Mortgage Blog

Working For You, NOT The Banks!

Category: The Mortgage Industry (36 posts)

Bait and Switch Mortgage Strategy

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

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

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]

Canadians are overpaying by staying with their bank

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

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

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?

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

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

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?

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!

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?

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?

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?

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

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

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

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]

No Rate Change, Brexit, and OSFI tightening

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

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

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

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

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

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

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

“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

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]

Choosing the Right Mortgage

Choosing the Right Mortgage

April 21, 2013 | Posted by: Mike Garganis

Armed with all of this information, how do you decide which mortgage is best for you? Some questions to ask yourself would include:   Long Term vs. Short Term Am I planning to live in this ho ... [read more]

Nothing proprietary about the Banks' mortgages

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?

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

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

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

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?

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

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?

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]

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