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Contact Information

2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: info@mortgagelegko.com





News
3 October 2012

GTA housing market is healthy despite tighter mortgage standards
According to the recent report by the Toronto Real Estate Board (TREB), September sales of existing homes in the Greater Toronto Area fell by 21% from September 2011. Meanwhile, the average price rose by 8.5%.
Many economists believe that stricter mortgage insurance rules can be the main reason for such a decline. Nevertheless, TREB says the decrease is actually smaller, as there were fewer working days last month than in September 2011.
The number of detached homes sold in Toronto downtownarea was down by 27% from a year ago, and the prices were up by 10%. In addition to it, condo sales in this region fell by 29% with prices going up by 8%.
It should be noted that TREB’s report is based on the MLS system transactions, so it shows mainly resale of existing homes and doesn’t include new construction.

 
2 Ocotber 2012

3 or 5 years fixed mortgage? Are Variables going to come back?

Until variable rate discounts will come back into P-0.5% or lower there is no point even to consider variable rate mortgage for the majority of today’s borrowers. Especially when we have sizzling hot deals on 3 and 5 years fixed rate mortgages!

How do you like 2.94% for 5 years fixed rate? Not low enough? You can choose 2.69% for 3 years fixed – which is lower than most variable offers today, but guaranteed not to increase for next 3 years! So today’s choice for most people applying for a mortgage is 3 or 5 years fixed.

Let’s compare and analyze those 2 great offers.

Assumptions:

•             3 Year rate of 2.69% vs. 5 Year rate of 2.94%.

•             $250,000 mortgage amount with monthly payment at a 25 year amortization.

•             Calculations compare the results at the end of the 3rd year between a 3 year fixed term vs. a 5 year fixed term mortgage.

 
1 October 2012

Mortgage 101: Mortgage payments frequency

Usually, the majority of financial institutions offer a few different payment frequency options:

  • monthly
  • semi-monthly
  • biweekly
  • accelerated biweekly
  • weekly
  • accelerated weekly

Accelerated type of payments

Both accelerated weekly and accelerated biweekly payments can help you save tens of thousands in interest costs.

 
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News

30 March 2015

Most Canadians would prefer fixed mortgage rate According to Nielsen’s survey for CIBC, in case Canadian consumers had to choose a mortgage rate toda...Read more >>

27 March 2015

Stephen Poloz on the central bank’s credibility The Governor of the Bank of Canada Stephen Poloz took a defending position answering critics’ questio...Read more >>

26 March 2015

Genworth – condo market will face a soft landing According to the recent condo market study by Genworth and the Conference Board of Canada, most citi...Read more >>
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7676 Woobine Avenue Suite 300 Markham, ON L3R 2N2
2180 Steeles Avenue West, Suite 204, Concord Ontario L4K 2Z5
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