Tag Archive: mortgage rate tips


Divorcing 1.99%

— The Mortgage Report : June 18 — For Better or Worse: When you take a bank’s 5-year fixed you’re married to it for half a decade. That is, unless you file for divorce, so to speak (i.e., discharge or transfer the mortgage to a new lender early). But as unwedded people find out, splitting up has a financial price....

One Way to Get a Mortgage Without *the* Stress Test

The Mortgage Report – May 26 Stress Test Exception: Here’s a tip for renewers. If: A) you want to switch to a new lender at renewal, and B) your mortgage closed before October 16, 2016, and C) you haven’t refinanced since… …then some lenders let you qualify at their best 5-year fixed rates instead of at the government’s “stress test” rate (which is...

The Price of Mortgage Convenience

More than 4 out of 5 borrowers stay with their bank when their mortgage renews. And of all the reasons to do so, the least valid is probably this: because they want to keep all their finances at one institution—for “convenience.” Some people like that their mortgage payment comes out of their bank account automatically each month — that they can...

Ultra-low Rates Will Persist: RBC

The 2020s won’t be the decade to lock into a long-term fixed mortgage, not if you believe RBC Economics. It’s projecting just 1.7% annual economic growth for the next 10 years, give or take. That’s roughly a full point less than before the Great Recession. At 1.7% GDP, there’s generally very little reason for rate hikes. Quite the opposite, RBC...

An Insurance Trick to Get Better Rates

Many of you know that the lowest mortgage rates in Canada often require default insurance. Insurance reduces credit risk and losses for lenders, and lenders often pass that savings through to consumers. What many don’t know is how to get insured rates if you already have a mortgage. Consider this example… Suppose you bought a $900,000 home a few years ago...

2-Year Fixed Mortgage Rates. Looking Good

Five-year fixed rates have dominated consumer mindset all year, but that dominance may start waning in 2020. If you believe unemployment has bottomed out in this country, and you believe an inverted yield curve is rate-bearish, and you’re a financially secure borrower, you’re probably going to steer clear of a 5-year fixed. Instead, you might focus on terms that cost...

Bona-Fide Sale Clauses: Mortgage Saver or Mortgage Trap?

Imagine spending hours of your life to: research the best mortgage negotiate for a better rate apply to refinance at a new lender answer all the new lender’s questions collect all your documents get an appraisal review all the paperwork submit all the documents find a lawyer to close the mortgage get ready to close …then be told just five...