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Navigate through these uncharted waters in 2020

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In 2009 and 2010, for the first time ever we saw mortgage rates under 2.00%.  That’s right, if you were in a variable rate mortgage, you had a rate under 2.00%. We were coming off the catastrophic US sub-prime mortgage crisis. The financial US scam that cost the world trillions of dollars in lost pensions and investments. Tens of thousands of people lost everything they had. It was horrible. While we, in Canada, were largely untouched. We weren’t smarter, we were just lucky not to be exposed to the subprime mortgages to the extent the rest of the world was. As they say, Canada is five years behind the US, and in this case, we got lucky.

That said, let’s get back to mortgage rates and fast forward to 2020.

Continue reading “Navigate through these uncharted waters in 2020”
More Rate Drop

More Rate Drops

More Rate Drop

NEW HISTORICAL LOW MORTGAGE RATE MILESTONE REACHED.

Last week, we saw a 5 year fixed rate mortgage at under 2.00%.  That’s right… 1.99%. If you qualified, the rate applied to purchases where the mortgage is Canada Housing and Mortgage Corporation (CMHC) insured and paid for by the client.  But that rate didn’t last long and that offer is over. I know, things move fast.

But let’s get back to current rate offers.  We are in uncharted waters, again. 11 years ago, we were coming out of the US sub-prime mortgage crisis… does anyone remember that?  Back then, the stock markets crashed, just like this year, they recovered, just like this year, but interest rates remained low for many years.  In fact, they remained at or near 3.00% for the next 11 years.  

The message here is this…. there will be small moments in time when interest rates will be extra low…  this is one of those times. If you have a mortgage, get a review done! Find out if it makes sense to refinance or early renew or to break your current mortgage, pay a penalty and lock into today’s low rates. Speak with an UNBIASED PROFESSIONAL. Speak with an experienced mortgage broker.  You have nothing to lose and everything to gain.

Here are some examples of people that paid a penalty and still saved between $9k and $26k. 

Steve Garganis: 416-224-0114; steve@canadamortgagenews.ca

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Financial Outlook with Jean-Francois Perrault, Chief Economist Scotiabank

Following are the highlights from a telephone conversation with Jean-Francois Perrault, Chief Economist Scotiabank and John Webster, President and CEO Scotia Mortgage Corporation which took place on Thursday, April 9, 2020 at 4:30 p.m.

First, it’s not all bad news. While I’ll have to include some unpleasant information in order to provide a complete picture, that is not the focus.

Continue reading “Financial Outlook with Jean-Francois Perrault, Chief Economist Scotiabank”
Dont Panic

How are things?

Dont Panic

Hope this update finds you well.   First, let’s make sure you are okay.  We will get through this.  I guarantee it!  I’ve been through the 2008-09 US subprime mortgage crisis, the SARS 2002 crisis, and the 1990 real estate collapse.  We recovered from all of those terrible times and we will recover from this. I am here to help you in any way possible.  Don’t hesitate to call on me for assistance.

The government has been announcing new programs to provide financial assistance almost daily.   And there have been just as many amendments to those programs as they work to fine tune the programs. 

I want to make sure you are informed with accurate info.  There’s been so much junk articles posted in the mainstream and social media outlets.  Let’s block out that junk and focus on reality.

Continue reading “How are things?”