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Mortgage Q & A With Tony Della Sciucca!
Mortgage
< 1 minute read
April 21, 2023
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15 Comments
Pick5 is a weekly series comparing and analyzing five residential properties based on price, style, location, and neighbourhood.
Kevin
at 7:30 am
Good timing here, David.
Hi Tony,
Has the amortization period changed at all in the past year? I’ve read a lot about the comeback of the 40-year amortization or even a 35. I’m assuming that when rates shot up, the lenders must have done something to offset the effect?
Appraiser
at 8:13 am
With inflation seemingly under control, do you think interest rates will start to decline any time soon? Thanks.
hoob
at 8:18 am
With inflation seemingly still rampant, do you think interest rates will start to rise any time soon? Thanks.
Appraiser
at 8:32 am
How original. What’s it like living in an alternate universe?
Artyom
at 9:50 am
Inflation 4% and 0.5 % up comparing to last month .. but from you everything under control! Nothing to see here!!
You sound like a liberal mp
Appraiser
at 6:01 am
Stop embarrassing yourself. Inflation has declined steadily since June when it peaked at 8.1%. You sound like an uninformed voter.
https://tradingeconomics.com/canada/inflation-cpi
Jenn
at 10:02 am
Maybe this is a dumb question but what does a mortgage broker do differently then a bank?
Derek
at 10:47 am
How’s business?
Paul
at 11:37 am
Have the ratio of fixed rate to variable rate mortgages that people are signing up for changed over the last year?
Anwar
at 12:15 pm
This sounds unoriginal but I too would love a view into the crystal ball. When are rates going to decline? Thanks!
your_favourite_tenant
at 12:47 pm
With rates for insured mortgages lower than for uninsured, does it ever make sense to make a lower down payment and pay for insurance? Does the rate remain insured if one later switches lenders and/or once one has 20% equity? For example, could one make a 19.5% down payment, thus having an insured mortgage, and then (assuming one chose a mortgage with low penalties) switch lenders and make a payment to get above 20%, and switch to a 30 year amortisation to get the best of both worlds – a lower rate and a longer amortisation?
Do you think the amortization for insured mortgages will ever increase again beyond 25 years?
Chris
at 3:53 pm
What about interest-only mortgages? How do these work? Is it the government that says you have to pay interest AND principal? Interest-only would help with the monthly payments.
Tony
at 1:56 pm
You seeing more people going to private lenders when need to renew their mortgage or refinance? Could we get a example of where or why this happens?
Mike
at 10:22 am
My mortgage broker said OSFI is looking at implementing the stress test for mortgage renewals even if you stay with the same lender. He says it’s not going to happen. Can you share your thoughts?
Kyle
at 9:40 am
Now that rates have risen and IRD penalties are no longer locking existing borrows to the same institution, can we expect to see bigger discounts off posted/prime from lenders, as competition heats up for the relatively fewer sales happening this year.