Blog - Categories
Category: The Mortgage Industry (44 posts)
BoC Qualifying Rate...GDS/TDS...LTV - Terms Explained
July 22, 2020 | Posted by: Mike Garganis
There are many different factors that you will take into consideration when considering purchasing a property, including its location, size, and affordability. The last of these, affordability, i ... [read more]
BoC: Expect Interest rates to remain low for a long time!
July 15, 2020 | Posted by: Mike Garganis
The Bank of Canada announced today that it is holding its target for the overnight rate at the 'effective lower bound' of 0.25%. Canadian mortgage holders can expect no further rate drops, nor increa ... [read more]
What's more important, a low rate or a low penalty?
June 16, 2020 | Posted by: Mike Garganis
Mortgage rates have been falling almost weekly since the beginning of April. We’ve gotten to a point where bank-offered fixed and variable rates are both under 2% for the first time in Canadia ... [read more]
Choosing the Right Mortgage
June 4, 2020 | Posted by: Mike Garganis
How do you decide which mortgage is best for you? Here are some questions to ask yourself: Long Term vs. Short Term Am I planning to live in this house for a long time or do I hope to ... [read more]
If you're receiving CERB, here's what you need to know about your mortgage
May 21, 2020 | Posted by: Mike Garganis
If you are receiving the Canada Emergency Response Benefit (CERB), here are some things you might need to know if you're buying a new home, renewing or refinancing your mortgage or if you make ... [read more]
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]
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!
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]
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]
Bait and Switch Mortgage Strategy
June 10, 2019 | Posted by: Mike Garganis
When buying a home, you can encounter dangers at every corner: from thieves posing as lenders or lawyers, who usually prey on the elderly, to the old bait and switch. Bait and switc ... [read more]
Looking out for Retirees
April 3, 2019 | Posted by: Mike Garganis
Parents and Grandparents have worked hard to turn their house into a home – it’s where they’ve built memories, and where they deserve to stay. After working for 40 plus years ... [read more]
Mortgage Rates have Dropped and Will Fall Further
March 21, 2019 | Posted by: Mike Garganis
WHY ARE RATES FALLING? In 2017, the Bank of Canada started raising the prime rate. Rates were raised five times over a 15-month period from July 2017 to October 2018. That’s a 1.25% incre ... [read more]
 pic.jpg)
Canadians are overpaying by staying with their bank
March 13, 2019 | Posted by: Mike Garganis
RBC. TD. BMO. Scotiabank. CIBC. National Bank of Canada. The Big Six.Whenever one of these major Canadian banks tweak their mortgage rates, it makes headlines. Like last month, when RBC dropped ... [read more]
More borrowers could be at banks’ mercy
January 11, 2019 | Posted by: Mike Garganis
As mortgages come due over the next few years, borrowers will be in for a rude awakening. That’s because they will be stuck with their lender, unless, of course, they can pass the stress test e ... [read more]
5 SECRETS THE BANK DOESN’T WANT YOU TO KNOW ABOUT YOUR MORTGAGE
November 6, 2018 | Posted by: Mike Garganis
DON’T GET DISTRACTED BY THE SHINY RATE IN THE WINDOW No seriously, rate IS NOT everything... here’s why: There're many other features of a mortgage that have proven to be far MORE impo ... [read more]
Firm or conditional offer: what’s right for you?
April 6, 2018 | Posted by: Mike Garganis
Conventional wisdom dictates you should make your offer to purchase a home conditional upon certain terms – that the home pass a home inspection within five business days of the offer, for examp ... [read more]
20% more mortgages are being denied by big banks, sending borrowers to alternative options
March 21, 2018 | Posted by: Mike Garganis
Stricter mortgage rules are sending borrowers towards more risky lenders that are out of the regulator's view. Mortgage brokers say the borrower rejection rate from large banks and traditional monoli ... [read more]
How to Choose a Neighbourhood
March 19, 2018 | Posted by: Mike Garganis
Location is everything when you’re searching for a home. Finding your dream neighborhood may seem like the easiest part, but once you factor in budget, non-negotiable home features, and proximit ... [read more]
Looking To Move, Do You Sell or Buy First?
March 2, 2018 | Posted by: Mike Garganis
In the past, most homebuyers would have their selling and buying dates match. It’s always been a bit of a juggling act as you have to pack your moving truck and unpack it, all in less tha ... [read more]
Considering a Second Mortgage? It can save you money!
March 2, 2018 | Posted by: Mike Garganis
Quick, what’s the first thing that comes to mind when you think of “second mortgages”? For some it could be that shady-looking character in a smoke-filled pool hall… gu ... [read more]
Rates are going up… for now… is this the end of low rates?
January 23, 2018 | Posted by: Mike Garganis
POSITIVE DATA MEANS HIGHER RATES There’s been too much positive economic data lately. Low unemployment levels (5.7%, the lowest since the ’70s), higher spending by consumers, slightly hig ... [read more]
How much equity will be wiped out in 2018?
November 20, 2017 | Posted by: Mike Garganis
Review your mortgage NOW, the New Year may be too late! Hello again,This is usually my downtime and catching up with paperwork, but this has turned out to be the busiest Fall season, ... [read more]
A 2nd Bank of Canada rate hike surprises many.. what’s it mean?
