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Express Mortgages 🏠 Get the lowest mortgage rates in Canada with Express Mortgages at ExpressMortgages.ca

12/27/2023

It would be really helpful in terms of relevance if you dated your blog posts. When your latest article is sent to my email, I often click on links or want to share but without a date, it has little significance. Thanks

12/27/2023

Vote to replace TRUDEAU he is selling Canada out.. and his sidekick..need to retire. Drop interest rates all the way before we loose our homes.. vote foe a new prime minister .. NOW

12/20/2023

the big s**t is going to hit the banks all because they lent to a huge majority of people that could never ever really get the loans unless rates were almost free. then they went on a I am rich buying spree using their homes as new loans or a atm card in equity on over inflated , crime and chinese communist manipulation of the market. i saw homes resell 3 times a year and the pictures and furniture was the same over and over for 9 years... I buy it , sell it to you for a million more and on and on and on, for 10 years. agents getting rich, the province living like saudi arabia with the hundreds of billions in taxes for trasfers. crime orgs from around the world were rejoicing ....

12/20/2023

Canada Interest Rate Act limit pre-payment to 3 months of interest on any loan past its 5th anniversary.

So the banks are dis-incentivized to offer any affordable long term fixed rate mortgage loans, it put all the repricing risk on the bank while the borrower can walk away with minimal pain. They rather renew a borrower into a new term where the pre-payment penalty is at their discretion.

In the US, the mortgages are usually packaged and sold off to a bond fund, so the bank don't usually bear the risk.

This is a major unintended consequence of a government legislation.

12/19/2023

&

I'd love to hear a simple answer as to why Canadian Banks do not allow a simple 30-year fixed mortgage the way US lenders do? Do the mortgage once and never look at it again. This is the only country where your government and its financial institutions worke to screw its customers

12/19/2023

,

Thanks for the illustration, what an eye opener.

However the media/Corp would never explain it the way you do. That would cause mass panic.

12/19/2023

Clients will see average monthly payment increases of $350-$700 at renewal.

This is what is big bold letters above in your article above.
If your going to use Mathematics to explain mortgage rate increases .
You need to provide all the Math.
Not only selective math intended to help CIBC.

LET ME EXPLAIN SO THAT CAN TELL YOU WHAT ALL THE MATH ACTUALLY IS ,
SO THAT BORROWERS ARE NOT MISLED .

YOU STATE THAT AVERAGE MONTHLY MORTGAGE PAYMENT INCREASES WILL BE APPROXIMATELY $525 PER MTH.( 350 + 700) ÷2 = 525.

HOWEVER MORTGAGE PAYMENT HAS 2 COMPONENTS INTEREST & PRINCIPAL.

EXAMPLE

$400K MORTGAGE WHICH WAS @ 2% INTEREST = $666/MTH IN INTEREST AND $1600 IN PRINCIPAL APROX. TOTAL PAYMEMT $2266/MTH
$400K MORTGAGE WHICH RENEWS @ 6% INTEREST = $2000/MTH IN INEREST AND ? WHATEVER AMORTIZATION IS CHOSEN LETS SAY FOR THE SAKE OF THE EXAMPLE $2266 + 334 = $2600/MTH NEW PAYMENT. (2000/MTH INT + 400/MTH PRINCIPAL ) = 2600 PAYMENT

THE FACT OF THE MATTER IS COST OF THE LOAN IS THE INTEREST PAID .

THE ORIGINAL PAYMENT COST THE BORROWER $666 / MTH INTEREST
THE NEW PAYMENT COST THE BORROWER $2000/ MTH INTEREST

THAT IS AN INCREASE IN COST OF $1334/MTH OR 3 TIMES MORE ( 2% PER YR OLD INTEREST - 6% PER YR NEW INTEREST = 4% ×400K LOAN = 16K MORE INTEREST TO BE PAID .

EVEN IF YOUR ORIGINAL PAYMENT WERE LEFT UNCHANGED $2266/MTH IT WOULD ALMOST BE ALL INTEREST. $2000/MTH INTEREST COST.

THE INTEREST IS THE COST OF THE LOAN TO THE BORROWER.
THE PAYMENT IS NOT THE COST .
IT IS THE TIME BY WHICH THE COST IS PAID .

THIS IS THE COMPLETE MATHEMATICS,.
MEANT TO FULLY INFORM .
NOT TO NOT FULLY INFORM OR MISLEAD NOR SUGARCOAT A REAL HURT WHICH IS OCCURRING TO MANY BORROWERS.

12/17/2023

I want bay a house next year,, I have 5 kids in this moment I pay more rent then mortgage ,, now I’m afraid to bay a house with this rates and plus 20% done payment I will never gone make

12/17/2023

You guys must be living in fairyland if you haven't seen distressed selling. Are you propaganda arm of the government.

12/17/2023

I cannot wait for the rate to go down decrease I have a mortgage rewnal coming up early next year. I just worry.

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