Please click here to read the article “Home Renovation Reality Check”

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

Last week Marketplace on CBC ran an episode called “Busting the Banks” where they investigated disclosure of collateral charge mortgages to consumers.  This is a hot topic and I have written an article previous to this about the differences between a standard charge (also referred to as conventional) mortgage and collateral mortgages.  There are different pros and cons to each mortgage but with the most recent federal government regulations, the…

With long term mortgage rates at an all time low there has been a lot of buzz with consumers who would tend to lean towards a 5 year term to lock into either a 7 year fixed rate or a 10 year fixed rate mortgage. There is a lot to consider apart from rate when it comes to locking into a longer term and you have to ask the following…

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…

With rates still at historic lows, it may be worth your while to break your current mortgage for a lower rate, saving you not only interest costs but reducing your payment and also reducing your amortization – so you pay off your mortgage faster!  This may be the right strategy for you.

To read the full article…

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…

With curent low rates, is it time to give your mortgage a checkup and see if you could be saving money? Take a look at the most recent article concerning this very subject in MoneySense Magazine, if you would like a free assessment on your mortgage feel free to contact us.

Please click here to read the full article….

Kim Gibbons, ” Your Mortgage Superhero ®”…

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…

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…

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…

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…

…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…

Deciding between fixed or variable rate….

Fixed or Variable-Rate Mortgage – PDF