This is a question I receive from my clients quite often “Should I use my extra funds to pay down my mortgage or put the funds towards an RSP?”.  Many times it may make sense to make the RSP contribution, wait for the tax refund and then place the refund onto the principal of the mortgage as a prepayment.  However, it all depends as they say…especially in this market when…

Buying a first home can be pretty stressful and will likely impose a fairly hefty financial burden on the purchaser.

Many parents and grandparents may be tempted to lend or give money for a deposit or even act as a guarantor or co-signer for a mortgage in order to try to ease the financial pressure on their offspring. Financial advisors urge them to look at the bigger picture before…

Bank of Canada increased their overnight rate on July 20, 2010 by .25% which brings the prime rate to 2.75%. Variable rates are still a great deal and now the best 5 year closed variable is at prime – .65% or 2.10%.

To watch to video clip from Global News please click here…

Kim Gibbons, ” Your Mortgage Superhero ®”
Mortgage Broker
FSCO lic. M08001363…

There are many things to consider when looking at making a choice to have a hybrid or split mortgage.  The below noted article article touches on a few items only but there are other pros and cons as well. 

Although on the upside it may reduce your overall rate risk depending on the product you are in, it may be difficult to easily transfer your mortgage at the time…

When getting a mortgage – or when reviewing your current mortgage strategy – it is helpful to begin thinking about the mortgage options with which you would feel most comfortable.  By having an understanding of your priorities and preferences the mortgage process will become more efficient and your satisfaction over the term of your mortgage is likely to be higher.

Here are some questions that you should consider and…

As widely speculated, the Bank of Canada has increased their overnight rate by .25%..  How does this affect you?  Well if you are in a variable rate mortgage then expect the prime rate to increase from 2.25% to 2.50% and your payment to increase by .25%.  This translates to an increase of $12-18 payment per month per $100,000 of mortgage dependent on your amortization.

The variable rate is still…

Sean O’Shea from Global News caught me in between Victoria Day barbeques to discuss the importance of your credit bureau as it pertains to obtaining a mortgage.

click here to watch the news segment

The Bank of Canada is expected by many economists to raise short-term interest rates in June or July, prompting many homebuyers and mortgage holders to ask whether a variable-rate mortgage or a fixed-rate mortgage is best for them.

How, exactly, are mortgage rates offered by lenders determined?  Many Canadian mortgage holders are surprised to learn that the pricing for variable-rate and fixed-rate mortgages are determined by two different means…

Take a look at the Global News – Consumer SOS report from April 20th where a discussion of interest rates took place on the heels of the Bank of Canada overnight rate announcement:

click here for the link

The new mortgage rules that the Federal Government has imposed take effect today. Here are the new rules and how they may affect you:

1. Qualifying rates have changed for variable rates and fixed rates with terms of 1-4 years for mortgages that are insured via CMHC and other insurers. This means for purchasers that are putting less than 20% as a down payment. This new rule does NOT…

Here is an article I was quoted in regarding mortgage rates, refinances and prepayment penalties:

Click here to read…

After July 1, 2010, every residential real estate transaction in Ontario will face a significant tax increase. Specifically, home buyers and sellers can expect to pay 8% more on legal fees, appraisals, real estate commissions, home inspection fees, moving costs and the provincial government’s forthcoming system of mandatory home energy audits.  While the impact  of the tax will…

Not all debt is created equally.  Let’s face it, debt is not something we desire to have but there is a difference between the good and bad and it lies in how it can hurt or help you reach your financial goals.

Some debt can be seen as an investment in one’s future such as:

Stay tuned for the ever changing interpretation of the 3 new rules to the mortgage industry announced by the Finance Minister yesterday.  His statement was ambiguous at best and many questions still go unanswered about how this will truly affect Canadians.

For instance, when qualifying a client for a variable rate are we using the “best” 5 year fixed rate or the “posted” 5 year fixed rate?  This can…

Minister of Finance, Jim Flaherty announced 3 new mortgage rules to take effect on April 19, 2010. Keep in mind that these apply to Government backed mortgages – CMHC insured. Here are the rules which are excerpts from the announcement , the breakdown, and how they will impact Canadians:

1. Require that all borrowers meet the standards for a five-year fixed rate mortgage even if…

For many Canadian homeowners, paying off their mortgage as quickly as possible is a top priority.  Paying down extra principal in the years by whatever means possible can shorten the life of your mortgage and dramatically lower the interest you’ll pay over the long haul.  Here are a few “super” tips on how to make this happen:

1. …

Looks like the Governor of the Bank of Canada, Mark Carney doesn’t agree with Canadian banks that there is a housing bubble in the making. Luckily, Finance Minister Jim Flaherty has been convinced of the same…for now, but this may change and we could see an implementation of lower amortizations with a maximum to 30 years…

Great article in the Montreal Gazette addressing a recent survey commissioned by the Canadian Association of Accredited Mortgage Professionals which indicates that mortgage clients are not taking “undue risks” when it comes to mortgages.

I tend to agree as the majority of clients that I see in Toronto and surrounding areas have an adequate buffer to weather rate increases, whether it be variable or fixed rate mortgages.  They mention…

…and why they may not be the best choice for your mortgage.

There has been a lot of talk in the news the last 2 weeks about extended fixed terms, namely 7 and 10 year fixed mortgages. It’s true that rates are historically at their lowest right now and a 10 year mortgage at let’s say 5.25% looks very…

What a great article this week in the Globe and Mail.  I love it as it shines a light on what is really  going on in the Canadian mortgage market, who the big player on the scene is, who takes the most risks (us), and who gets all the big buck bonuses (not us).

I would have to say…

Please find my latest version of the very popular “Home Buyer’s Guide”.  This comprehensive guide offers a wealth of information – perfect for a first time home buyer but also a great reference for anyone who is in the home buying process.

Home Buyer’s Guide – PDF

The Bank of Canada met today and as expected kept their key interest rate unchanged at .25%.  While the Bank recognizes that a recovery is underway they have reduced their growth forecasts to 2.9% due to factors like a strong Canadian dollar and low levels of US demand for our exports.

Of course, rates will rise at some…

Here is an interesting article from the National Post last week. My guess is that most consumers are unaware of the fact that the government has added a May 1 deadline clause for the HST – not July 1st as most believe it to be for renovations. This could translate to significant additional costs for any homeowner…

Well this was some very welcomed news this week from the office of the Bank of Canada. For months now we have been hearing from the Federal Finance Minister Jim Flaherty that he feels there is a bubble occurring in the housing market in Canada – especially in urban areas like Toronto and Vancouver. This left a lot of my colleagues…

The definition of a superhero is one that is a fictional character with superhuman powers to protect the public. Well, I am certainly not fictional nor do I possess superhuman qualities…however – I DO protect my clients AKA the public when it comes to their mortgages.

A client in Toronto once told me after I arranged their mortgage ” You are like a mortgage superhero”. The coining of this…