Gino Tieri, MCAP VP – Benefits of Using a Mortgage Broker.
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Finance Minister Jim Flaherty thinks Banks are a “Bit Odd”
Read the full article in the Montreal Gazette Here “I find it a bit odd that some of the bank executives are taking the position that the minister of finance or the government somehow should tell them how to run their business,” Flaherty said in Stittsville, Ont., just west of Ottawa. “We have bank executives […]
The Better “Low Rate” Solution
Yesterday we mentioned some of the pitfalls associated with No Frill’s products. Here are are some real, and Full featured solutions for you to consider: 3 Years, 15/15 Pre-Payment Terms, 2.79% 4 Years, 15/15 Pre-Payment Terms, 2.99% 5 Years, 15/15 Pre-Payment Terms, 3.19% 10 Years, 20/20 Pre-Payment Terms, 3.89% Contact Us for details!
The Real Cost of BMO’s “Low Rate” Mortgage!
Today’s big news is that BMO’s has brought back (Until March 28th) their “Low Rate” mortgage, and as they say on their own commercials “Some Conditions Apply” – That’s for sure! The Terms are: – 5 year fixed @ 2.99% (Our rate – 3.19% full featured!) – 10 year fixed @ 3.99%.(Our rate is […]
Mortgage Prepayment Rules
It’s been two years since the Government Acknowledged that the rules around mortgage prepayment penalties need to be clarified. Finally, the Government announced several measure to protect consumers, central to which is a new Code of Conduct for Federally Regulated Financial Institutions which requires federally regulated lenders to provide significantly more information and tools to borrowers […]
No Frills Mortgages
As you have probably heard by now, BMO made a big splash in the news last week by offering a 5-year “Low-Rate” Mortgage at 2.99 per cent. While we applaud lower interest rates (something that should have happened months ago based on the traditional relationship between bond yields and fixed mortgage rates), we do urge […]
Bank of Canada maintains overnight rate target at 1 per cent
Not unexpectedly, the Bank of Canada kept its target for the overnight rate steady at 1.0 per cent on Tuesday, citing a worsening global economy for the need to maintain the current level of stimulus. Suprisingly however, the bank hinted it may have to keep its benchmark interest rate that low for an extended period, […]
Don’t sign that mortgage renewal!
The major banks count on the fact that many people will opt for the simplest Mortgage renewal process, and just sign the Mortgage renewal notice they get in the mail. While this may indeed be the simplest way to renew your mortgage, chances are that is nowhere near the best option for your renewal. […]
Is Your Variable Rate Mortgage Really Portable?
In a market place where variable rate mortgages are growing in popularity the issue of their portability is becoming more and more important. If you consider that people are moving more often than they have in previous generations, then the issue of portability should be near the top of your list of things to know […]
Thinking of locking your Variable into a Fixed Rate?…..
The question becomes what will the rate be that I will be locking in to? Obviously, we can’t predict the precise rate, but we can discuss the basis for how that rate is set, and whether it is based on discounted rates, or posted rates….. some examples: TD – Loan officer’s discretion based on how […]
