Easy123Mortgage

A common goal for many homeowners is to become mortgage-free. After all, how good would it feel to eliminate that payment entirely? Prepayment privileges are a proven way to get there faster… by increasing your regular payments or adding lump sums, you can shave years off your amortization and save thousands in interest. However, there is a faster way to reach mortgage freedom. While aggressively using prepayment privileges is a popular strategy , it’s missing one powerful c

After reaching their lowest point in 3 years back in April, bond yields climbed by roughly 32% by mid-July. This resulted in multiple hikes to fixed rates over that period, with some lenders increasing by as much as 0.40%.  Fortunately, bond yields have started to settle back down, with a particularly steep drop on Friday, August 1 st thanks to cooler US employment data released that day.  Only 73,000 new jobs were added, which was a whopping 289,000 fewer than expected. Whe

This morning, the Bank of Canada delivered its fifth scheduled policy announcement of the year, opting to keep its overnight rate unchanged… a decision in line with most analysts’ forecasts.  Strong employment figures and stubbornly elevated inflation have kept the central bank on pause for a third straight meeting. While many economists still anticipate at least one rate cut before the end of 2025, those reductions must await a clear return of inflation to the BoC’s 1–3 perc

With so many choices out there, shopping for a mortgage can feel overwhelming… regardless of how many times you’ve been through it before. Some become overly focused on getting the lowest mortgage rate without even considering if the mortgage even suits their needs to begin with. As it is, choosing a mortgage based on rate alone can be a costly mistake. Let alone, choosing one that may not even suit your needs.  Before even thinking about rate, we first need to determine th

After hitting a three-year low in April, fixed mortgage rates have quietly begun to climb again. While insured rates remain as attractive as 3.79%, and a handful of uninsured options still flirt with the sub-4% threshold, most mortgage lenders have now pushed all their fixed-rate offerings above 4.00%.  What’s Driving Rates Higher? As you’ll continually hear me say, fixed mortgage rates are heavily influenced by bond yields , which have been in an upward trend since early Ap

One of the biggest decisions homebuyers face is whether to go with a fixed or variable mortgage rate. It’s also one of the most common questions we get at PMT. The truth is, there’s no one-size-fits-all answer. Every client comes from a different financial situation, with different goals and risk tolerance. What works for your friend or neighbour may not work for you. In today’s uncertain market, the decision is tougher than usual. While I may recommend a fixed rate for one c

When Mike and Suzanne sat down to look at their finances, the mood was tense. Between raising two small children, juggling careers, and managing the costs of everyday life, their debt had quietly crept up over the years… and it was costing them a small fortune:  Debt Type Balance Owing Interest Rate Monthly Payment Credit Card $20,000 19.99% $333 (interest-only) Car Loan $30,000 6.00% $850 Line of Credit $35,000 9.99% $291 (interest-only) Personal Loan $18,000 8.00% (4 yrs le

Thinking about buying a cottage? There’s nothing like escaping the city for weekends by the lake… campfires, tubing, wakeboarding, fishing, and family memories just steps from your door. Some of my fondest childhood moments were made at the cottage. But before you start your search, it’s important to understand how mortgage financing works for cottage properties, which often differ from typical homes. Type A vs. Type B Cottages: What’s the Difference? The first thing you’ll n

After a streak of seven consecutive rate cuts, the Bank of Canada has hit the pause button… not once, but twice. With the next announcement set for July 30, the mortgage world patiently (or impatiently) awaits. Will the BoC resume its cuts? Will they pause for the third time in a row? Or are we in for a plot twist that no economist saw coming? Let’s break down the latest forecasts from Canada’s Big Six banks… and more importantly, what all of this means for your mortgage stra

Renewing your mortgage might seem simple. Your lender sends you a form, you sign and and send it back. That’s it, you’re done!   We’re all busy and sometimes this seems like the right choice. After all, now it’s out of your hair and you don’t need to worry about it for another 3-5 years.  But this can be a costly mistake.  Here are five key things you MUST consider before locking in that new mortgage term.  1. Are You Ready for Payment Shock? Anyone who took a 5-year fixed mo

In its fourth scheduled announcement of 2025, the Bank of Canada (BoC) has held the overnight lending rate steady for the second time in a row. Many had expected this to be the meeting where rate cuts would resume following April’s pause. But those hopes were dashed after a stronger-than-expected inflation report from Statistics Canada on May 20th. That single report sent bond yields soaring, prompting most lenders to hike their fixed mortgage rates before the week was out.

