In my previous post we looked at the age old question that many “on the fence” buyers have been asking…well….ever since I’ve been in the business.
Should I Buy Now, Or Buy Later?
I came across this article published in the Globe and Mail which I thought did a great job of explaining the phenomenon of people rushing out to buy a house to take advantage of lower rates.
It just so happens that many people did this in August.
Rates – when compared to historical levels- are still low and there are some people that estimate that they could still go lower yet.
Rushing out to buy and ending up overpaying for a house, just to get a lower rate happens more often than people admit.
Here’s a link to the article. Please feel free to leave your comments below, would love to hear from you.
Aleem
http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/home-shoppers-dont-rush-to-buy-just-to-lock-in-a-cheap-mortgage/article14217271/
Bank of Canada Rate Announcement
Bank of Canada Announcement and Banks Announcing Mortgage Rate Drops is merely coincidence. Mortgage Rate Drops, independent of the bank of canada announcement, are expected in the near future due to spring market price wars. You have most certainly by now heard that about the Bank of Canada’s Announcement a couple of Wednesdays ago regarding their overnight lending rate drop.
Less Money Down Means Lower Rate?
Loan Mortgage Down Payment, Canada – I’d like to address something that has come up in my conversations with other experts in the industry, that being the topic of interest rates and their relationship with down payment. Although, it doesn’t make a whole lot of sense, what is happening is a lower down payment on a home…
Pre-Payment Penalty – Lenders Are Taking Action
The initial reaction of the lenders comes to no surprise. Many are putting up resistance and some of them are saying they are confused. The reality of the situation seemingly is that the lenders themselves were not quite sure how their penalties were being calculated. I witnessed this firsthand towards…
Mortgage Rule Changes
These are significant changes to Canada’s lending landscape and I’ll weigh in on the potential outcomes and implications throughout the day on my blog. As always, if you have any questions or concerns, I’m just a phone call away…
Mortgage Traps
Be wary of banks that offer you an extremely low initial rate with a significant increase a year later. For a first time home buyer in Canada, the complexities of mortgages can be very overwhelming, and it can be easy to get locked into a mortgage without getting the best rate possible.
One of These Three Things Have to Go Wrong For Lower Rates
There are 3 things that will dictate the direction of Mortgage Rates. One of them has to happen in order for rates to fall further – And one of them is Bad! If you are pulling for mortgage rates to go down here are 3 things that you should be paying attention to…
Canada Mortgage Rates- a Handy Guide to cibc mortgage rates
The Rate Tango: Canada Mortgage Rates Variable vs Cibc Mortgage Rates Fixed. Become an expert on Canadian Mortgage Rates with our Handy Guide. Many first time home buyers are wondering whether they should take advantage of this low rate or if they should lock in the more secure fixed rate mortgages.
Is This The End Of 5% down payment?
CMHC is the government body that insures mortgages. To put it in the simplest of terms, when CMHC insures a mortgage, it means the bank essentially does not have any risk when it issues the loan. Of course there’s some risk carried by the bank but the Government…
Mortgage Penalties In the Media Again
A self-employed, single mother of a 12 year old boy, also taking care of her elderly mother, made CBC headlines for having to pay a $30,000 early termination penalty on her mortgage, when she was forced to sell her house in April, due to the COVID-19 pandemic.
Daily Corona Virus Mortgage Updates
Canada’s lowest nationally available conventional variable rate is just nine basis points cheaper than a comparable 5-year fixed rate. That minuscule “fixed-variable” spread is now 80% narrower than its 10-year average. The market is no longer compensating new borrowers for the risk of a floating-rate mortgage.
If you would like more information or a free consultation contact Aleem below, and as a Certified Mortgage Specialist let me help you get the home of your dreams. Great Mortgages, Made Simple
