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Another hit another raise in BoC interest rate, Source Mortgage Professional Canada https://www.bankofcanada.ca/2023/01/fad-press-release-2023-01-25/ The Bank of Canada has raised its overnight target rate by 25 basis points, bringing it to 4.50%. This is the Bank’s eighth consecutive rate hike and was expected by markets. Looking ahead, the Bank said it “expects to hold the policy …

BREAKING NEWS: Bank of Canada Raises Key Interest Rate by 25 bps Read More »

Generally, there are four options: 1) Pay off the remaining balance (principal) 2) Mortgage renewal 3) Mortgage refinance  4) Your mortgage will likely renew into a new 6-month open term Example: Suppose you have a 20-year mortgage and are up for renewal at the end of the first five-year term. You have a goal to be debt free, …

What are the options at the end of a mortgage term? Read More »

At a minimum, allocate at least 3-8 weeks to complete the mortgage renewal process. This will ensure all the paperwork is in place for your next mortgage term. However, beginning the process early will allow your mortgage agent/broker to shop around for the best rate and/or negotiate conditions with your current lender. Ideally, you do not want …

How long does a mortgage renewal process take?  Read More »

The answer is dependent on the conditions of your current lender. Typically, your current mortgage lender will send you a renewal slip 30 days before your mortgage term’s maturity date (expiration). To optimize the renewal process, you can usually start negotiating 90 to 120 days before your term’s maturity date. Resultingly, many lenders will not make you pay …

When can I start the renewal process? Read More »

These two terms are interchanged often, but they are two separate concepts. Mortgage renewals occur once the mortgage term has expired, and you sign on to another term with your current lender. Contrastingly, refinancing is the process of breaking your current contract to enter a new contract with either the same or different lender. Refinancing …

What’s the difference between a mortgage renewal and refinancing?  Read More »

Mortgage renewals are the bread and butter of home ownership. Not really, but they are SUPER SUPER important. Mortgage renewals are a great opportunity to renegotiate the terms of your current contract with the current lender without needing to reapply for financing with another lender. Conditions may include the term length, interest rates, payment frequency, …

Let’s get down to the basics – What is a mortgage renewal? Read More »

With a new bank of Canada announcement, now it is revealed that fixed mortgage rates are going up again because always there has been a correlation between fixed mortgage rates and government bond yealds. In the below article, written by Steve Huebl, he dives into recent data and analysis.https://www.canadianmortgagetrends.com/2022/06/fixed-mortgage-rates-rising-again-as-bond-yields-hit-a-13-year-high/

We are now experiencing a raising in fixed and variable mortgages. After the central bank of Canada decided to increase prime and consequently another increase in the next couple of weeks, it was expected it is happening, but nobody knew this movement is going to be that fast. In the below article, you will learn …

Mortgage Rates raise shortly Read More »

In connection to government yield bonds and impacts on CPI and inflation data, most banks and financial institutions decided to increase their fixed rates. In the below report which is provided by Steve Huebl, you will learn more about the upcoming chanhttps://www.canadianmortgagetrends.com/2022/01/fixed-mortgage-rates-are-rising-are-variable-rates-next/ges.

New data and analysis revealed the majority of Canadian divided in terms of housing price forcast and what would be a new trend in 2022. In thehttps://www.canadianmortgagetrends.com/2022/01/the-latest-in-mortgage-news-canadians-divided-over-home-price-expectations/ attached article which was written by Steve Huebl, you will find more details.