On March 12th, the Bank of Canada lowered the overnight rate again, cutting its policy rate by another .25%, to 2.75%. If you have a variable-rate mortgage or a secured or unsecured line of credit, you should see a decrease in your effective interest rate shortly. How does this affect you? The majority of lenders […]
Category: Fixed Vs. Variable Mortgage
Another Look at Fixed, Variable and Adjustable Rate Mortgages
More than ever homeowners are researching mortgage options more actively and reach out to me for additional information and advice on a daily basis. With interest rates outside of client’s comfort levels combined with non-stop talk from friends, family, colleagues, on top of social media and the “news”, it is no wonder many are finding themselves […]
Fixed vs. Variable Rate Debate Favours “Clearer” Winner
Let’s talk about the age-old question of whether it is better to go with a fixed-rate mortgage or to roll the dice on a variable-rate mortgage. Some Background Historically, variable rate mortgage holders on average have come out ahead over their fixed rate holding neighbours. Whenever you look at long-term averages, there are always exceptions […]
Beware of Early Renewal Offers
Beware of early renewal offers! Why? If your mortgage is coming up for renewal this year there is a good chance that your current mortgage lender will contact you months ahead of your actual renewal date and offer you the “opportunity” to renew your mortgage ahead of time. If this was fall 2021 or spring […]
Is Now the Right Time to Choose a Variable or Fixed-Rate Mortgage? | The Real Cost of Renewing Your Mortgage
If your mortgage is coming up for renewal and you are experiencing a bit of “rate shock,” you are not alone! If you currently have a fixed-rate mortgage, your interest rate will most likely be going up, and likely substantially, depending on your term. If you currently have a variable-rate mortgage, your interest rate has […]
The Trigger Rate and Your Variable Rate Mortgage
What is the trigger rate? If you currently have a variable rate mortgage you may have had the unpleasant experience of hearing the term “trigger rate” by your current mortgage lender, or you may have heard it in the news. Don’t feel bad for not being familiar with the term as historically it has rarely […]
Variable Rate vs Fixed Rate Mortgages
Is it better to get a fixed or variable interest rate on your mortgage right now? With a quickly changing housing market and rapidly increasing interest rates, as a Hamilton Mortgage Broker we receive calls from our clients that are more torn than ever about whether to go with a Variable Rate or Fixed Rate […]
Fixed Vs. Variable Rate Mortgages
Obtaining a Hamilton or Grimsby mortgage can be overwhelming for any first-time homebuyer. With multiple different loan options available on the market today, our team at Canadian Mortgage Authority understands how confusing it can be trying to pick the best option for your financial situation. This is why we are devoted to educating every homebuyer […]