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? …
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 …
Dear Ross, I am bullish on the long term prospects of Canadian real estate – especially in the Greater Toronto Area, where I live. I am already a homeowner, and our mortgage balance is only $102,000. Now we want to buy a second property, rent it out, and watch our equity grow over the years, …
Since the real estate collapse in many USA markets in 2008-2009, it has become progressively harder for Canadians to arrange a mortgage to buy real estate in the USA. This is too bad, since there is considerable demand from opportunistic snowbirds and investors who smell “deal” in states like Florida, Arizona, and Nevada. In fact, …
| 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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