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6 Things You Should Do To Your Mortgage When Interest Rates Drop

April 21, 2009

The Bank of Canada just dropped the prime interest rate by 0.25% making it….0.25%. The federal banks quickly followed.
Here are the 6 things you should do right now.

Call your banker/mortgage broker and reduce your mortgage payments as close to interest-only as possible. Do not go into negative-amoritzation (i.e. where your loan gets bigger).
If you don’t [...]

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Do you know what your line of credit costs?

September 2, 2008

Most people have two phases to their real estate investing. First, they’ve got a little cash for downpayments. Maybe it came from selling their last principle residence, an inheritance, or a buyout or retirement. Either way, cash is the first and most obvious way to go.
Phase two is borrowed money for downpayments and such. The [...]

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Bank of Canada Stands Firm at 3%

June 10, 2008

Well, the Bank of Canada bucked most predictions of a 1/4% rate cut and held the overnight rate firm at 3%. Now, as I mentioned the other day, there’s a serious split between the economies of the east and the west. I think the fact that the BOC chose to hold the rate steady, rather [...]

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