Negative amortization is a situation where your mortgage payment is not enough to cover the interest due. The interest then builds up and your total principal owing increases instead of shrinking. Negative amortization can occur when you have a fixed-payment variable-rate mortgage and prime rate rises. When considering a variable product you should always consider one that […]
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Your Mortgage Up For Renewal?
Mortgage renewal time is a very important time. I see too many people though treating it too lightly. Most financial institutions will not touch base with you until about 30-45 days from your renewal date which does not give you a ton of time to figure out what to do. Especially in our busy lives. […]
Multiple offer situations and how to deal with them.
Whether you are a first time buyer, looking at buying a bigger house or downsizing, if you are looking at buying an investment property it is important to be prepared. This spring a sellers’ market is in full swing, which is more noticeable in certain areas of the Lower Mainland. With historically low interest rates, […]
Another news story on penalties at the bank
Yet again a big bank mortgage penalty has made the news. In this case the CBC news. The thing is, you’re seeing this in the news maybe once a month or two, which is often. I’m seeing it almost daily and that’s no lie. Just this week I started helping out a client, who not […]
Another not always about rate post.
An email I received this morning from a lender sparked this one. They’re calling this a ‘great promotion’. I choose to differ… 2.95% for a five year mortgage! Sounds good and will most likely get the phone ringing. However, I would run, fast, away from this extremely restrictive product. Here’s the fine print which pretty […]