Mike Garganis - Mortgage Agent

Mike Garganis - Mortgage Agent - Over 20 years in the Financial Industry
- Over 10 years as a Mortgage Agent
- Top producing team i It’s easier than you might think!

Find out how transferring your mortgage can help you get a better rate and become mortgage-free faster. Renew your existing mortgage with us or access the equity in your home.

Looks like fixed rates will be going up soon.Got a few warnings from lenders and the bond yields have been trending up.
09/03/2026

Looks like fixed rates will be going up soon.

Got a few warnings from lenders and the bond yields have been trending up.

08/27/2026

There are some rumblings that the Bank of Canada could cut rates next week.

I'd be happy if they just left them unchanged.

Ongoing trade tensions and tariff disputes create economic uncertainty, economists suggest it creates an economic stalemate, making a rate cut or a rate hike equally unlikely until conditions shift.

The 5 yr bond yields have also come down since last week so the banks are playing 'nice' and didn't increase the fixed rates.

What's my advice?

Let's talk. Everyone's situation is different. There is no one size fits all.

Let's plan to save money together and pay the least amount of interest while doing it.

If you're carrying a lot of debt, let's get rid of it.

Is your mortgage coming up for renewal? You may qualify for insured rates which are the lowest in the market.

Are you purchasing? Does your new home require some work to it and/or do you need a home equity line of credit?

I can customize a mortgage solution to suit your needs and wants.

Contact me today.

Have a great day!

Mike Garganis
416-481-6444
[email protected]

08/21/2026

HOME INSPECTIONS

Clients just contacted me saying they MAY not be moving forward with the purchase after a serious issue with the foundation caught from the inspection report.

These are first time home buyers who don't have the financial means to cover the cost.

Even if they did, this could be a big repair cost, or could lead to additional issues down the road.

A neighbour down the road from me who moved in a few months ago didn't get an inspection and just spent $22,000 on a crack in the foundation. Excavation and sealing on the outside and inside was required to repair it.

I know the importance of going in firm to get the deal, but at what cost?

Always take precaution and get the inspection. It could save you a lot of money.

RATES

Rates are holding steady and some terms have even come down.

But as I mentioned previously, we are in a good place historically speaking.

Especially with renewals, you may qualify for insured rates!!

The difference could be up to half a percent on your mortgage, saving you anywhere from $200 - $600 a month in many cases.

Your bank won't tell you this, but I am. If I can save you money, I will.

Do you want to save money or do you want to just sign back your renewal because it's easy?

Have a great weekend!

Mike Garganis
416-481-6444
[email protected]

08/17/2026

July's Inflation Rate hit 3%.

Unemployment is at a 2 yr low.

This signals a "red-hot" (??) economy with high demand for goods, services, and workers, forcing the central bank to hike rates to cool spending and tame rising prices.

Question is, will the BoC raise or leave the overnight lending rate on September 2nd?

The US held their rate, so hopefully the BoC will follow suit and let the economy gain some momentum.

Rates are a in good spot, BUT if they do go up, I still wouldn't switch to a fixed rate.

If you have any questions or concerns, feel free to contact me.

Mike Garganis
416-481-6444
[email protected]

08/05/2026

If you're in the market to buy a house, hold off on that new car.

Leasing/financing a new car will ruin a purchase deal.

Unless you're buying it outright with your own savings, please wait till after closing otherwise you could jeopardize the deal by inflating your qualifying numbers.

Banks work within specific parameters when qualifying you for a mortgage.

It's based on a percentage of gross income to debt. The calculations looks like this:

Gross Debt Service - 39%
Principal + Interest + Taxes + Heat / Gross Household Income

Total Debt Service - 44%
Principal + Interest + Taxes + Heat + Other Debt Obligations

There is flexibility, BUT it's not as easy as punching in numbers in a mortgage calculator.

Get pre-approved, lock in a rate and hold off on that big purchase until you purchase your home.

The same can go for renewing your mortgage. If you're shopping because your bank didn't offer you a great rate, wait till your mortgage closes.

If you have any questions or want to go through some numbers, please feel free to reach out.

