Why have Variable Rates Gone Up? Blame it on Bad Predictions
We’ve all seen it climb steadily for the past couple of weeks as first one bank, then another, then yet another started raising their variable interest rates on mortgages. Interestingly, the fixed rate has been getting a huge discount at the same time. But the fixed rate going down is just one reason why the variable has gone up. Another reason, a bigger reason, is due to the banks’ bad predictions about the prime rate in the first place.
Read moreToronto Real Estate Looking Towards Fall
And we don’t just mean the season we’re currently in, with the crisp air and the falling leaves. According to the Globe and Mail, the Toronto real estate market – which has been booming for some time and far succeeded other markets in the country – is about to take a dip this fall; and it’s news that both buyers and sellers need to pay attention to. The news comes from a group of Toronto Realtors, and it’s going to change the way buyers and sellers act while on the market, and how they interact with each other.
Read moreWe Ain’t Afraid of no Debt!
A new study conducted for the Royal Bank of Canada shows that Canadians are no longer afraid of the word ‘debt.’ Is this because, on average per person, we’re starting to lower our debt? Unfortunately, it’s nothing quite that optimistic. And it’s not because as a country we’re starting to become more determined about paying off our debt, either. The fact that we’re no longer afraid of the word simply means that we’re getting used to it. And when you think about it, that might not be such a good thing
Read moreCredit Cards, Student Loans & Your Mortgage
So you have some credit card debt. And you have that huge student loan hovering around you, too. But you also want a mortgage. The problem is, with all that debt, you don’t think you’re ever going to get one. But now is not the time to despair. That could just leave you giving up altogether and going into defaulted debt, which will only damage your chances of getting a mortgage even further. Instead have hope, and start understanding that debt you’re carrying around with you.
Read more“Intensification” is Up in Ottawa!
The City of Ottawa is on a mission – to build up rather than out; or rather, to get more of its residents living in apartment buildings or condos closer to the downtown core, and less in the suburbs, such as Kanata. And, according to the City’s Annual Development Report, they’ve been successful so far.
Read moreJust in Case you Didn’t Believe Prices are Going Up
Most of us have been feeling the pinch over the past several months as the prices on just about everything except mortgages keeps going up. But for those of you who still don’t believe, Statistics Canada just released the Consumer Price Index (CPI) for August 2011. While there are some slight differences from the two months prior, July and June, the results when compared with August 2010 are somewhat staggering.
Read moreMortgage Broker TV
Think about it. We watch decorating TV shows for countless hours on end (we must, there’s an entire industry dedicated to it.) We even watch shows where people look at new homes and try to decide on which ones to buy. So, why not watch a TV show about mortgage brokers, and how they help people get mortgages? This is the exact thing a B.C. mortgage broker asked himself; and in answer, he landed himself a role on a reality TV show that showcases the process of applying for, and giving, a mortgage.
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