Buying a mortgage
is not a game
is not a game
BUT IT SHOULD BE FUN
NONETHELESS
NONETHELESS
Resale Home Prices Double Over Decade
Canada's resale market has out-priced new housing over the past decade. MORE...
The Hidden Cost of Great Rates: Explaining the IRD
Rates have historically never been better, so the temptation to get out of an existing mortgage and into a new one is high. MORE...
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BEST MORTGAGE RATES
Updated 08/24/2010
2.10% - Variable Rate*
3.95% - 6 month closed
2.44% - 1 year fixed
2.99% - 2 year fixed
3.45% - 3 year fixed
3.89% - 4 year fixed
3.79% - 5 year fixed
4.85% - 7 year closed
5.19% - 10 year closed
All rates are subject to change without notice; OAC; E&OE.
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Mortgagebrokernews.ca August 1, 2010
Canada's resale market has out-priced new housing over the past decade.
Between 2000 and the first half of 2010 the average cost of a new home increased by about 50 per cent while the average price of a resale home more than doubled, according to a report released Tuesday by Scotiabank.
The bank attributes the robust resale numbers to a multitude of factors including the tight supply of resale homes, low interest rates and mortgage market innovation.
Scotiabank also reports that increased household wealth has led to more renovations, adding additional value to resale homes.
"The typical Canadian resale home likely contains more updated and sought-after features which would account for some of the rise in average selling prices," the release said.
Canadian Real Estate Magazine December 2, 2009
Rates have historically never been better, so the temptation to get out of an existing mortgage and into a new one is high.
But as Jesse Kinos-Goodin finds out, it could actually save you money to keep your current rate.
Kevin Suddaby, a mortgage broker in Calgary, saw a lot of his clients lock in their variable rates just over a year ago at 5.79 per cent, thinking they had hit rock bottom. But what a difference 17 months makes. Lately he's been seeing more of his clients coming back with four years left on their terms looking to close early and cash in on the even more tempting 3.79 per cent, but there is one major problem - the Interest Rate Differential (IRD) penalty.
Basically, the IRD comes into effect when interest rates drop as much as they have this summer and homeowners opt to renew early, switch lenders or even pay off their mortgage outside of regular pre-payment terms.
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