September 11, 2017 | Posted by: Mike Garganis
The Bank of Canada Governor, Stephen Poloz, has been full of surprises since he took on his current role. With a second 0.25% rate hike today in consecutive BoC meetings, he’s pushed the r ... [read more]
Watch for house price movement
June 1, 2017 | Posted by: Mike Garganis
Housing market is active but will slow in the summer as it ALWAYS does Much has been written about the Canadian housing market. Even more about greater Toronto and Vancouver. The pes ... [read more]
A New Year and New Mortgage Rules Take Effect
January 14, 2017 | Posted by: Mike Garganis
What you should know about new mortgage rules. On October 3rd 2016, Finance Minister Bill Morneau announced that new mortgage rules will include more stringent “stress testing” for borrow ... [read more]
Mortgage Rules Announcement
October 6, 2016 | Posted by: Mike Garganis
Using the Qualifying Rate instead of the Discounted Rate The current rules Buyers with a down payment of at least 5 per cent of the purchase price but less than 20 per cent must be backed by mortgag ... [read more]
.png)
No Rate Change, Brexit, and OSFI tightening
July 29, 2016 | Posted by: Mike Garganis
Bank of Canada Holds Benchmark Rate The Bank of Canada announced July 13 that it is holding the key rate steady. The Bank cut its 2016 GDP forecast, but noted that fundamentals are in place for a pic ... [read more]
What You Need To Know About Buying A Condo
October 7, 2015 | Posted by: Mike Garganis
More and more Canadians – especially first-time home buyers – are choosing condominiums over conventional home ownership. Here's a quick guide to the ins and outs of purchasing a condomini ... [read more]
Lifestyle in the City or Affordability in the Suburbs
December 9, 2014 | Posted by: Mike Garganis
It's been a few months since I've been in touch. On a personal level, I moved to a new quiet town with a huge lot, and got great bang for my buck. Perfect time to discuss affordability versus l ... [read more]
Just too good to be true
May 18, 2014 | Posted by: Mike Garganis
Here is the perfect example of a low rate that is too good to be true.Investors Group 3 year Variable Prime minus 1.01%.Okay, ready.... here you go. Fully closed No transfer No porting Responsib ... [read more]
2014 CMHC Annual Market Outlook
January 12, 2014 | Posted by: Mike Garganis
Housing starts in Canada were trending at 195,760 units in December compared to 196,430 in November, according to Canada Mortgage and Housing Corporation (CMHC).“The trend in housing starts has ... [read more]
Canada will face global pressure to raise rates
January 11, 2014 | Posted by: Mike Garganis
The Federal govt of Canada and the Bank of Canada are supposed to operate independently. The Minister of Finance gives the Bank of Canada its objectives or its mandate. And the Bank of Ca ... [read more]
Happy Anniversary Mortgage Rule Changes
July 11, 2013 | Posted by: Mike Garganis
It’s been a year since the mortgage rule changes took effect, and brokers have felt the impact not only on their business, but especially their clients. We are finding a lot of people n ... [read more]
“Best” Rate vs Good Advice
June 12, 2013 | Posted by: Mike Garganis
2.60%. That’s a great rate! Is it fixed or variable? Can I refinance if I wanted to do a renovation? Do I have to pay to switch(collateral charge)? If something cha ... [read more]
"Best Rate" Sites - What You Need To Know
May 3, 2013 | Posted by: Mike Garganis
“I JUST WANT THE BEST RATE” You say you want the ‘best rate’. Really? Or do you want to pay the least amount of money on your mortgage? I’ll bet ... [read more]
4 Homebuying Mistakes NEW Canadians Make
April 24, 2013 | Posted by: Mike Garganis
Avoiding common homebuying mistakes can make your transition to Canada that much easier When Charles Waterman was finally able to purchase his first home in Canada, he was thrilled. &ldq ... [read more]
Nothing proprietary about the Banks' mortgages
March 6, 2013 | Posted by: Mike Garganis
BMO is at again... 2.99% for a 5 year term. No doubt, that is a good rate, but is it a good product? If you recall, this mortgage came with a number of restrictions last year. &n ... [read more]
Bidding Wars... On Condo Rentals?
November 22, 2012 | Posted by: Mike Garganis
Rising Home Prices + New Mortgage Rules = Fewer Qualified Home Buyers Is This an Investment Opportunity? Home sales are down (which is normal this time of year), and October 2012 home price ... [read more]
Shopping For A Mortgage Online
October 12, 2012 | Posted by: Mike Garganis
There are several benefits of shopping for a mortgage online. When researching online, you'll have instant access to resources, the ability to easily compare mortgage rates, and you can use a free onl ... [read more]
The Great Debate - Fixed Rates vs Variable Rate
October 12, 2012 | Posted by: Mike Garganis
Knowing whether or not you want a fixed rate mortgage, or a variable rate mortgage is a difficult decision. There are many mortgage products and selections available to Canadians, each offering unique ... [read more]
Ethical Standards
September 29, 2012 | Posted by: Mike Garganis
As a mortgage broker, being a 100% commission, pretty much means I'm self-employed. Through existing contacts, meeting new people and developing new relationships, I get a bulk of my clientele t ... [read more]
Cash Back Mortgage – Is it worth it?
July 30, 2012 | Posted by: Mike Garganis
Rates are still at record lows. There are a few lenders who are offering a cash back mortgage at a pretty good rate.Let’s compare three scenarios. Scenario 1 - Cash ... [read more]
Bank vs. Mortgage Broker
July 17, 2012 | Posted by: Mike Garganis
In the past, prospective home buyers turned exclusively to their banks for their mortgage needs, but you now have more options at your disposal with the growing presence of mortgage brokers. Independe ... [read more]
Are the 2012 Mortgage Rules a good idea?
July 5, 2012 | Posted by: Mike Garganis
As you heard by now, the Federal Government made some changes to help curb Canadians from getting in over their heads. Now obviously the banks won’t come out and say “we’re opp ... [read more]
