Canadian Mortgage Loans News You Can Use

Submitted by Jasmina on Thu, 2009-07-02 21:48.

Where is my money? It was only a matter of time before Canada Mortgage Rates, which have plunged by almost 50% in the last year, turned higher. The days of ridiculously cheap mortgage rates appear to be over. Now they're just cheap. Here's the latest media roundup:

How high will mortgage rates go?

Recent increases in mortgage rates and bond yields have many home owners wondering how high rates will go, how soon, and what they should do to save the most money. They ask: Should I stick with a low variable interest rate? Or switch to a fixed rate?

Have you missed the great Canadian mortgage sale?

With interest rates hovering near dramatic lows, many Canadian home owners have been taking advantage of rock-bottom mortgage rates to break their existing contracts and refinance at a lower rate. But mortgage rates rose quickly and dramatically last week, leading some to wonder if they have missed the sweetest mortgage recession sale in recent history.

Is it too late to refinance your mortgage?

Sudden and dramatic jump in rates from Wednesday to Thursday means Canadians looking to break their existing mortgage and refinance at a lower rate may have missed the sweetest spot in recent history. But that doesn't mean people can't still trim their payments.

Don't handcuff your mortgage

Would you like to pay an extra $300 per month on your mortgage? Not likely. That hasn't stopped a number of Canadians, with the deal of a lifetime on a variable-rate mortgage, from switching over to a more expensive fixed-rate product and paying the extra freight. But if you've finally managed to pin your banker to the ground, why on Earth would you let him off the mat?

First-time home buyers lack knowledge about borrowing rules and mortgage terminology

What you need to know about today's mortgages: "Unless circumstances require you to take a floating product such as a line of credit or an open variable, we recommend a solid fixed-rate mortgage for the security and peace of mind of knowing what your payment is going to be for the next few years."