My name is Michael Fortin, and I have created this website to provide you with a better understanding of the factors involved in your mortgage decision, and provide tools to make your mortgage experience simpler. Each individual's circumstances are unique, and this website cannot cover every aspect of importance to you. Please feel free to contact me - at no charge - to discuss your personal circumstances. There is no commitment on your part, and all information is kept confidential.
March 02, 2010
Bank of Canada maintains overnight rate target at 1/4 per centOTTAWA - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent and reiterates conditional commitment to hold current policy rate until the end of the second quarter of 2010. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.
February 18, 2010
New Mortgage Lending Rules
On April 19 our government will lay down three major rule changes to "prevent" a housing-price bubble and keep homeowners from getting "overextended."
These new rules apply to government-backed insured mortgages only.January 27, 2010
Interest Rate Hike This Summer?
The Globe and Mail - David Rosenberg
Don't count on it. For the Bank of Canada to raise rates before the middle part of 2011 would be totally inconsistent with its current forecast.February 01, 2009
Home Renovation Tax Credit
You may be able to claim a 15% tax credit on eligible renovation expenditures of over 1,000 but not more than $10,000. This credit can be used for renovations to the dwelling or the land on which it sits.
February 01, 2009
Extended amortization periods may allow you to qualify for a larger mortgage. The longer the amortization period, the smaller the monthly payments and hence the larger property you can afford.
| Mortgage Rates - March 12, 2010 |
|---|
| 1 Year Fixed | 2.35% |
| 2 Year Fixed | 2.95% |
| 3 Year Fixed | 3.25% |
| 4 Year Fixed | 3.69% |
| 5 Year Fixed | 3.69% |
| 7 Year Fixed | 4.95% |
| 10 Year Fixed | 5.20% |
| Closed Variable | 1.85% |