As you may have heard by now, the government introduced some important changes this week that will have a fairly significant impact on the mortgage industry going forward. The changes were not expected and seem to have come out of nowhere, with little consultation from industry representatives. [...]
Any time I sign up new clients for a mortgage, we always spend a lot of time discussing property taxes. We come to the point in the meeting when the client has to decide to either pay the property taxes with the mortgage payments or on their own. 90% of the time clients ask to pay taxes with the [...]
Your credit score is a key element when applying for a mortgage. It is very important that you take care of your credit from the day you get your first credit card. Small credit issues can haunt people when trying to apply for a mortgage, even if those issues were years ago. Here are a few tips [...]
I am often asked to explain why a client should choose to work with a Mortgage Broker (versus their bank, credit union, etc.). The simple answer (the one that we've all heard) is that a mortgage broker offers a variety of mortgage products from multiple lenders and banks, whereas other financial [...]
One of the biggest mistakes homeowners can make is not taking advantage of prepayment privileges associated with their mortgage. Most mortgage lenders will allow you the following privileges to pay down your mortgage quicker: Increase your mortgage payments by up to 20% each year Make lump sum[...]
Variable rate mortgages have been impacted by the two overnight rate cuts by the Bank of Canada so far this year. In total, the overnight rate has dropped by .50% (two cuts of .25%). The major banks have passed on some of those savings to customers by reducing the prime rate from 3.0% to 2.70% (two [...]
All major banks have now lowered their prime rate from 3.0% to 2.85%. We were expecting them to cut their rate by .25% to follow the Bank of Canada but they have decided to take a more "balanced" approach. How does this affect you? Variable Rate Mortgages and Lines of Credit: Variable mortgage[...]
TermRate 1 year6.74% 3 year5.24% 5 year4.99% 7 year5.70% 10 year6.10% Variable RatePrime - 0.90% (6.30%) *Interest rates can change daily and vary depending on your situation. Please contact Mitch to find out more about current interest rates.
A standard mortgage term is 5 years yet it takes most people 20-30 years to pay off their mortgage. This means you will have to renew your mortgage every time you reach the end of a term. Here are some things to consider when your mortgage maturity date is approaching: Your current bank/lender will[...]
The Mortgage Professionals - Serving Kingston Since 1989
License Info
The Mortgage Professionals
License #10280Mitch Thibodeau, Mortgage Broker
License #M09001443
775 Blackburn Mews, Kingston, ON K7P 2N5 Office: (613) 384-4000 x253 Cell: (613) 328-6647 Fax: (613) 384-4047 [email protected]