Should you pick an open vs. closed mortgage? Open and closed mortgages are both useful, but you need to choose the right one. Here’s what you need to know.
prepayment options
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For many Canadians, their mortgage will be the largest debt they’ll ever take on. Fortunately, taking on a mortgage doesn’t sentence you to a life of debt because there’s a way to pay off your mortgage … Read More
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Flickr: nerdcoregirl When it comes time to shop around for a mortgage, we know it’s about more than just finding the best mortgage rate. Every mortgage is a little different, depending on what’s written into the terms … Read More
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Bank of Canada Holds Overnight Rate at 1 Per Cent The Bank of Canada (BoC) announced last month that it is yet again holding the overnight lending rate at 1.00 per cent. The overnight lending rate … Read More
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Making the decision on which rate, lender, and in turn, which mortgage is right for you can be overwhelming without the right tools and know-how to understand your options. There’s more to getting a mortgage then … Read More
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The RBC is the largest residential mortgage lender in Canada and one of the country’s largest banks as measured by assets and market capitalization. RBC’s 19th Annual Homeownership poll was conducted between January 24 – 30, … Read More
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The following article is by Robb Nelson from Family Lending, who discusses early mortgage payoff penalties and how they are calculated. You can view Family Lending’s Ontario mortgage rates on Ratehub.ca. The hidden costs of paying down … Read More
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Lenders are once again aggressively competing for your mortgage business. When BMO re-launched their low-frill 2.99% 5-year fixed rate last week, many banks countered with their own 2.99% mortgage rate in the 4-year fixed category. The … Read More
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Over the past few years many Canadians considered breaking their mortgages early to take advantage of lower interest rates, but were faced with expensive and complicated penalties to do so. These high refinance penalties may still … Read More
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A mortgage loan is likely to be the largest sum of money you will borrow in your lifetime. The average life expectancy in Canada is 80 years of age, so a typical 25-year amortization length corresponds … Read More