Tag Archives: Mortgage Broker

Is a One-Year Fixed Rate Mortgage Right For You?

Rates have nowhere to go but up.

Or at least, that’s what everyone keeps telling us. Banks, economists, mortgage brokers, even Finance Minister Jim Flaherty is insisting that interest rates will start to climb later this year.

And yet, they keep going down. The mortgage establishment continues to drop interest rates, pushing long-term fixed mortgage rates like they’re going out of style. Which might be the case. With no clear sign of imminent rate hikes, borrowers are beginning to consider shorter term options in order to maximize their savings.  Continue reading →

Ten Tips for Aspiring Homeowners

Thinking of buying while interest rates are still low? Follow these tips to ensure that your finances are ready for a long-term investment. Continue reading →

Refinancing Just Became a Whole Lot Harder

Ottawa’s latest round of mortgage policies could have quite the impact on current homeowners, especially those shouldering a large amount of debt. If you have a mortgage and are planning to refinance or renew in the coming months, you could be in for a bumpy ride. The two factors that will most impact your experience? Whether or not you plan to change your mortgage and your mortgage qualifications. Continue reading →

Buyers Showing Caution, Bank Keeps Rates Low

The Bank of Canada held its ground today, leaving the overnight lending rate unchanged at 1 percent. While the move was expected (the rate has been locked at this near-historic rate since September of 2010), the tone of the announcement was far less confident than previous press conferences.

The Bank’s release explained how a global economic slowdown is impacting Canada’s growth potential. While domestic factors remain strong, the Bank has trimmed back its outlook, suggeting that the economy will grow “at a pace roughly in line with its production potential in the near term.” Consumption and business investment are expected to be the main source of growth. However, the effect of lower commodity prices on Canadian incomes, combined with increasing household-debt, could cause some serious setbacks. Continue reading →

Deciding on Debt: How the New Rules Will Impact Your Mortgage Hunt

Two things are clear about the current Canadian housing market. First, interest rates are going to go up. The Bank of Canada governor, Mark Carney, Finance Minister Jim Flaherty, and pretty much anyone involved in the banking industry has been warning of a hike, if not several, potentially before the end of the year. Second, the nation’s major banks have been offering absolutely amazing deals on long term fixed rate mortgages.

Which leads us to the million dollar question – is now the time to lock in a fixed rate or is a variable rate the way to go? Continue reading →