Our scenario comes from a recent client we helped with their mortgage.   Credit scores were good, employment and income were very good, but there was quite a bit of consumer debt.   The mortgage on the home was at a pandemic-low interest rate, and while it seemed silly to try to find a replacement option, the […]

Did you get your mortgage last year?  Are you in a Fixed Rate Term over 5.5%, maybe even over 6%?   Are you worried that you may have a very high penalty? I’m writing this post today to tell you that you may be able to get out of your existing mortgage with a 3-month interest […]

Yesterday, the US released economic data, which is already negatively impacting Canadian fixed mortgage rates. US inflation numbers were 3.1%, which is above market expectations of 2.9%.  Core inflation also remains stubborn and it ticked up from 0.3% to 0.4%.   Immediately we saw our bond yields increase.  The 5-year Canada Bond Yield opened this morning […]

It’s easy to think of your mortgage transaction as a “one & done” scenario.  Many people in the mortgage industry, from bankers to loan officers to other brokers, can provide a transactional service.   You’re another number, a notch on the post, and a check-mark on the spreadsheet.   The mortgage product you may have may have […]

This isn’t a trick question.  Many of the big banks in Canada this week are offering 120-day locked-in pre-approvals/rate holds of 5.7% or higher.   There isn’t any reason for a borrower to agree to pay more. Before we get into the large sums of money that can be saved, I wanted to take a moment […]

We have a couple of applications on our desk at the moment.  Our clients have built their new home and love it.  However, the build process was delayed, delayed, and delayed some more.  Their initial rates held by their banks in the 2%-4% range quickly became close to 6% in the last half of 2023.  […]

All mortgage holders renewing in 2024 will experience a little or a big payment shock.  If you’ve been following along, we are committed to providing all clients with our best renewal rates!   We will honour this commitment until the end of 2024% But what if the lowest renewal rate isn’t enough?   Let’s face it, 2023 […]

Any time that we do a State Of The Rate post we like to acknowledge and give many thanks to our industry colleagues who compile data and present us with excellent and concise economic updates.   A big shout-out to Dr. Sherry Cooper Chief Economist for DLCG, Bruno Valko VP of RMG Mortgages, and all of […]

In this series, we are diving deep into the fine print of mortgage contracts and explain the terms.  I also want to explain the mortgage elements that are important to me.  I hope every existing mortgage holder and every soon-to-be mortgage holder will read this series of posts on social media and our blog.  Please […]

I’m entering my 28th year of financial services this year.  I have worked for two major banks, two financial services firms, and a life insurance company and of course worked independently as a mortgage broker, life insurance agent, and financial advisor.  I am a big believer in reading all of the fine print, and the […]