It’s one of the most common and costly mistakes we see borrowers make: holding off on applying for a mortgage while chasing that elusive “lowest rate.” It seems smart on the surface—why rush when you can keep shopping around? But in today’s volatile rate environment, this strategy can backfire hard. Here’s the truth no one tells you: by the time you decide to move forward, the deal you thought you had could be long gone. Rates can rise overnight, and quotes don’t mean a thin

At first glance, April’s inflation data might seem like good news: CPI inflation dropped to 1.7%, down from 2.3% in March. That decline has been largely credited to the elimination of the carbon tax, which helped lower prices at the pump. Lower inflation sounds positive, but the real story is more complex, and unfortunately, not as encouraging for fixed rate borrowers. The numbers that truly matter when it comes to rate movement tell a different story. Headline vs. Core Infla

Spring is in the air… and so is confusion.  While trees are budding and patios are filling up, mortgage rate predictions are bouncing around like a squirrel on espresso. Thanks (or no thanks) to Donald Trump’s ever-changing stance on tariffs—and just about everything else—economic forecasts are in constant flux. And when the U.S. sneezes, the Canadian bond market tends to catch a cold. Amidst all the turmoil, the Big Six banks in Canada have once again updated their interest

Out of all available mortgage products, the 5-year fixed has historically been the most popular among mortgage borrowers. However, that changed roughly three years ago when 3-year fixed mortgage rates took the crown for the most popular mortgage product by a landslide.  Why?  Because rates were expected to drop, and locking into a shorter term meant borrowers could hit the reset button sooner and potentially renew into lower rates. Fast forward to today: fixed mortgage rates

Let’s face it—nobody wants to overpay for anything, especially not the biggest loan they’ll likely ever take on. And while getting the lowest mortgage rate seems like a no-brainer strategy to save money, it's not the whole picture. Mortgages aren’t just about numbers—they’re machines full of moving parts, and unfortunately, banks are the ones who designed them. Banks are smart, and if there is one thing they are really good at, it’s making money off their clients. If you’re s

After seven straight rate cuts, the Bank of Canada has finally tapped the brakes—at least for now. The overnight rate remains unchanged, keeping prime rate steady at 4.95%. If you’re thinking, —you’re not alone. It’s easy to get lulled into a false sense of security in a downward cycle. But this is a pause , not a full stop. Most economists still expect more cuts ahead, with five of the Big Six banks forecasting another 0.50% to 0.75% in reductions by the end of 2025. The one

Since the start of 2025, fixed mortgage rates have dropped by about 0.50% . Compared to the peak in October 2023, we’re down 2.50% . That’s not just a dip – it’s a nosedive. We haven’t seen rates this low since in more than three years.  But before you pop the champagne… We need to talk about what just happened this week. A Yield Spike That Could Derail Everything On Monday, Government of Canada bond yields spiked more than 7% — the biggest single-day move we’ve seen in year

Fixed mortgage rates are easy to understand: one rate, one payment. If you take out a $500,000 mortgage at 3.99% over 25 years, your monthly payment is going to be the same no matter which lender you go with. Simple, right?  Variable rates, though? That’s where things get murky. Two lenders could offer you the rate, with the amortization and loan amount — yet one ends up costing you more. And that’s you even consider the fine print. Spoiler alert: the devil’s in the detail

Fixed mortgage rates have fallen substantially since they hit their peak in October 2023. At the time, pretty much all fixed rates were over 6%. Fast forward to today, and there are now fixed rates as low as 3.74%... depending on your specific situation.  When mortgage rates are in a downward trend, it can be easy to get caught up in the excitement, often waiting to see how low they will go. But waiting to lock in a rate can be a costly move. There is now a major threat to lo