Mortgage Logic

Mortgage Logic

Stories from the Battle Front: Choose the Right Mortgage Broker

A client of ours recently wrote about their experience for others to benefit: “For us, dealing with someone we trusted who had extensive experience in the mortgage lending field was a necessity. Having worked in financial services for a while, I’m lucky to know a few good mortgage brokers, however if you don’t have anyone …

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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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Bank of Canada Makes No Change in Key Rate Last Week

Economic news this week further endorses BoC holding rate steady “Ongoing excess supply” in the economy has yielded stable prices.  Any fear of inflation seems to be subdued by this and the mess in Europe.  Rates continue stable.  The last time BoC altered it’s rate was September 2010.  Bank rate remains at 1%, Prime rate …

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Bank of Canada Summer 2011

Not Changing Key Rate For Awhile The Bank of Canada (BoC) this summer decided to leave their key overnight lending rate alone at 1%, and thus leaving the Canadian Prime Rate at 3%. BoC is between a rock and a hard place: concerned about curbing Canada’s economic expansion (which has been hit by the slowdown …

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