The 10-year term in Canada is pretty rare these days (less than 1% of mortgages in Canada have a term 10 years or longer), but a 10-year term below 4% is unheard-of. Or, at least it was until last week. Gone are variable rates with “prime-0.9%” discounts (now they’re hovering right around prime which is… Continue reading 10-Year Mortgage Below 4%
Category: Mortgage Monday
A weekly column written by mortgage agent Tim L. Walker that discusses a wide variety of topics in the mortgage industry.
Consumer and Industry Perceptions
As part of its commitment to understanding perceptions about the Canadian mortgage industry, CAAMP (Canadian Association of Accredited Mortgage Professionals) surveyed both consumers and industry members this past fall. I thought it might be interesting to look at some of the results of that survey (my comments in italics). Canadians have approximately 68% equity in… Continue reading Consumer and Industry Perceptions
The Best Mortgage Rate is Not Always the Best Option
In the mortgage world, there’s always a lot of talk about rate. What’s the current best 5-year rate? What’s the best rate I can get? What’s the best rate you offer? While rate is definitely an important part of the mortgage equasion (and we discussed a while back why term is also important), sometimes the… Continue reading The Best Mortgage Rate is Not Always the Best Option
Mortgage Monday Rate Update – December 2011
This is going to be the last Mortgage Monday blog post for 2011 (we’re all going to take next week off). I figure the best way to end the posts for the year is a look back at rates. Whether you like it or not, stats and numbers are a part of the world of… Continue reading Mortgage Monday Rate Update – December 2011
Compound Interest: Unraveling the Mystery
Article courtesy of MCAP. “If you start saving early in life, the power of compound interest will allow you to retire comfortably.” This is what financial planners tell young Canadians. And it’s true. But what is compound interest? The most basic definition is that compound interest is interest on interest. If you have an… Continue reading Compound Interest: Unraveling the Mystery