TagRefinance

Posted August 5, 2025 Bank News

Refinance today before you can’t tomorrow

Alright, let’s talk mortgages. Because right now, for a lot of Canadians, that word “mortgage” isn’t exactly synonymous with “sweet dreams and financial freedom.” No, for far too many, it’s becoming a four-letter word that brings with it a whole lot of anxiety.

I’ve been in this business a long time, seen a lot of market cycles. But what we’re witnessing today is something else entirely. The sheer volume of people hitting their mortgage renewal dates with rates dramatically higher than what they signed up for just a few years back? It’s unprecedented. The “payment shock” isn’t just a buzzword; it’s a gut punch for a massive percentage of Canadian households.

Think back to 2020, 2021. Interest rates were practically giving money away. We saw fixed rates dipping below 2%, variable rates even lower. People bought homes, stretched their budgets, maybe even consolidated a little bit of debt with that sweet low-rate mortgage. Life was good, financially speaking.

Posted January 28, 20211 Comment Interest rates

How to benefit from record low interest rates

While average mortgage size and average real estate prices have gone up, interest rates have not. They’ve actually done the opposite. And they have gone significantly lower.

A $400,000 mortgage will cost you $1400 per month today. Compare this with $1682 per month from a few years ago. Or how about a payment of $2,182 per month From 15 years ago.

Posted May 22, 20202 Comments Case study

How can we help?

As a follow-up to my previous post on Cash Flow, I wanted to dig deeper into how we can help, as well as the good and bad around some of the relief programs being offered.

First, How can we help? We are finding that many of our clients are able to save by refinancing their debts into one low payment.

Posted February 21, 2019 Consumer Debt

Debt Consolidation Tip: Pay less interest!

The beginning of the year is typically tough financially for most of us. Holiday bill payments, RRSP contributions, property tax bills, etc. And, if you’re self-employed, you probably have to make some sort of business tax or corporate tax payment. If December is the Holiday Season, then January and February feel like a hangover!

Banks and credit card companies love this time of year because this is when we’re most likely to carry a balance, forcing us to pay those crazy interest rates that range from 9% to 24%.

But, wait! Before you get too depressed, there may be a better option. There’s a less expensive way to manage your debt.

Continue reading “Debt Consolidation Tip: Pay less interest!”

Posted September 2, 2015 Interest rates

It’s September, sharpen your pencils!

It’s September…and as green turns to gold we return refreshed to the rhythm of our daily routines. It’s our seasonal cue. Autumn is the perfect time to “get back to business” with a fresh look at your finances. Maybe you spent a little extra on that summer vacation, or the little home reno job that grew. That’s okay. Get out your calculator and get back on track.

TAKE ADVANTAGE OF RECORD LOW RATES!

Mortgage rates have hovered around historic lows for longer than anyone thought they would or could. That’s created a golden moment of opportunity for Canadian homeowners. In fact, the right mortgage can build your wealth… and save you thousands of dollars.

Thinking about a cottage or investment property? Wondering if it’s the right time to expand your space… or find a new one? Looking at ways to reduce your debt? Talk to an experienced Mortgage Broker. A good broker will provide a free, no-obligation review of your situation – wherever you are in your current mortgage journey.

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

Steve Garganis 416 224 0114 steve@mortgagenow.ca