Mortgage Logic

Month: May 2013

B of C Rate Announcement – English Literature at its Finest

Today the Bank of Canada has, on it’s scheduled announcement date, decided to again leave their Key Overnight Lending Rate alone at 1%. This should in turn influence key Canadian financial institutions to leave their Prime lending rate(s) at 3%. We have a allot of respect for people that can take the driest of subject …

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Beware the IRD Mortgage Penalty

IRD, a home owner’s most feared three letter acronym! Clients looking to refinance their existing mortgage to lower their rate or moving to a new property, run into this term every time, especially these days.  The size of an IRD (interest rate differential) penalty depends upon who you have your mortgage with, not just the interest rate …

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