Mortgage Q & A With Tony Della Sciucca!


< 1 minute read

April 21, 2023

Please ask questions in the comments thread below!

Happy Friday, folks!

Written By David Fleming

David Fleming is the author of Toronto Realty Blog, founded in 2007. He combined his passion for writing and real estate to create a space for honest information and two-way communication in a complex and dynamic market. David is a licensed Broker and the Broker of Record for Bosley – Toronto Realty Group

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  1. 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?

  2. Appraiser

    at 8:13 am

    With inflation seemingly under control, do you think interest rates will start to decline any time soon? Thanks.

  3. hoob

    at 8:18 am

    With inflation seemingly still rampant, do you think interest rates will start to rise any time soon? Thanks.

    1. Appraiser

      at 8:32 am

      How original. What’s it like living in an alternate universe?

      1. 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

  4. Jenn

    at 10:02 am

    Maybe this is a dumb question but what does a mortgage broker do differently then a bank?

  5. Derek

    at 10:47 am

    How’s business?

  6. 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?

  7. 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!

  8. 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?

  9. 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.

  10. 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?

  11. 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?

  12. 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.

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