With different banks offering significantly different mortgage rates, a common question I’ve been getting is, “Why?” If banks want to stay competitive, shouldn’t their rates be similar? And if a bank is offering significantly lower rates, how are they still making money? The answer is complex and depends on several factors. For example, some banks … Read more
With all the ups and downs in the stock market, changing interest rates, and economic policies like tariffs, I’ve had a lot of clients reach out wondering how this all impacts their mortgage. Because of this, I decided to write this article to break things down a bit: 1. How the Stock Market Affects Mortgage … Read more
As a mortgage agent, I’ve witnessed many clients make avoidable mistakes that can significantly impact their long-term financial health. Whether you’re a first-time homebuyer or a seasoned real estate investor, steering clear of these common pitfalls can save you time, money, and unnecessary stress. Here are the top mortgage mistakes to watch out for: 1. Ignoring Your … Read more
Applying for a mortgage is stressful enough for salaried employees — but if you’re self-employed, the process can seem even more daunting. With the right preparation and strategy, you can make your mortgage journey a whole lot smoother. Here are some expert tips to help self-employed individuals approach their mortgage applications with confidence. Be Transparent … Read more
Navigating the mortgage market can be challenging, especially with various rules designed to protect both borrowers and the broader economy. One such rule is the mortgage stress test, introduced by the Office of the Superintendent of Financial Institutions (OSFI) to ensure that borrowers can manage their mortgage payments even if interest rates rise in the future. What Is … Read more
As a mortgage broker, I often get asked by prospective homebuyers about the various ways to come up with a down payment. To address these questions, I’ve put together an overview of some of the more common strategies that can help you take that critical first step toward homeownership. Leveraging the RRSP Home Buyers’ Plan … Read more
When considering a mortgage, it’s crucial to understand the differences between the three main types of mortgages in Canada: Fixed-Rate Mortgages (FRM), Adjustable-Rate Mortgages (ARM), and Variable-Rate Mortgages (VRM). While these terms may sound similar, they operate in different ways, and each comes with its own pros and cons. Here’s a clear breakdown to help you decide which … Read more
Smart Ways to Save on Your Mortgage In today’s economic climate, many of us are looking for ways to cut costs, and one often-overlooked area is the mortgage. Whether you’re a first-time homebuyer or a seasoned homeowner, there are several strategies that can help you save money on your mortgage. Here are a few effective … Read more
Is Refinancing Really a Bad Idea? Rethink How You Use Your Home’s Equity The idea that refinancing is simply adding more debt is a common misconception. But is it really just about accumulating more debt, or is it an opportunity to make your home work for you? For most homeowners, the focus has been on … Read more
Hi, I’m Moe and this is my first ever blog post. I am a Mortgage Agent and Co-Founder of Palm Mortgages. Here’s a little bit about me and why my wife, Mariam, and I started Palm Mortgages. I’ve been working in the mortgage industry for over 10 years, with most of that time spent working … Read more
