TRANSCRIPT OF VIDEO BLOG: Hi, everybody. It’s Rowan Smith with Citywide Mortgage Services. The question I’m here to answer today is how do you minimize your mortgage penalties? The short answer is…you have to pick your lender very carefully. Now, on a variable‑rate mortgage, uniformly across the board, it’s essentially a three‑month interest penalty. However,
I came across this article which I thought did a great job of explaining the phenomenon of people rushing out to buy a house in August just to take advantage of lower rates, BUT, they are still low and could go lower yet. Rushing out to buy, just to get a lower rate, but then
TRANSCRIPT OF BLOG: Hi, everybody. This is Rowan Smith from City Wide Mortgage Services. There was an announcement today that OSFI ‑‑ which is the Office for the Superintendent of Financial Institutions ‑‑ has released a report of some studies they’ve been doing that makes it look like they might be tightening mortgage rules further.
