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Saturday, September 30th, 2023

Are shorter mortgage amortizations always better? No – Ask a Vancouver Mortgage Broker

ROBERT MCLISTER- Special to The Globe and Mail For years we’ve been taught that shorter mortgage amortizations are better. Most people in the mortgage business don’t challenge this premise and certain lenders preach it as gospel. Consider this recent statement by a bank spokesperson: “Choosing a shorter amortization is the most responsible approach to home financing. […]

Analyzing BMO’s Go-Fixed Advice – ask a Vancouver Mortgage Broker

Fixed rates are now “superior,” said BMO in this report released Thursday. “While we have in the past supported going variable,” circumstances now “favour…locking in…” That’s been BMO’s rally cry since 2010 when it proclaimed “Time to Say Goodbye…to Variable.” In retrospect, that advice would have cost mortgagors handsomely. But BMO was far from alone in that […]

Crush your mortgage – Ask a Vancouver Mortgage Broker

Opaque contracts. Stiff penalties. Unnecessary insurance fees. Mortgage documents are full of traps that make it extremely difficult to pay off your biggest debt. MoneySense shows you how to pay off your mortgage early and become debt-free sooner than you imagined. By David Hodges | From MoneySense Magazine,  It was a sun-drenched autumn afternoon in 2005 when Heidi Croot and […]

Are we worrying ourselves into a housing crash? – Ask a Vancouver Mortgage Broker

Maybe this is telling us you shouldn’t buy the biggest houseJust sit back and do nothing. It doesn’t sound like the most proactive advice when it comes to the housing market, but it might just be what everybody needs to hear. Panic is the worst thing that could happen because when that mentality sets in […]

First mortgage: Fixed or variable? – Ask a Vancouver Mortgage Broker

Your first mortgage is one of the most important financial decisions you’ll ever make. Bruce Sellery recommends running the numbers on various options before you make that big decision. I am a first time home buyer and need a mortgage. The house I’m going to buy will cost about $400,000 and I am putting 10% down. […]

Is it time to lock into a fixed-rate mortgage?

It’s one of the most agonizing decisions homeowners make: Do you go fixed or variable? Mortgage, that is. The decision could end up costing – or saving – big bucks on what is often the single biggest purchase many will make. Research shows that, in the past, a variable-rate mortgage has been cheaper than a […]