A couple years ago, the federal government brought in some tighter mortgage qualifying rules. The ‘stress test’ was just one of several changes, but it’s definitely the most well known.
The feds wanted to slow the housing market. They also wanted to ensure that borrowers could afford the much anticipated mortgage rate hikes. Rates have to go up some time, right?! When?!
Continue reading “Mortgage Rates are still trending Lower… Yes, in August!”
I’ve been fielding a lot of calls lately asking about 10-year fixed rates – and with good reason! You can now get a 10-year fixed rate for around 3.04%. That’s almost at an all-time low.
But should you take this offer? NO!
Continue reading “Should You Take a 10-Year Fixed Rate When Rates are Low?”
I’ve never seen more competition with mortgage rates in my 30-year career than I have in the first five months of 2019!
Rates are under 3%!
On May 10th, a new jobs report was released by the federal government showing 106,000 new jobs created in the month of April. This blew away all expectations. And, the reaction was immediate, including higher mortgages being imminent and a bull stock market on the horizon… and yet, this didn’t happen. Continue reading “A Rate War on Canada Day?”
Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money.
The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend as needed. Many successful investors have been doing this for decades. Borrowing to invest makes smart financial success. Don’t let anyone tell you differently.
We’re seeing more reasons for Canadians to get a secured line of credit now: Age; Income; and Qualification.
Continue reading “50+ with little or no Mortgage? You Need a Line of Credit!”
We’ve seen mortgage rates drop steadily over the past three months. At the beginning of this year, we saw fixed rates approaching 4%. And, today, we’re seeing them sit around 3%.
WARNING: These rate wars could come to an end as recent employment figures skyrocketed all estimates… stay tuned!
This is like the perfect storm. Fewer mortgage transactions across Canada + Declining investor confidence + Inverted bond yield curve. Put it all together and you get a rate war. And for a refreshing change, consumers aren’t the victims. The banks are settling for a smaller profit margin.
Continue reading “It’s war. Mortgage Rate Wars. You could win with Big Rate Cuts!”