Mortgage shopping? Two stars and four dogs from today’s market – Ask a Vancouver Mortgage Broker

ROBERT MCLISTER–  Special to The Globe and Mail Eight months ago, some were proclaiming the end of 2.99-per-cent five-year mortgage rates, for years to come. And now, low and behold, they’re back. But you have to hunt much harder for 2.99 per cent than you did last spring. Some lenders, especially banks, are wary of […]

TD trims mortgage rates after RBC, Scotiabank and BMO do the same

TORONTO — Another big Canadian bank has lowered some of its mortgage rates slightly after an initial reduction by the Royal Bank over the weekend. How factory-built homes are shedding their ‘cheap’ label and exploding in popularity Most new homes are built stick by stick, brick by brick, by a construction crew on-site, but a growing number […]

Not the Time for a 10-year Fixed – Consult with a Vancouver Mortgage Broker

OK let’s rephrase that. It’s not the time for a 10-year fixed for well over 90% of Canadianmortgagors. There was a time last year when thespread between 10-year and 5-year fixed rates was below 3/4 of a percentage point. That made even the 10-year scoffers among us rethink our positions. But spreads are now back over […]

CUs: A Lower Bar on Qualification Rates – Ask a Vancouver Mortgage Broker

Starting in 2010, lenders had to ensure that borrowers getting variable or 1- to 4-year fixed mortgages could afford payments at the 5-year posted rate. That rule applied to mortgages with less than 20% equity. In 2012, OSFI asked federally regulated lenders to apply the same rule to all variable and 1- to 4-year fixed mortgages, regardless […]

Do early mortgage renewals save or cost you money – Ask a Vancouver Mortgage Broker

A rate in the hand is worth two in the bush. Many mortgage lenders want you to believe that rate certainty is worth paying a premium for. It is the justification, they say, for staying with them and renewing your mortgage early. Early renewal features typically let you lock in a new rate two to […]