Mortgage News

New Mortgage Rule Will Make it Harder to Borrow

A new mortgage rule will to make it dramatically harder to borrow for a mortgage.

Bill Moreau, Canada’s finance minister, announced today that borrowers will have to qualify at the Bank of Canada rate on all insured mortgages – those with less than a 20 per cent down payment.

Today that rate is 4.64 per cent which […]

How Grouplend is helping my mortgage clients

I’ve recently been introduce to a new lender that provides unsecured loans up to $30,000.

Grouplend is a Canadian lender – they are based in Vancouver – that quickly approves loans.

As a mortgage broker, Grouplend is handy resource because some clients are able to borrow their down payment for a home.

Homeowners who don’t have enough equity […]

Alberta Homebuyers to Pay Dramatically Higher Real Estate Fees

Homebuyers are going to see major fee increases in the wake of last Thursday’s provincial budget.Beginning July 1st, land transfer and mortgage registration fees will increase for both flat fee and variable fee components.The flat fee component of each type of registration increases from $50 to $75 (that’s a 50 per cent increase) but is […]

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 […]