lenders you have the ability to port and increase via blended rate or refinance with blended rate to avoid a penalty Statistically, most people don’t make it through a 5 year term for a variety of reasons such as: 1.- They move 2.- Need to refinance to access equity for debt consolidation 3.- To buy another property Bond Yields Unlike Prime which is dictated by Bank of Canada, fixed rates vary based mainly on bond yields. Bonds are typically safer investments than stocks. When the economy is less stable and stocks…

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

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

Article Written By:  Joseph Czikk

Original Article Posted on:  March 30, 2021

Link to Original Article:  https://financialpost.com/moneywise/why-you-need-to-consider-a-variable-rate-mortgage-now-more-than-ever

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: canadian mortgage trends, https://www.canadianmortgagetrends.com

Article Written By: Steve Huebl

Original Article Posted on: December 4, 2020 

Link to Original Article: https://www.canadianmortgagetrends.com/2020/12/first-time-home-buyer-incentive-to-become-more-useful-in-select-markets

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

I’m Corina Murphy, a mortgage broker in Mississauga, Ontario.

I look forward to sharing my story. I hope that you will enjoy getting to know me better.

Original Article Source Credits:   MortgageBrokerNews.ca , https://www.mortgagebrokernews.ca/

Article Written By:  Ephraim Vecina 

Original Article Posted on:  18 Nov 2020

Link to Original Article:  https://www.mortgagebrokernews.ca/news/cba-on-how-many-mortgages-remain-deferred-at-canadas-largest-banks-335353.aspx

Original Article Source Credits:   CBC News , https://www.cbc.ca/

Article Written By:  NA

Original Article Posted on:  Oct 15, 2020

Link to Original Article:  https://www.cbc.ca/news/canada/edmonton/edmonton-calgary-highest-rate-mortgage-deferrals-programs-end-1.5763626

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

Article Written By:  Steve Huebl

Original Article Posted on:  September 29, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/09/pandemic-has-increased-homebuying-intentions-among-young-canadians/

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

Article Written By:  Steve Huebl

Original Article Posted on:  October 23, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/10/latest-in-mortgage-news-dominion-lending-centre-unveils-new-deals/

The reasons for seeking a mortgage can be numerous. Maybe you are thinking of buying a second home, need a financial boost to help your business get off the ground, or have an unexpected situation that requires immediate financial support. Whatever the reason, your local bank may not always be able to offer you a mortgage plan that meets your individual financial needs. What you need is a competent mortgage broker.

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