Mortgage Blog

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6 Month Mortgage Deferral - What you should know

6 Month Mortgage Deferral - What you should know

March 25, 2020 | Posted by: Mike Garganis

We’ve all heard about the 6-month deferred mortgage payment option.  It was thrown out there by the government in an attempt to help property owners.  We now have some more info that ... [read more]

The Mortgage Stress Test - What's changing

The Mortgage Stress Test - What's changing

February 26, 2020 | Posted by: Mike Garganis

Wondering what the recent announcement by the Government of Canada regarding changes to the “stress test” actually means?  Here’s what you need to know.   The ... [read more]

Tips for First Time Homebuyers

Tips for First Time Homebuyers

February 19, 2020 | Posted by: Mike Garganis

The place we call home, whether it be a small high-rise condo or a large house on the edge of town, is one of the defining features of our lives.  What motivates first time home buyers to enter ... [read more]

Pay off your mortgage sooner

Pay off your mortgage sooner

February 12, 2020 | Posted by: Mike Garganis

To start off, let’s take a look at what a mortgage is. A mortgage consists of the principal (the amount of the loan) and interest (the percentage rate charged on a mortgage loan). We tend ... [read more]

Monoline Lenders aren't so scary

Monoline Lenders aren't so scary

October 29, 2019 | Posted by: Mike Garganis

What usually follows once someone hears the term “Monoline Lender” for the first time is a feeling of suspicion and lack of trust. It’s understandable, I mean why is this “bank ... [read more]

These 3 clients broke their mortgages, paid a penalty, and still saved between $9,000 and $26,000!

These 3 clients broke their mortgages, paid a penalty, and still saved between $9,000 and $26,000!

September 24, 2019 | Posted by: Mike Garganis

Fixed mortgage rates are at an all-time low.  If you have a mortgage that is over 3.09%, then you should consider breaking it, paying the penalty and getting into today’s lower rates. ... [read more]

Mortgage Rates are still trending Lower… Yes, in August!

Mortgage Rates are still trending Lower… Yes, in August!

August 27, 2019 | Posted by: Mike Garganis

A couple years ago, the federal government brought in some tighter mortgage qualifying rules. The ‘stress test’ was just one of several changes, but it’s definitely the most well kno ... [read more]

Mortgage includes Self-Employed Business Income and Best Rates!

Mortgage includes Self-Employed Business Income and Best Rates!

August 27, 2019 | Posted by: Mike Garganis

This is probably the biggest positive mortgage lending change in 10 years. A major lender has just announced a new program for self-employed individuals! For the last several years, mortgage lenders ... [read more]

Fixed vs. Variable: Key Influencers of Mortgage Rates in Canada

Fixed vs. Variable: Key Influencers of Mortgage Rates in Canada

August 27, 2019 | Posted by: Mike Garganis

Fixed-Rate Mortgages A fixed-rate mortgage is when your rate stays the same for the duration of your mortgage term. For example, if you have a five-year, fixed-rate mortgage, your rate is s ... [read more]

Mortgage applicants can now qualify for a slightly higher priced home under stress test

Mortgage applicants can now qualify for a slightly higher priced home under stress test

July 29, 2019 | Posted by: Mike Garganis

For the first time in three years, the Bank of Canada has lowered its five-year qualifying mortgage rate, from 5.34 per cent to 5.19 per cent. This provides some slight relief for home buye ... [read more]

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Mike Garganis
Mike Garganis
Mortgage Agent
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