Yesterday’s mid day appointment arrived in despair. He has been working with his bank, and various other “connections” to secure a mortgage on a new condo he is buying May 28. So far, everyone has declined him, even though he can put up a $100,000 down payment on a purchase price of only $260,000. Why? …
Dear Ross, I finished college in 2007, and now I am going back to school in September as a mature student. My OSAP application has been rejected completely, because I am in a consumer proposal. I never ever had a late payment on my previous OSAP, and I have continued to make regular monthly payments. …
Sometimes people ask me how they can arrange an unsecured personal line of credit. (PLC) Their reasons for a PLC are usually along the lines of a lower interest rate, no annual fees, reasonable repayment conditions, and potentially higher limits. These days it is actually pretty tough for a typical Canadian family to qualify for an unsecured personal line of credit.. …
I cannot stress enough the importance of understanding your lender’s mortgage prepayment penalty before you sign on the dotted line. Unless you are able to take your mortgage to your next property, breaking your mortgage mid-term can reap havoc on your finances with unforeseen expenses. A couple walked into my office this week excited about …
Closed mortgage penalties are typically the greater of three months’ interest or the interest rate differential (IRD). It is the IRD which continually catches unsuspecting consumers unawares. If rates have risen markedly since you arranged your mortgage, there may be no need for an IRD calculation. But as we all know, rates have been very …
| 1 yr | Fixed, closed | 2.65% |
| 2 yr | Fixed, closed | 2.69% |
| 3 yr | Fixed, closed | 2.65% |
| 4 yr | Fixed, closed | 2.99% |
| 5 yr | Fixed, closed * | 2.84% |
| 5 yr | Variable, closed | 2.65% |
| 10 yr | Fixed, closed | 3.69% |
| LOC | Variable, open | 3.50% |
| Bank Prime | 3.00% | |
| Today's Specials | ||
| 5 yr | Variable, closed | 2.60% |
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| See Terms | ||
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