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Live Your Life: You’ll never see a U-Haul following a hearse!

Blog Image, Seniors, July 2018Our lifecycle goes something like this… Go to school. Find a job (and work hard for 40 years). Fall in love. Get married. Save money. Buy a house. Start a family. Retire on enough pension or savings. Enjoy the results of your hard work. Live in your house until death. Leave the house for your kids.

This is how most of us envision a normal lifecycle. But how often does this really happen? How many people really live happily ever after? What’s the big deal about tapping into home equity to fully enjoy life?

Continue reading “Live Your Life: You’ll never see a U-Haul following a hearse!”

Posted 18 Comments on Why Did the Bank of Canada Raise Rates Last Week?! Bank News

Why Did the Bank of Canada Raise Rates Last Week?!

Canada Mortgage rate 20180509

Last Wednesday, the Bank of Canada (BoC) raised its overnight target rate to 1.5% – up from 1.25%. This is the fourth increase since last June, when the target rate was 0.5%.

The timing is suspect to me. Last year, we had an increase around this time, but that was coming off of the hottest housing market in 29 years. We’re currently on the heels of a brutally slow spring market, yet rates are still rising? I don’t get it… this is a poor decision, in my opinion.

When it comes to four rate increases in the past year, there are facts, realities and perceptions that come into play… Continue reading “Why Did the Bank of Canada Raise Rates Last Week?!”

Posted 1 Comment on Record-Low Variable Rate Wars EXPIRE THURSDAY… Don’t miss out! Bank News

Record-Low Variable Rate Wars EXPIRE THURSDAY… Don’t miss out!

Don't Miss Deadline

The incredible variable rate wars we’re seeing this month are about to come to a close! It would be a shame to miss out on these savings! And, while there is a possibility that they’ll extend into June, I wouldn’t risk it – deep savings like these don’t come around every day! In fact, I’ve never seen advertised variable rates this low!

If your mortgage is coming up for renewal soon – or, even if it’s not – it’s worth a call to your mortgage broker to discuss the possible savings. The math speaks for itself…

Continue reading “Record-Low Variable Rate Wars EXPIRE THURSDAY… Don’t miss out!”

Posted 2 Comments on And the Variable Rate price wars begin… Here’s how you can benefit! Bank News

And the Variable Rate price wars begin… Here’s how you can benefit!

Variable Discounts Image, May 2018In order to fully understand how to take advantage of record-low variable rates, it’s important to learn some mortgage history.

BMO came out swinging first a week ago with a variable rate of Prime minus 1.00%. Historically, when a BIG SIX BANK comes out with a huge price decrease, it’s only for a very short time – likely 2-3 weeks. But, during that time, they can gain massive volumes and satisfy their market share requirements from the average borrower.

With all the talk of interest rates going up, this is welcome news for borrowers. Last week, I wrote about Variable rates at Prime minus 1.09%. This week, the banks have caught on.

Continue reading “And the Variable Rate price wars begin… Here’s how you can benefit!”

Posted 1 Comment on Prime minus 1.09%… Yes, this is a record-low Variable Rate! Interest rates

Prime minus 1.09%… Yes, this is a record-low Variable Rate!

Money TreeQuoting rates isn’t straightforward anymore. Your final rate is based on your credit score, purchase price or home value (homes over $1 million purchased after Oct 17, 2016 have higher rates), the loan to value (mortgages under 65% LTV and above 80% LTV get best rates), location, job type and income confirmation documents.

That’s right… ALL these factors will determine your interest rate!

Today, there’s a great variable rate available at Prime minus 1.09%. That translates to 2.39%. This is a real rate… it’s not a bait-and-switch ad like so many rate-comparison sites are quoting these days.

Continue reading “Prime minus 1.09%… Yes, this is a record-low Variable Rate!”