The 5 year fixed rate has hit it’s all time historic low at 2.99% but keep in mind that a mortgage is more than just a rate.  BMO’s promotional 2.99% 5 year rate comes with its catches so dig a bit deeper to understand the terms.  The maximum amortization is 25 years not 30 so you will have a higher payment (paying less interest).  There are lower prepayment options at…

The time between when your mortgage is approved and when you close – who is watching the rates for you, advising of any significant rate drops and providing you with the best rates right up until closing?  Would your bank call you to let you know of any rate drops?  Very unlikely, but your Mortgage Broker will.  Take a look at the attached video for a couple of feel good…

As the deadline for the new changes for amortizations from 35 to 30 years approaches, this appears to have fueled a very busy real estate market in Toronto.  There are certainly more clients purchasing and having their closing set after the March 17th deadline but will this boom in the market continue throughout the spring?  My crystal ball is a little fuzzy – however, it should be interesting to see…

The Government announced on January 17th that they will be making changes to their government backed mortgages.  Namely, any mortgage that has less than 20% as a downpayment (with a few exceptions).  The changes are very important and may affect you.  They are as follows:

Decrease amortization from 35 years to 30 years effective March 18th 2011

For most of my clients this does not mean you are…

To read the article and watch the video please click here…

Kim Gibbons, ” Your Mortgage Superhero ®”
Mortgage Broker
FSCO lic. M08001363
416-400-8107
kim@mortgagesuperhero.com
www.mortgagesuperhero.com…

To view the interview please click here…

Kim Gibbons, ” Your Mortgage Superhero ®”
Mortgage Broker
FSCO lic. M08001363
416-400-8107
kim@mortgagesuperhero.com
www.mortgagesuperhero.com…

On Monday Jan. 17th the federal government announced 3 changes concerning government backed (CMHC) mortgages. The three changes as are follows:

1. The maximum amortization will be decreased from 35 years to 30 years. This is effective as of March 18th, 2011 however, if you have an approval prior to that date for a closing after March 18th then you will still be able to obtain the 35 year…

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…

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…

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…

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…

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…

A great article for First Time Homebuyers….

First-Time Homebuyer – PDF