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

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...

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OFSI’s New Stress Test

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...
Aggressive sales at the bank

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...
Debt Zombies

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...