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By: Robert Clancy Mortgages & Interest Rates

Finance Minister Jim Flaherty is unveiling new mortgage rules aimed at curbing soaring household debt

By: Robert Clancy Mortgages & Interest Rates

Toronto Mortgage Rates – January 13th

Rates Last Updated : January 13, 2011
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By: Guest User Mortgages & Interest Rates

Mortgage Renewal

When your mortgage term is over and your mortgage is up for renewal you have some options. Your current lender will send you an renewal agreement outlining the terms and conditions of the new products they are offering you.
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By: Robert Clancy Mortgages & Interest Rates

Mortgage Refinance

What is Mortgage Refinance?

A Mortgage Refinance is remortgaging your existing mortgage by using the equity in your home. For example; you have a mortgage of $200,000.00 and a home worth $400,000.00. You can borrow up to 90% of your home value, in this case up to $360,000.00 ($400,000.00 x .90%). Your new mortgage will be the $200,000.00 plus the extra money you take out.

By: Robert Clancy Mortgages & Interest Rates

Toronto Mortgage Rates

Toronto Mortgage Rates and products constantly change. The Toronto market is more competitive than ever. With one phone call or email to Robert, you can be tapped into the newest information in the mortgage market.
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By: Robert Clancy Mortgages & Interest Rates

Prime Interest Rate Hike not expected

The Bank Of Canada meets tomorrow.

By: Robert Clancy Mortgages & Interest Rates

Prime Rate Remains Unchanged

Bank of Canada Governor Mark Carney kept his benchmark interest rate at 1 per cent Tuesday, saying threats to the global recovery have increased, expressing concern about the rebound for Canadian exports and reiterating that further rate hikes would have to be “carefully considered.”
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Today’s Interest Rates

In todays Mortgage Financing Market mortgage rates are changing constantly. Today mortgages rates are based on so many different variables, it is impossible for an adviser to give a true rate quote without actually reviewing the borrower’s application first. For example, is the mortgage High Ratio (less then 20% down) or conventional (20% or more down)?, is the mortgage a refinance an investment purchase or a transfer?, how is the credit score and how long is the amortization?. In the past one rate quote generally fitted all. This is no longer the case. The rates you see quoted on this website are potentially the best discount rates you can get however they are subject to change based on information above. Do yourself a favour and do not get caught up in the on line rate quote game. It is misleading and all they are trying to do is get you in the door. If you are looking for a general quote upfront then do your home work and ask the correct questions. Let the advisor know the property type, is it a purchase or a refinance, is it an investment property or personal residence, how much down payment or equity in the property (high ratio or conventional), disclose your income type such as salary, self employed or commission.

No Frill Mortgages are mortgage that can offer 10 to 20 point lower then the general discount mortgages however they come with restrictions. For example a borrower can loose their annual prepayment privileges, there can be higher penalty cost to break the mortgage within the term of the mortgage or a clause where the borrower is not able to get out of the mortgage unless they sale the home. Be careful of these mortgages. I am not saying they are all bad but you just need to be aware of the conditions before you sign. Remember it is not all about the rate. Yes you deserve and are entitled to a vey competitive rate but you also want an excellent product that fits your needs and will help you pay down your mortgage quicker and work for you through the life of the mortgage

BANK RATES	TERM	OUR RATES
3.89	1-YEAR	3.79
3.89	2-YEAR	3.79
3.39	3-YEAR	3.79
3.89	4-YEAR	3.79
5.34	5-YEAR	3.59
6.00	7-YEAR	3.95
6.10	10-YEAR	3.95
4.99	Variable (3yr-closed)	2.95
4.99	Variable (5yr-closed)	2.95
4.99	Variable(Open)	4.45

Blog

Finance Minister Jim Flaherty is unveiling new mortgage rules aimed at curbing soaring household debt

Toronto Mortgage Rates – January 13th

Mortgage Renewal

Mortgage Refinance

Toronto Mortgage Rates

Prime Interest Rate Hike not expected

Prime Rate Remains Unchanged

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