Mortgage Logic

Consumer Advice

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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The Perfect Loan File

Mark Greene, Forbes When I was a kid, my father occasionally issued directives that I naturally thought were superfluous, and when asked why I needed to do whatever it was he wanted me to do, his answer was often: “Because I said so.” Accepting Documentation Requirements – Makes Life Easier! The media has it all …

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Significant Statistics

Prudence Paying Off For Canadian Mortgage Borrowers – Spring 2010 • There are approximately 9.3 million homeowners in Canada, including about 5.55 million with mortgages. • Almost 80 per cent of young borrowers have opted for a fixed rate mortgage or a mortgage that combines fixed and variable rates. • A small number of mortgage …

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Tal Talks Recovery, Dismisses Housing Bubble at CAAMP Session

Benjamin Tal kept an optimistic tone during his talk at the annual CAAMP conference, saying the recession is over, business bankruptcies are down, and key interest rates in Canada could remain low well into next year depending on when U.S. rates rise. “In Canada, there was no need to print money for stimulus during the …

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Don’t Handcuff Your Mortgage

Garry Marr, Financial Post Would you like to pay an extra $300 per month on your mortgage? Not likely. That hasn’t stopped a number of Canadians, with the deal of a lifetime on a variable-rate mortgage, from switching over to a more expensive fixed-rate product and paying the extra freight. A fear of rising rates …

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