By Joe Busillo A recent widely published report by CIBC estimated that a record 47% of all Canadian residential mortgages will come up for renewal in 2018. So big banks should be doing everything in their power to ensure you remain their client, right? It turns out that banks have a different strategy in mind. Instead of offering their clients the best rates to keep your loyalty, they are raising their posted rates, making it more difficult for you to qualify somewhere else (thanks to the stress testing that came into effect this year). If you really want to start saving money, contact an experienced mortgage professional.…

By Joe Busillo I recently received a notice in the mail from one of the BIG SIX and it had nothing to do with Drake. They were notifying me that my secured line of credit (LOC) rate was about to increase by .10% “to be in line with their competitors and market prices”. While the increase itself was not huge, I questioned the rationale and decided to do something about it. I had two options: Simply “accept” the changes by not closing out the LOC, or Call to discuss the changes. I chose option #2 – no surprise there. I reached a client care specialist immediately and she was very…

By Joe Busillo People love to simplify things and that is why we have categories for everything. We like clear answers: Yes or No, True or False, Black or White. In sports we have favourites and underdogs. Few people go to a sporting event and say, “I don’t care who wins, I am rooting for both teams”. However, not everything in life is black or white; just ask a zebra! I have been getting plenty of emails and phone calls lately from clients who want to know whether NOW is the right time to convert their variable rate mortgage to a fixed. The black and white answer to this question is simple. CALL me! Your situation is going to be…