Categories for Mortgage Rate Tips

Low Rate or Low Borrowing Cost?

Would you rather have the lowest mortgage rate or the lowest borrowing cost? If you picked the latter, good for you. You’re mortgage savvy, and you’re in the minority. Check out this chart from a recent Manulife survey. Its findings show...

No Rate Change Today

If you have a mortgage that floats with prime rate, the constant chatter about rate hikes may be unnerving. Well, now you can take a breather—because the Bank of Canada has taken a breather. The Bank left rates alone today and hinted that...

Forget Fake News. How Bout Fake Rates?

If Donald Trump were a regular guy with a mortgage, he’d surely be appalled by all the fake rates in the media. You just can’t take rates at face value anymore. Consider this column from our favourite personal finance author. The broker...

Mortgage Closing Costs. Be Ready.

You’ve just made the biggest purchase of your life. After waiting months to close on your home, suddenly you’ve found yourself short $4,000. All too often, unnoticed costs catch new homebuyers by surprise. That’s despite lenders commonly requiring “proof” that you...

BoC Hikes Again. So Long Sub-2% Mortgage Rates

For now, the days of sub-2% everyday mortgage rates are officially over. Wednesday morning’s slightly surprising 1/4-point Bank of Canada hike was the nail in that coffin. The ensuing 1/4-point bump in prime rate will push all remaining mortgage rates above the psychologically key...

What is the Mortgage Qualifying Rate?

Lenders want to make sure you can afford higher mortgage payments if interest rates soar. So does the government. That’s why regulators created the mortgage qualifying rate (MQR) — a.k.a., “benchmark qualifying rate” or “benchmark interest rate.” The MQR is the interest...

Rate Hike Mortgage Strategy

“It does look as though [rate] cuts have done their job.” That was Bank of Canada chief Stephen Poloz in a CNBC interview today. It was the second time he’s provided this “forward guidance,” and it’s about the closest thing you’ll hear...

The (Ir)relevancy of 5-Year Posted Rates

Big bank posted mortgage rates are like sticker prices on new boats. Almost nobody pays them. Today’s typical 5-year posted rate is 4.64%. Were you to get stuck paying this joke of a mortgage rate, it would cost you $10,394 more interest every five years,...

Mortgage Complaint? Who You Gonna Call?

We’ve all heard this line before: “A mortgage is probably the largest financial commitment you’ll make in your lifetime.” So what happens when the process goes sour? Who’s got your back? People run into mortgage service problems all the time. The three most...

Fixed or Variable Rate? The Decision Checklist

Almost every mortgage shopper has the same question at some point, especially when rates are surging: “Should I Lock in My Mortgage Rate?” Answer this correctly and you’ll save thousands in interest. Pick the wrong rate type, and it could cost you just...