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With current market conditions and rate increases, we are reaching a point where many of us might see a payment reset on variable rate Mortgages with static payments. Feel free to reach out to discuss your options and where you stand 647 901-7948 info@modomortgages.ca

The Bank of Canada today (Sep 7, 2022) increased its target for the overnight rate to 3.25% from 2.5%. This means for those of you with Variable rate Mortgages, rates would increase by 0.75% This translates to an approximate monthly increase of $39 per $100,000 Mortgage balance. So if you have a Mortgage balance of […]

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The Bank of Canada today increased its target for the overnight rate to 1% from 0.5%. This means for those of you with Variable rate Mortgages, rates would increase by 0.5% This translates to an approximate monthly increase of $26 per $100,000 Mortgage balance. So if you have a Mortgage balance of $500,000, this would […]