Have a great day!!

Mike Garganis
416-481-6444
[email protected]

07/24/2026

I'm getting tired of these fear mongering, click bait articles.

Financial Post recently posted an article titled - Posthaste: Canadians can't win as rising mortgage rates cancel out falling home prices, says report.

WHAT REPORT???

Facts - rates are under 5%, and some as low as 3.50%. Have they gone up recently, yes, but not by much.

Home prices are down. Rates are down, especially compared to previous years.

People don't realize the options they have before them.

You don't need to settle for your bank's renewal offer, or if you are purchasing, you need to understand rates are in a much better place than previous years.

I have B lender rates under 5%. The bank rates weren't that low a year ago. 2023, they were in the mid 6% range.

Affordability is possible. Stop reading articles or taking financial advice from people who's financial experience comes from being short changed buying a slice of pizza in the 8th grade. Yes, this is what one 'expert' claim to fame is and she has ZERO credentials.

I have 28 years financial industry experience. 20+ years as a broker.

If you want solid advice, please feel free to reach out.

Have a great day and weekend!

Mike Garganis
416-481-6444
[email protected]

The 5 year government bond yields have been trending up for the past week, which means lenders will start to increase fi...
07/23/2026

The 5 year government bond yields have been trending up for the past week, which means lenders will start to increase fixed rates.

If your comfort level is with fixed rates, contact your mortgage rep (or me) and lock in a fixed rate.

Have a great day!

Mike Garganis
416-481-6444
[email protected]

I recently saw a video of a colleague say that rates are still high.I disagree. Check out the chart below and tell me r...
07/16/2026

I recently saw a video of a colleague say that rates are still high.

I disagree. Check out the chart below and tell me rates are high?

The combination of 30 - 35 year amortization, rates in the 3% - 4% range, plus the recent correction of home prices makes this the perfect opportunity for home buying.

And before you say you don't want to take 35 years to pay off your home, I always present that as a budgeting discussion for clients as they can increase their payment to speed up the amortization to a 10, 15 or 20 year period. The choice is yours.

The flexibility is there. Or did your banker/broker not present you with that option? :)

Have a great day!

Mike Garganis
416-481-6444
[email protected]

07/15/2026

Bank of Canada holds the overnight lending rate, which means no change in the prime rate.

Prime rate remains at 4.45%.

July 20 - the next inflation rate announcement. We should see an improvement for June inflation numbers compared to May's numbers, but I will keep you informed of any news.

The 5 yr bond yields have been a roller coaster and many lenders are adjusting their fixed rates weekly. Some have lowered, some have increased, but the main thing is that rates are still in a really good place compared to last year.

Insured rates (high ratio, less than 20% downpayment) - in the low to mid 3% range, depending on the term. Default insurance premium added to the mortgage.

Insurable rates - similar to insured rates, under $1m purchase, under $1m value for switches/renewals.

Uninsurable rates - purchases over $1m, refinancing, these rates are starting in the mid 3% range and go up to mid 4% range. Again, depending on the terms.

This is great news! The BoC in my opinion could have raised rates by a quarter percent based on inflation numbers and the bond yields effecting the fixed rates, we could have very well seen rates nearing 5% again.

Let's see what the inflation numbers look like on Monday and go from there.

BoC's next rate announcement is September 2.

As always, if you have any questions, please let me know.

Mike Garganis
416-481-6444
[email protected]

07/10/2026

Credit is a lot more than just a beacon score.

Best practices to ensure you have a good credit score to qualify for the best rates.

What makes up a credit score?
35% Payment History – Are bills paid on time?

30% Credit Utilization – How much available credit is being used?
Credit balances under 30% make a difference.

15% Length of Credit History – How long have credit accounts been active? Minimum 2 years.

10% Inquiries – 'Shopping' around for rates and/or applying for too many credit cards.

10% Type of Credit – What mix of credit accounts do they have (credit cards, loans, lines of credit)?

I always tell people, contact Equifax once a year to make sure you know what is on there.

Have a great weekend!

Mike Garganis
416-481-6444
[email protected]

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Uxbridge, ON

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