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Last week, I gave you some tips on mortgage calculators to use to determine how much money you could save if you break your mortgage and try to get one with a lower interest rate. This week, to continue the discussion, I’ll provide you with some online calculators that can help you find the best [...]
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BMO Bank of Montreal announced that effective April 7th, its five year low rate fixed closed mortgage will be increasing to 3.95% from 3.75%. This new rate remains at the lowest in the marketplace, and the gap between BMO’s rate compared to the competition has widened following the recent round of rate increases.
This is one [...]
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Are you thinking of breaking your mortgage? With interest rates as low as they are and expected to go higher, this might be your last chance for a long time. But you don’t want to do it if it’ll cause you to pay more in penalties. I’ve already given you an idea of a few [...]
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Has this happened to you? After hearing about the great new low interest rates, you decide to refinance your mortgage to the lower rate. However, when you go into your bank to make the changes, your bank’s financial advisor tells you that you are on the hook for some very expensive penalties if you decide [...]
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When you are deciding to buy your first home, one of the questions that often comes up is: how much should I pay for my down payment?
The short answer is: as much as possible.
We’ve all seen the havoc that some of the no-down payment mortgages in the U.S. have caused. Since buyers of these mortgages [...]
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When it is time to renew a mortgage, you are often faced with a difficult problem: should you go for a fixed rate or variable rate mortgage?
There are benefits to both. However, historically it has been the variable rate mortgages that have the edge: in the last 30 years, variable rate mortgages have outperformed fixed [...]
