You know the situation is bad when Canadians need to be told by a bank to shop around for mortgage rates. While we at the Spy beat that drum daily, banks are normally happy to sell you mediocre “special offer” rates, or even posted rates (for renewers who are gullible enough). That’s why it’s eye-catching to see Larry Tomei, Executive...
It used to be a lot easier to understand mortgages. But since January 2016 alone, we’ve seen: Minimum down payments increased to 10% for any portion of a mortgage above $500,000 Restrictions on refinancing Rates become much more dependent on: loan-to-value (because of changes to default insurance) amortization credit scores A stress test required for all insured mortgages, using the...
Would you rather have the lowest mortgage rate or the lowest borrowing cost? If you picked the latter, good for you. You’re mortgage savvy, and you’re in the minority. Check out this chart from a recent Manulife survey.Its findings show that the “interest rate” dominates all other factors when consumers pick a mortgage. That’s great news for a rate comparison...
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