Financial Tune Up Archives - Page 5 of 6 - The Personal Mortgage Group

To lock-in or not to lock-in… is that really the question?

On Wednesday morning, the Bank of Canada announced a rate hike of 0.25% on the overnight lending rate. Lenders will be implementing the rate hike at different times over the next two weeks with all Prime rates increasing from 3.20% to 3.45%. This being the third rate hike in a year, some clients will be wondering whether they should lock in. The outlook is uncertain whether we can expect another rate hike or potentially rates falling again. There are a number of factors that could lead to either result and CIBC Chief Economist Benjamin Tal conducted a webinar on that subject yesterday afternoon. You can watch the webinar HERE. There is some economic-speak, but this is mainly in for the...

Confirmation bias & fake news. There’s more to the story of mortgage rates

Simple discourse. 2017 was an interesting year, a year of polarization and extremes. While this isn’t new, I find increasingly, measured debate and analysis has eroded into tweets and talking points. Conversations that have real implications to the development of our...

Financial Tune Up

OFSI’s New Stress Test

People have been listening to new jargon like “stress test” regarding mortgages. The government is using new words, which, in my opinion carry very negative connotations. Stress Testing is a practice as old as the woods in lending. It is called “qualifying for your...

Financial Tune Up, In the News

Aggressive sales at the bank

For starters – check out what Rob Carrick has to say from the Globe & Mail about this. Just because the banks are extending you credit it does not mean you qualify for it. It would be hard to miss the CBC exposure of the Bank employees complaints of...

Financial Tune Up, In the Community

Debt Zombies

In the spring of 2012, we were trying to come up with something fun to send out to the neighbourhood as our debt consolidation outreach. We are the first people you should call when you need to consolidate debt because we not only help to consolidate your debt, but to...

Financial Tune Up, Home Away From Home, Improving Your Home, Planning Your Move

How much does it cost to break my mortgage?

In the past year, the subject of break penalties has come up almost as often as the fixed vs. variable rate conversation and for good reason. There is a major discrepancy in the way that break penalty is handled from lender to lender. The major bank break penalties...