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Posted 11 Comments on These 3 clients broke their mortgages, paid a penalty, and still saved between $9,000 and $26,000! Money saving tips

These 3 clients broke their mortgages, paid a penalty, and still saved between $9,000 and $26,000!

long term contractsFixed mortgage rates are at an all-time low.  If you have a mortgage that is over 3.09%, then you should consider breaking it, paying the penalty and getting into today’s lower rates.

That’s short answer… the full answer is a little more complex but, it’s really just simple math.   If the savings is greater than the cost to break, then the answer is obvious.  You should do it!   I’ll give you some real life examples of clients that could be savings huge $$s today if they paid their mortgage and the penalty and went into a new lower rate mortgage…. check out these success stories….
Continue reading “These 3 clients broke their mortgages, paid a penalty, and still saved between $9,000 and $26,000!”

Posted 1 Comment on Hey, what happened to the BMO “Low Rate Mortgage”? Interest rates

Hey, what happened to the BMO “Low Rate Mortgage”?

Bmo wideRemember the BMO “Low rate mortgage”?  It seems to have disappeared…  Well, not really.   BMO has quietly changed the label and now calls it the ‘Smart Fixed Rate Mortgage’.  

Sounds impressive…but it’s not.   I’ll save the suspense.  This is the same product that’s full of limitations, restrictions and an inflated prepayment penalty calculation…. It isn’t the best rate…   Certainly NOT the best mortgage product. Continue reading “Hey, what happened to the BMO “Low Rate Mortgage”?”

Posted 2 Comments on BIG SIX BANKS aren’t passing along the Bank of Canada rate cut to consumers? Bank News

BIG SIX BANKS aren’t passing along the Bank of Canada rate cut to consumers?

banksters monopolyToday, the actual BANK PRIME rate should be 2.50%, not 2.70%.   What am I talking about?… follow me on this and let’s see if this makes sense.

It’s been a few weeks since the Bank of Canada cut the rate.  I’ve been waiting to see how this would play out… First, let’s get the terminology clear.    Bank of Canada overnight rate, or Key rate as it’s referred to, directly affects the Retail Bank Prime rate and Variable rate mortgages.   This does not have a direct impact on fixed rate mortgages.

Last January, the Bank of Canada Governor, Stephen Poloz, surprised most economists and financial experts when he cut the rate by 0.25% (well, not all experts, I called for a rate cut just a week earlier).
Continue reading “BIG SIX BANKS aren’t passing along the Bank of Canada rate cut to consumers?”

Posted Case study

Online shopping for Stocks, Vacations and Mortgages. An In-depth comparison…

which mortgageIS CHOOSING A MORTGAGE IS AS EASY AS BOOKING A TRIP OR TRADING A STOCK?…LET’S FIND OUT!

Sure, you can book a flight online or a buy a stock through the web.   But, can you really choose the right mortgage product on your own?  Can you really find the absolutely lowest cost mortgage financing option?  I’ll bet some consumers can. I’ll also bet the vast majority cannot…. and there’s a steady stream of horror stories, on this news site and others, that show just how costly and financially dangerous it is to be in the wrong mortgage product, with the wrong lender.

I’ve shared dozens of those experiences on this site.    Consumers who were directed into the wrong mortgage by their Banker or by some web site claiming to offer ‘the lowest rate’.   I empathize with these consumers as I believe they were just trying to save some money but instead ended up paying far more than they had to. Continue reading “Online shopping for Stocks, Vacations and Mortgages. An In-depth comparison…”

Posted 1 Comment on CMHC increased insurance premiums… again.. but still cheaper than 10 yrs ago. Bank News

CMHC increased insurance premiums… again.. but still cheaper than 10 yrs ago.

CMHC Last May, CMHC increased all their insurance premiums.  The move wasn’t really a surprise to industry insiders.  CMHC’s product line has been reduced.  No more rental property mortgages.  No more refinancing mortgages.  No more secured lines of credit mortgages.

That’s a big chunk of business gone.  And when revenues go down for this crown corporation, what do they do?  They do what every reputable govt corp does.  They raise fees  and make the consumer pay more!   (check out my charts below) Continue reading “CMHC increased insurance premiums… again.. but still cheaper than 10 yrs ago.”