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Fixed vs. Variable: Mortgage Rate Predictions for 2019!

In the fall of 2018, many economists predicted that the Bank of Canada would increase interest rates 3 or 4 times in 2019, but that’s no longer the case! The global economy appears to be slowing and rarely do central banks increase rates when an economy is struggling. RBC recently announced a reduction in their five-year […]

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How to Keep Debt Low as Interest Rates Rise

Canadians will soon no longer be able to enjoy low-interest mortgage rates. A recent key rate increase by the Bank of Canada means that after nearly a decade, borrowing costs are on the rise for Canadian consumers. Household debt in Canada is at a near all-time high — and this debt is only expected to […]

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Why do Variable rates go up?

What factors influence Variable rate mortgages? There are many factors that influence mortgage rates from: social, and political issues, the health of the economy, unemployment, inflation, consumer confidence, and the housing market. Variable Rates and the Overnight Rate Overnight interest rate is the rate which banks borrow and lend one-day funds amongst themselves. Overnight rate […]

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Top 4 reasons to Refinance your mortgage

You don’t need to wait until your next renewal.  With interest rates still at historic lows, you can yield substantial savings & gain some financial breathing room — in many cases even after considering the breaking penalties on your current mortgage. At team Rick Sekhon, we are standing by to analyze your options and ensure that refinancing […]

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Up To 7% cashback on your new mortgage?

What is Cash Back Mortgage? A Cash Back Mortgage offers a cash rebate at the time of closing between 1% – 7% of the total mortgage.  Cash Back Mortgages are available for Purchase loans as well as Refinance loans. Benefits of a Cash Back Mortgage Purchasing a home and need extra funds? Settling closing costs Buying furniture […]

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Benefits of Owning vs. Renting reaffirmed in new study from MPC

A study from Mortgage Professionals Canada has determined that the rising rents are making homeownership the affordable alternative. How much could buyers save? The analysis compared the cost of renting vs. owning across Canada both 5 years and 10 years into the future, using 266 different “cases” of locations and types of dwellings, along with higher interest rates […]

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Why only 5? Lock in 7 yr fixed rates today! ??

Mortgage interest rates are increasing quickly. Fortunately, we are still living in a historically low-interest rate environment.  But, this party can’t last forever. If you are planning to stay in your home for more than the typical 5 years term most lenders offer —  it might be prudent to lock-in your interest rate in a LONGER TERM MORTGAGE at […]

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WHY USE A PRIVATE MORTGAGE LENDER ?

WHY USE A PRIVATE MORTGAGE LENDER? You would use a private mortgage lender under any of the following circumstances: To pay off high-interest credit card debts To pay for home repairs or renovations For living expenses after a work layoff To stop a power of sale/foreclosure To pay tuition fees for college/university Equity take-outs for starting […]

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