Mortgage News

Is the Sky Falling? Economic Perspective on Edmonton and Oil Prices

Wow, there sure is a lot of bad news about oil prices and its impact on the Edmonton and Alberta economies.You’d think the sky is falling with all the doom and gloom.I used to work as a reporter and photographer in the newspaper industry so I know bad news sells papers. “If it bleeds, it […]

By |February 17th, 2015|Uncategorized|1 Comment

Shocking Bank of Canada Interest Rate Cut Should Lead to Lower Mortgage Rates

If you’re into economic policy, today was a jaw dropper.
Stephen Poloz, the governor of the Bank of Canada, shocked markets today when he announced a .25 per cent cut in the bank’s key lending rate.
The key rate had been at 1 per cent since 2010 and experts were expecting a rate hike later this year.
Instead […]

Will Mortgage Rates Drop with Record Low Bond Yield

Quick question for you.
What’s falling as fast as oil prices but not getting anywhere near the attention?
The answer – with a hint in the headline – is the yield on five-year Canadian Government bonds. The bond yield fell to a record low of just a hair over 1 per cent this week.
That will hopefully spur […]

Make extra mortgage payments one of your New Year’s Resolutions

Welcome to 2015!
And with it a chance to make one New Year’s resolution that doesn’t involve a diet or a gym and should be easy to keep.
Make a resolution about your mortgage.
If you commit to putting a few extra dollars toward paying down your mortgage sooner.
It doesn’t sound exciting, does it?
But I guarantee you’ll feel […]

Mortgage planning is critical to retirement planning

Nothing says summer like roasting smokies over a campfire. It seems everything tastes better roasted.Smokies were on the menu during my family’s most recent tenting trip. But my wife Catherine, who was a vegetarian for 11 years before our boys were born, doesn’t venture beyond chicken or fish these days. So she threw what she […]

By |September 13th, 2013|Uncategorized|0 Comments

Increase mortgage payments to fight payment shock

Happy Summer! I hope you’re having a great season and getting outside for fun and relaxation.

At the risk of being a party pooper, I want you to pause and think about your mortgage for a few minutes. And I want you to immediately increase your monthly payments.

Something happened a few weeks ago that every homeowner […]

Are you looking to buy a second home?

The changing lifestyles of Canadians are affecting how and where we live. Fortunately, mortgage lenders and insurers have created mortgages that meet these needs.The lowest possible down-payment is 5% of the purchase price. Down-payments can come from a number of sources and can include savings, Registered Retirement Savings Plan withdrawals, borrowed funds, gifts, sweat equity […]

The Pros and Cons of Refinancing Your Home

Mortgage rates are low and property values are stable, so it may make sense to refinance your home.Many people refinance their mortgages to take advantage of lower interest rates or pay off debts with higher interest rates. Othes will use the money to invest in Registered Retirement Savings Plans (RRSPs), get a down-payment for a […]

How to fix your credit score

Your credit score is the single biggest factor that lenders use in determining your interest rate when you apply for a mortgage. Yet most people don’t even know what a credit score is, let alone whether they have a high score or a low one. The sad truth is if your score is unnecessarily low—due […]

Why lump sum mortgage payments are better than monthly payment increases

Paying off your mortgage as quickly as possible is a great way to save money, build equity and free up funds for other investments that can lead to financial security.
Both lump sum payments and monthly payment increases are effective ways to pay off your mortgage sooner. Normally, when you make a monthly payment, it’s split […]