Month: July 2015

15 Jul

Bank of Canada lowers overnight rate target to 1/2 per cent

General

Posted by: Eileen Crosbie

The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

Click here for full article from the Bank of Canada.

 

13 Jul

Are there pitfalls to the “early mortgage renewal”?

General

Posted by: Eileen Crosbie

Early mortgage renewal: A gift horse to examine carefullyAre there pitfalls to the “early mortgage renewal”?

The Globe & Mail highlights six excellent points to consider.

  1. Consider ALL switching costs and savings
  2. Consider the risk of rising rates
  3. Don’t overestimate the risk of rising rates
  4. Factor in the hassle element
  5. Shop around (or use a mortgage broker!)
  6. Don’t succumb to pressure tactics

Lots of great information in this article so be sure to check it out.