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Mortgage Education

Fixed vs Variable Rate Mortgage: How Do You Decide?

Fixed vs Variable Rate Mortgage: How Do You Decide?

When you’re in the market for a home, you’re also usually in the market for a mortgage. There are two main types of mortgage in Canada: fixed vs variable rate mortgage. While they each have their pros and cons, there isn’t one right choice. You’ll have to weigh their...

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Thinking About an Online Mortgage Lender?

Thinking About an Online Mortgage Lender?

From filling out the application to signing the papers at closing time, it usually takes two to six weeks to approve and finalize (fund) a mortgage. In today's fast-paced world, that may seem like an eternity. However, mortgages are complex legal agreements. The...

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What To Do Now That Interest Rates Are Rising

What To Do Now That Interest Rates Are Rising

What To Do Now That Interest Rates Are Rising It finally happened. On March 2nd, 2022 the Bank of Canada raised the prime interest rate by 0.25%. This means that for people with a variable rate mortgage the cost of borrowing has started to increase from where it...

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The Connection Between Inflation and Mortgage Rates

The Connection Between Inflation and Mortgage Rates

Canada's inflation rate is now the highest since 2003. Rising inflation is often a signal that interest rates are also likely to increase. Higher interest affects business loans, car loans, credit cards, lines of credit, and of course, mortgage interest rates. But...

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5 (Financial) Things To Do Before House Hunting 

5 (Financial) Things To Do Before House Hunting 

Most people will never borrow more money at one time than when they purchase a home. Getting a mortgage is a huge commitment. Depending on how much you borrow, the interest rate, and the amount of your down payment, your mortgage can change the course of your...

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Calculating the Real Cost of Buying a Home 

Calculating the Real Cost of Buying a Home 

Taking the leap into buying a home is an exciting time for many. If it's your first time, you may still be learning the ropes - and there's a lot to know! How do mortgages work? Is a fixed-rate mortgage better than a variable rate mortgage? What is the mortgage stress...

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Do Canadians Have Too Much Mortgage Debt?

Do Canadians Have Too Much Mortgage Debt?

According to reports, April 2021 saw the highest single-month increase in mortgage debt - ever. Canadians added almost $18 billion in new mortgages that month putting mortgage debt in Canada at an all-time high. Canadian homeowners now owe nearly $2 trillion to...

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How Election Promises Could Affect Home Prices

How Election Promises Could Affect Home Prices

Overall, Canadians have more mortgage debt now than they have ever had. The pace of increase in Canadian housing costs has been news for a long time. Furthermore, in a recent survey, 75% of people who want to buy a home believe they cannot afford one and more than 70%...

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5 Reasons to Work with a Mortgage Broker

5 Reasons to Work with a Mortgage Broker

Mortgage lenders are doubling down on capturing borrowers' attention with advertising on TV, radio and all over the web. Google 'mortgage rates in Burlington' just once, and for the next few months, you'll be targeted with offers for low-interest rates and easy...

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Choosing an Open or Closed Mortgage

Choosing an Open or Closed Mortgage

For new home buyers, the variety of mortgage types and nuances of each can be bewildering. Choosing the right type of mortgage can impact your payments in the short term. It can also impact your future finances by adding or saving thousands of dollars in interest over...

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What’s the Right Amount for a Down Payment?

What’s the Right Amount for a Down Payment?

If you're buying your first house in today's super-hot housing market, figuring out how much you'll need for a down payment can be a source of concern. As home prices continue to climb in most parts of Canada, it can be discouraging to know that as you save, you still...

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The New Mortgage Stress Test is here!

The New Mortgage Stress Test is here!

As of June 1, 2021, changes to Canada's mortgage approval criteria have taken effect. The updated “Stress Test” is an effort by government regulators to cool a super-hot housing market by making it more difficult for homebuyers to qualify for a mortgage. The mortgage...

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4 Reasons Why Real Estate is a Good Investment

4 Reasons Why Real Estate is a Good Investment

When interest rates are at historic lows as they are now, where can you find stable investments with a reasonable rate of return? Where can you find an investment that has the potential to pay a steady income or one that can generate a big impact with relatively small...

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Predicting 2021 Mortgage Rates

Predicting 2021 Mortgage Rates

If 2020 has taught us anything, it’s that things don’t always turn out the way we may expect. Making predictions for 2021 mortgage rates in the middle of a pandemic may be unwise due to the surprising twists and turns we have faced as a collective thus far, but I’ll...

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5 Tips For Buying Your First Investment Property

5 Tips For Buying Your First Investment Property

Buying a rental property is a good investment for your future and a way to generate monthly income. Before purchasing your first investment property, it’s necessary to be aware of what you’re getting yourself into and how you can best navigate any obstacles that lay...

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Mortgage Financing and Real Estate Investing

Mortgage Financing and Real Estate Investing

It is widely accepted that Canada is a great place to invest in real estate. It is a way to generate monthly rental income and also to build wealth over time through increases (appreciation) in the real estate market. What makes real estate very different from many...

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Fixed Vs. Variable Rate Mortgage – HW Advantage

Fixed Vs. Variable Rate Mortgage – HW Advantage

The two main types of mortgages in Canada are Variable and Fixed. With a fixed-rate mortgage, your interest rate (and payment) stay the same throughout the term (i.e., 5-years fixed). Whereas with variable-rate mortgages, your interest rate (and payment) can fluctuate...

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