Early Renewal or Refinance – Now may be a good time
Early Mortgage Renewal or Mortgage Refinance – Now may be a good time to consider With mortgage rates where they are right now and where they will be headed (i.e. up), now may be a good time to look into if renewing your mortgage early or if refinancing your mortgage now vs. later, could save [...]
Has your mortgage penalty been reduced?
Has your mortgage penalty been reduced? With the recent increase in fixed mortgage rates it is possible that your mortgage penalty has been reduced. This would only apply to those who are currently in a fixed rate closed mortgage and is a result of how the interest rate differential (IRD) amount is calculated. Essentially, with [...]
Lowest rate assumed. What I do not assume is …
Lowest mortgage rate assumed. What I do not assume about my clients is … I am often asked “what is the lowest rate you have available”? This is a difficult question to answer while ensuring you are also truly helping your client, without knowing more information. It is important to know what your client’s needs [...]
Mortgage Penalties – Fixed Rate Closed Mortgages
Mortgage Penalties for Fixed Rate Closed Mortgages Mortgage penalties explained for fixed rate closed mortgages. Three (3) months of interest or Interest Rate Differential (IRD), whichever is greater. I covered mortgage penalties for variable rate closed mortgages in a previous post. For further information on mortgage penalties and or to discuss all of your options, [...]
Changes To Mortgage Qualification – New Rules
New Rules for Mortgage Qualification Announced today, effective April 19, 2010, or sooner, there will be three (3) new rules that will apply to the qualification for government backed, insured mortgages (i.e. CMHC, high ratio insured mortgages). The changes are: Minimum down payment for non-owner occupied properties will be increased to 20% of the purchase [...]