In 2 weeks time, many Canadians are going to find it much more difficult to buy the home they want. New mortgage rules are coming into effect at CMHC which will require all high-ratio mortgages to qualify for 5 year mortgages using the Bank of Canada qualifying rate (currently 4.64%) instead of at the actual mortgage rate (currently about 2.44%). High… Read More »
The difference between bank and broker mortgages
Great article here on the Globe and Mail about key differences between bank mortgages and those arranged through mortgage brokers. Explains how the big banks use ‘discretionary pricing’ to get you paying higher interest rates, and how they charge much higher penalties if you need to break your mortgage early. //www.theglobeandmail.com/…/dont-judg…/article23526054/
