Whistler Real Estate Listings

Increased competition in the supply of mortgages, as well as changes in borrowers' preferences have led to a dramatic increase in the number of mortgage products available on the market. Borrowers are now faced with far more choice and flexibility in terms of repayment plans, allowing them to select the one that best suits their individual needs. One option for borrowers to consider is whether to choose an open or closed mortgage loan. Open mortgages allow borrowers to prepay a portion of their mortgage or the entire amount at any time with typically only a small administrative fee. Closed mortgages, on the other hand, prevent borrowers from prepaying their mortgage without penalty, except where they are permitted under the terms of their mortgage contract or by the Interest Act. The flexibility of open mortgages comes at a higher cost to borrowers, imposing higher interest rates than an alternative closed mortgage with a similar term. Furthermore, open mortgages ge...

This month’s edition discusses why it may be cost-effective for you to break your mortgage early, as well as offers some top home staging tips for when you’re thinking about selling. Please let me know if you have any questions or feedback regarding anything outlined below. Thanks again for your continued support and referrals! Happy Holidays! With mortgage rates still hovering near historic lows, chances are you’ve considered breaking your current mortgage and renewing now before rates rise any further. Perhaps you want to free up cash for such things as renovations, travel or putting towards your children’s education? Or maybe you want to pay down debt or pay your mortgage off faster? If you’ve thought about breaking your mortgage and taking advantage of these historically low rates, feel free to give me a call to discuss your options. In some cases, the penalty can be quite substantial if you aren’t very far into your mortgage term, but we can determine if breaking ...