Topic: Residential Mortgages
Four Year Fixed Rates Down 40 Basis Points
By: Elias KellendonkAs of Monday the best mortgage rate available on a four-year term came down 0.40% to dip under prime rate and station at 2.99%. This was the first mortgage rate change to be seen at CanEquity since the second week of September, wherein the best variable rate available rose 0.20%, while the two-year fixed rate, …
Bank of Canada Holds Prime Rate in Face of Unpredictable Global Climate
By: Elias KellendonkBank Steadies itself as Possible Domino Effect Threatens European Economies What a large number of analysts have been predicting for months has proven true; the Bank of Canada has opted to keep its benchmark, overnight interest rate at 1 per cent. The rate announcement came with a message: at present, combating inflation needs take a …
Stampede Buzz of Activity Could Mark Economic Recovery
By: Elias KellendonkLocal Businesses see Up-Surge of Corporate Spending Is it the enchantment cast by the recent visit of the Duke and Duchess, which sadly ends today, or an indication that the City of Calgary is enjoying better economic times? According to yesterday’s Calgary Herald, the answer lies in the latter. The Herald highlights the fact that …
How to Calculate Mortgage Penalties
By: Elias KellendonkThere are numerous good reasons as to why mid-term you may be considering the option of breaking your mortgage. You may have found yourself in need of extra finances, have located a much better rate, are aiming to consolidate high interest debts, are interested in early renewal or are paying out the balance of your …
Canada Housing Prices Predicted to Fall Up to 25%: Capital Economics
By: Elias KellendonkFirm Declares Property Values no longer Sustainable The independent research firm Capital Economics has warned Canadians that housing prices are on the verge of a weighty fall, as stated in an article that appeared yesterday in the Financial Post. The firm’s report announced that property prices have “lost touch with fundamentals”. Coupled with record household …
The Benefits of Early Mortgage Renewal
By: Elias KellendonkToo often is the case that Canadians fail to review the terms of their mortgage contract, and contrast them with what is currently available on the market. Early renewal, and renewal in general, give you, the homeowner, an excellent opportunity to negotiate a lower rate for your next term. It also allows you to capitalize …
The Blended Mortgage: A Way to Access Equity without Penalty
By: Elias Kellendonk“Mortgage penalty can be a shocker,” stated Ellen Roseman in her blog, On Your Side. She reminds readers that the interest rate differential (IRD) prepayment penalty charged by lenders to borrowers who break their terms early can amount to thousands of dollars. One broker commented that this penalty amounted to $28,000 for his client whose …
Should you Sacrifice Pre-Payment Options for a Lower Mortgage Rate?
By: Elias KellendonkTaking a Look at the No Frills Mortgage If you knew there was virtually no chance of your amassing a pre-payment, moving, or needing to refinance for the next five years, would you give up all of your mortgage options for the lowest rate possible? That is what the No Frills Mortgage offers to home …
The Benefits of a Cash Back Mortgage
By: Elias KellendonkOften is the case that upon move-in the homebuyer finds themselves short of the cash needed to cover instant home-related expenditures. These most often include legal closing fees, urgent renovations or repairs, and even home furnishings. The cash back mortgage is one solution a homebuyer may want to consider, especially if it means the difference …
Banks Swallowing Penalties to Keep Clients from Brokers
By: Elias KellendonkThe strategy comes as a retaliation to brokers who are able to offer better mortgage rates than the bank-posted rates.
