Skip to content

CategoryInterest rates

Finance Your New Construction Home at Prime Minus 0.80%!

Blog Image, New Construction, May 2019

Before I get into the topic of new home financing, I want to share some positive news! The Ontario housing market is definitely alive and well! I’m seeing new properties come to market and disappear within weeks or even days. Multiple offers are also a reality, once again. Watch for encouraging sales stats to be reported next month.

Buying a resale home

Buying resale is great because you can see what you’re getting and you can have it now (average closing is 45 to 90 days). You can also set and hold your mortgage rate now.

But, there are also some negatives to buying a resale. For one, you’ll never get 100% of what you want. Maybe the kitchen, master bedroom or backyard could be bigger or perhaps you’d prefer a different floorplan. The truth is, you’re buying someone else’s home that wasn’t designed for you.

But, hey, that’s life and you can’t have everything you want. At least, not yet… or maybe you can?

Construction financing as low as prime minus 0.80% – 3.15% today!

Continue reading “Finance Your New Construction Home at Prime Minus 0.80%!”

Beware of Mortgage Insurance Double Charges!

Blog Image, Mortgage Insurance, April 2019

We’ve all heard the saying ‘necessary evil’ – something that we need or must have but don’t necessary like. It’s kind of like taking cough syrup that doesn’t taste so good but you know you need it to feel better.

Default mortgage insurance is a necessary evil. Without it, we wouldn’t be able to buy a home with less than a 20% down payment with low interest rates.

But what if you bought a house, paid the CMHC, Genworth or Canada Guaranty insurance… and a few years later you bought a bigger home or refinanced your mortgage for some home renos or debt consolidation?

Do you have to pay mortgage insurance again? If so, how much will this cost?

Continue reading “Beware of Mortgage Insurance Double Charges!”

Why are We Being Poorly Advised Against Homeownership?

Blog Image, Wrongly Advised Against Homeownership, March 2019

Something strange has been going on over the past decade. We’re often being told – and, in many cases, convinced – that it’s better to rent than to own.

I firmly believe everyone should own their home. In fact, I think we should own at least one investment property… and, in many cases, more than one, but I’ll get to that in a minute…

I can understand why many people, particularly Millennials, are believing it’s better to rent than own. After all, it’s easier to rent. Just look online for a condo or house for rent. Apply, sign the lease and you’re done. We’ll call this the Convenience factor.

Continue reading “Why are We Being Poorly Advised Against Homeownership?”

Mortgage Rates have Dropped and Will Fall Further

Mortgage shopping

Rate forecasting isn’t rocket science – it’s more common sense than you think! But, it requires a clear mind to make sense of all the rubbish that’s being published these days.

I’ve been forecasting for a while now that interest rates would start to come back down this year. Currently, interest rates are down by around 0.4% and will come down further.

WHY ARE RATES FALLING?  Continue reading “Mortgage Rates have Dropped and Will Fall Further”

What Impact will the Stress Test have when Renewing Your Mortgage?

Blog Image, Stress Test at Renewal, February 2019

So, your mortgage is coming up for renewal this year. You’ve probably been in your mortgage for at least three years – but likely closer to five, as this is the most common term.

Does the mortgage stress test affect you? Absolutely! And, here’s how…

Continue reading “What Impact will the Stress Test have when Renewing Your Mortgage?”

%d bloggers like this: