Come on admit it – telling everyone around the water cooler you got a 5 year, fixed rate mortgage for 2.99% is prettttyyyy awesome. And it is a fabulous rate, no question about it — but is that all it is? A great rate that ends up costing you much more than you bargained for a couple of years down the road?
Category: Mortgages
More Banks Lower Mortgage Rates
Wednesday, April 20th, 2011
More of Canada’s big banks say they will lower some of their fixed rate mortgages as nervous investors move to bonds, causing a drop in long-term interest rates.
As of Thursday, TD Bank, National Bank, Royal Bank of Canada, Bank of Montreal, CIBC, Scotiabank, Desjardins Group and Laurentian Bank had all made mortgage rate change announcements.
TD Bank, CIBC, Laurentian, Desjardins and National Bank say their fixed five-year closed rates will drop to 5.34 per cent, effective Thursday, while Scotiabank’s will be 5.29 per cent.
The move follows similar announcements from Royal Bank of Canada and Bank of Montreal Tuesday.
Four-year rates will fall 0.15 percentage points to 4.99 per cent at all eight.
Fixed mortgage rates, which are closely tied to bond markets, tend to fall when traders shift investment activity from riskier equity assets toward bonds, which are considered safer.
Investors have been jittery over fears that a potential nuclear disaster in Japan could severely derail the global economic recovery.
In February, many of Canada’s big banks moved to raise their fixed mortgage rates as investors grew more confident about investing in equity markets and the global economy appeared stronger.
Rates
Banker Slanders Her Competition
Sunday, April 17th, 2011This week there has been a lot of talk on Twitter and Facebook about an article written by a Royal Bank mortgage specialist. You can read the article here:
http://ow.ly/4Bfb7
Life Mortgage Insurance vs. Bank Mortgage Insurance
Sunday, April 10th, 2011As a mortgage associate, one of the things I am required to do is offer borrowers life and disability insurance on their mortgage. Insurance is an important part of life and in my opinion, everyone should be insured adequately. My definition of “adequately insured” is that one is not over insured; either holding several different types of insurance with different providers, and/or insuring an amount far greater than is needed to replace lost income, should that tragically happen. One of my favourite things to say is “nobody should be living like they won the lottery if a family member dies, but they should have enough insurance to live on that will meet the needs the lost income would have provided, today and in the future.”
35 Year Mortgages: a thing of the past!
Thursday, April 7th, 2011
New mortgage rule changes: What do they mean to you?
Wednesday, January 26th, 2011In an effort to reign in household debt, the Federal government has yet again decided to tweak existing mortgage rules. If you’re thinking about buying a new home, refinancing an existing property or taking out a home equity line of credit (HELOC), these rules will affect you.
Mortgage Changes Sensible
Friday, January 21st, 2011Some prospective first-time buyers saw their window of opportunity to own a home close this week with the federal government’s announcement of changes to government-backed mortgages. Finance Minister Jim Flaherty reduced the term of government-backed mortgages to 30 years from 35 years, effective March 18. He also lowered the maximum amount of equity that can later be refinanced from 90 per cent to 85 per cent.
Finance Minister announces changes to the mortgage rules #yegre #yeg
Friday, January 21st, 2011
As anticipated, the government today announced three loan financing changes designed to address concerns about increasing levels of household debt. First, the government will reduce the maximum mortgage amortization period from 35 to 30 years. Second, the maximum amount of the value of a home that can be re-financed will drop from 90 per cent to 85 per cent. And finally, government insurance will no longer be available to financial institutions wishing to insure home equity lines of credit.
Hidden Victims of the Mortgage Meltdown
Saturday, November 27th, 2010Here’s an interesting article I found this week on the msnbc.com website. It talks about the “hidden victims” of the current mortgage crisis in the USA. Unfortunately we have a similar, albeit less dramatic, problem right here in Edmonton. Many people are being forced to compete with discounted foreclosure properties, making it harder for them to get a fair sales price on their home.
URGENT RATE CHANGE INFORMATION
Wednesday, November 17th, 2010Good Day Potential Home Buyers -
If you are thinking about a mortgage CONTACT ME, even if your thinking about a house CONTACT ME -
I have heard through the grapevine today that TD is increasing their rates – - – most lenders will follow suit…
A Message from One of Our Favourite Mortgage Brokers
Wednesday, September 15th, 2010Good Day Perspective Home Buyers -
I just wanted to update you with some changes to the current and best available rates available as of September 13, 2010.
Now that everyone is back busseling with school and work it is key to insure you are working with a mortgage broker that is efficient and willing to work hard to get funding in place in a timely manner… look no further.
DID YOU KNOW - That I have over 30 different lenders I have access to, including all the major institutions, all of which provide me with the same or BETTER rates than if your client were to walk into their bank and ask for financing??
*********************************************************************************************************************
Current Bank of Canada 5 yr qualifying rate is sitting at 5.39%, and Prime at 1.00% (Lender Prime 3.00%).
Bank of Canada raises key rate to 1%
Thursday, September 9th, 2010
Cites U.S. weakness as main risk to Canadian growth
The Bank of Canada raised its target for the overnight rate by one quarter of one percentage point to one per cent on September 8th, 2010. It was the third consecutive quarter point hike. The Bank rate was raised to 1.25 per cent and the deposit rate is now 0.75 per cent.
3.79% On a 5 Year Closed Mortgage? WAKE UP!!! It’s Real!!!
Sunday, August 22nd, 2010Here’s an email we got this weekend from a fantastic mortgage broker. She’s put together an unbeatable mortgage rate, details below. – John Carle
Hi John, Sarah and Ben!
