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What is a mortgage pre-approval — and how long does it last?

“To get the best interest rates, you’ll want to be pre-approved by a mortgage specialist who works with multiple lenders . They’ll be able to compare lenders and shop around for the loan terms that best fit your budget.” Not sure about why a pre-approval can make such a difference? Check out this article from the Financial Post:

https://financialpost.com/moneywise/what-is-a-mortgage-preapproval-and-how-long-does-it-last

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Why Ontario Mortgage Rates Have Become Very Low

“With Ontario mortgage rates falling ever since the COVID-19 pandemic hit in March, many people are wondering why. The main reasons for mortgage rates falling across the board are:

1. The Bank of Canada cutting its overnight interest rate,
2. Record low bond yields on Canadian Government bonds, and
3. Added competition among mortgage lenders for business

This trend of low mortgage rates has not only played out in Ontario, with the rest of Canada also seeing record low mortgage rates. This article will explain all three of these reasons in depth, and will give you a better understanding of why mortgage rates are so low.”

https://www.vaughantoday.ca/why-ontario-mortgage-rates-have-become-very-low/

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Ontario Will Now Teach Students How To Apply For A Mortgage & Pay Off Debt In Grade 9

“Ontario’s Minister of Education, Stephen Lecce, has announced that Ontario’s Grade 9 math curriculum will be modernized this fall to better equip students for the future with courses on financial literacy, coding, data, and more.”

We are so pleased to see Ontario including mortgage literacy in the new Grade 9 curriculum!

https://www.narcity.com/toronto/ontarios-new-grade-9-math-program-teaches-students-how-to-save

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When should you break your mortgage for a better rate?

“If you’ve found yourself enticed by a better mortgage rate or another lender offering something more competitive, there’s something you should ask yourself. Does it make sense to break my current mortgage and lock it in at a lower rate?”

Many clients are looking at the option of breaking their current mortgage to save long term.

Read Pattie Lovett-Reid’s full article for the details: