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…

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…

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 ®”…

To watch the interview please click here…

For those considering a TD Canada Trust mortgage, take note.

TD Canada Trust made a  sweeping change to their mortgage lending effective October 18th, 2010.  They are no longer registering mortgage via a standard legal charge and will only accept a collateral charge.  This is very important as it relates to how your mortgage is legally registered and…

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…

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…

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…

Wondering about the advantages of using a Mortgage Broker? Click below to see 6 reasons…

Six Reasons to use a Broker – PDF

What does my AMP stand for and why should you look for this accreditation from a Mortgage Broker?

Accreditation for Mortgage Brokers – PDF

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…