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Saturday, October 12th, 2019

The hidden trap of mortgage penalties at the big banks- Ask a Vancouver Mortgage Broker

ROB CARRICK – The Globe and Mail It’s easy to get caught in the posted mortgage rate trap at the big banks. No, you won’t have to pay the posted rate on your next mortgage. Pretty much nobody does that any more, according to mortgage broker Robert McLister. The real danger is that posted rates will be […]

The rise of the miserable Canadian homeowner – Ask a Vancouver Mortgage Broker

ROB CARRICK – The Globe and Mail Consider the financial misery factor before you buy a house. That’s where the constraints of paying a mortgage and all the other usual costs of living leave you feeling frustrated and unhappy about your finances. Even real estate agents concede that such a phenomenon exists. “It’s been disturbing to watch […]

A money pit on wheels: The real cost of owning a car – Consult with a Vancouver Mortgage Broker

A money pit on wheels: The real cost of owning a car ROB CARRICK– The Globe and Mail Cars are a problem in personal finance, but they’ve been getting a free ride. The surge in home sales in recent years and its impact on family finances has received non-stop attention in the past couple of years. […]

Canadians still pay 62% more for a home than in U.S – Consult with a Vancouver Mortgage Broker

Canadians still pay 62% more for a home than in U.S   MICHAEL BABAD – The Globe and Mail Follow Michael Babad and the Globe’s top business stories on Twitter. Canada-U.S. house price gap still wideThe price gap between homes in Canada and the United States remains “yawning” despite the changing fortunes of the two real […]

Not asking this mortgage question could cost you thousands – Ask a Vancouver Mortgage Broker

 DIANNE NICE – The Globe and Mail Want a mortgage rate lower than those advertised by lenders? Ask and you shall receive.   In a Globe and Mail survey of more than 300 mortgage holders, 82 per cent said they were able to get a rate better than the lender’s official posted number when they last negotiated their […]

My credit score is 788: What does it mean? – Ask a Vancouver Mortgage Broker

A good credit score is important if you plan to borrow money because it means you’ll qualify for lower interest rates on loans and have access to a variety of credit offers. Your credit score indicates the risk you represent for lenders when compared to other consumers.  Higher scores are viewed more favorably.  The two […]

Paying off your mortgage early can cost you

Paying off your mortgage early seems like great financial planning since you’re freeing up money that can be put towards savings. But discharging a mortgage early can mean a prepayment penalty because the bank loses money. If you had a two-year term and paid the mortgage in full after 16 months, the bank is out eight months […]

Why mortgage penalties are so hard to understand

By Peggy Mackenzie If you want to break your mortgage, there are two ways to calculate the penalty. One uses three months’ interest and the other uses the Interest Rate Differential (IRD).  The bottom line is that with either method, if you want to take advantage of lower interest rates, it’s going to cost you. […]

Looking for the perfect allowance system

Lately, I find myself in frequent conversations about the merits of allowances. It’s a hot topic considering all the attention paid of late to financial literacy. Just last night, I was engaged in a debate with my son about why he can’t have more allowance. It seems his Lego fund is not growing as quickly […]

Bad reno decisions are money down the drain

When my husband and I bought our first home, it was obvious, even to our untrained eyes, that the previous owners had let a few things go. Actually, they had let pretty much everything go. But the price and location were right, and we were young, energetic and undaunted by the work that lay ahead. […]

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