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...
“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...
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,...
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...
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...
By Chantal Chapman, Special to RateSpy If you’re a homebuyer with a down payment less than 20%, you’re now subject to Canada’s new mortgage rules. As a prospective purchaser, you probably want to know where you stand. Here’s a quick...
It doesn’t matter what you’re buying. If there’s a salesperson involved, the price is almost always negotiable. That goes for mortgages too, so here’s some intel on how to win a better deal on your next one. Step #1 First off, understand...
If you’re considering using a mortgage broker for an approval and backing out at the last minute, check your contract first. It could cost you otherwise. One recent borrower learned this the expensive way after ditching his mortgage broker and going with another. He...
If you’ve ever broken your mortgage early, you know that figuring out the mortgage prepayment charge, or “penalty” as it’s commonly known, can be a hassle. Until recently, mortgagors wanting to sell their home or refinance with another lender before maturity had to jump through...
You really should lock in your mortgage. Rates are historically low and they have to go up…eventually. Sound familiar? It may well be one of the costliest fallacies in today’s mortgage market. It’s kind of like saying stocks have to...
