Canadian Mortgage Rates
| Term | Rate |
| Prime Rate (P) | 3.00% |
| Line of Credit (LOC) | 3.50% |
| 5 Year Closed Variable | P -0.15% |
| 5 Year Open Variable | P +0.75% |
| 6 Month Closed | 2.89% |
| 1 Year Closed | 2.79% |
| 2 Year Closed | 2.89% |
| 3 Year Closed | 2.89% |
| 4 Year Closed | 2.99% |
| 5 Year Closed | 3.19% |
| 7 Year Closed | 3.89% |
| 10 Year Closed | 3.89% |
YOUR CANADIAN MORTGAGE BROKER
November 17, 2010
CMHC Wood Heating Guide
If you heat with wood now or are considering the use of wood fuel for home heating, this book is for you.Wood as a home energy source differs in important ways from all the other options. Heating with wood can be challenging because of the physical demands involved. Special knowledge and skills are needed to successfully use this hands-on home heating option. In this book you will find much of the information needed to make sure your wood heat system is safe. You will also find helpful tips on how to operate and maintain it effectively.
Just as with all energy sources, heating with wood has both advantages and disadvantages. Some of the advantages are that wood is a renewable energy resource that does not need much processing. Many users like the fact that heating with wood makes their households self-sufficient for heating and secure during an electrical power failure since firewood burning appliances can operate without electricity. Burning wood from local sources means a double economic benefit in the form of savings to the household budget, and energy payments that circulate locally instead of going to distant energy companies. Some people enjoy cutting, splitting and stacking firewood and treat it as part of their physical fitness routine. Most people find the beauty of the natural wood fire hard to resist and many couldn’t imagine living a winter in Canada without it.
There are disadvantages too. The most serious problem is air pollution caused by older stoves, fireplaces and furnaces that can’t burn the wood completely, and by users who don’t know how to burn wood properly. Even the most advanced wood heating technologies produce more air emissions in the form of small particles than the conventional heating fuels like oil and gas. Heating with wood means that household members must be involved in managing the fire, the fuel supply and doing regular maintenance jobs like ash removal. All these tasks take time and therefore have a cost. Wood fuel is bulky so a winter’s supply takes up a lot of space. There are practical limits to the number of households in Canada that could be heated with wood because of the damage that could be caused to the forest resource and to the air quality in large cities.
Although wood was Canada’s traditional fuel and was the main energy source until about 150 years ago, there have been major advances in wood burning over the past 25 years. These have made wood burning safer, more efficient and convenient than ever before. Some of these advances include:
- New firebox designs are capable of burning the wood more completely, cleanly and at higher efficiencies.
- A new type of door glass can withstand the heat, and a technology keeps the glass clear for days at a time, allowing efficient heating to be combined with viewing of the fire.
Please click HERE for the PDF of the book.
Mortgage Process
In Other Languages
.
Breaking News
More News
December 2, 2011; MCAP has announced an agreement to acquire the residential mortgage operations and certain related assets of ResMor Trust Company (ResMor). The transaction is expected to be completed in the first quarter of 2012 and is subject to regulatory approval and other customary closing conditions. [ Read more... ]
October 25, 2011; The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. [ Read more... ]
October 19, 2011; Since 2008 the government of Canada has made mandatory changes to reduce the maximum amortization period from 40 years down to 35 and now down to 30 years for any insured mortgages.
Insured mortgages (also known as high ratio mortgages) are mortgages that require less than 20% of the value of the home for the down payment or for refinancing, less than 20% in equity. The government backs these mortgages for the protection of the lenders. Currently with these mortgages the maximum amortization period is 30 years.
The media has covered how the amortization has been reduced to 30 years in depth, but they have failed to mention that this is not the case with other mortgage options. Mortgages that are often referred to as conventional or uninsured mortgages, which entail a 20% or greater down payment or equity, still offer amortization periods of up to 40 years. [ Read more... ]
November 17, 2010
CMHC Wood Heating Guide
If you heat with wood now or are considering the use of wood fuel for home heating, this book is for you.Wood as a home energy source differs in important ways from all the other options. Heating with wood can be challenging because of the physical demands involved. Special knowledge and skills are needed to successfully use this hands-on home heating option. In this book you will find much of the information needed to make sure your wood heat system is safe. You will also find helpful tips on how to operate and maintain it effectively.
Just as with all energy sources, heating with wood has both advantages and disadvantages. Some of the advantages are that wood is a renewable energy resource that does not need much processing. Many users like the fact that heating with wood makes their households self-sufficient for heating and secure during an electrical power failure since firewood burning appliances can operate without electricity. Burning wood from local sources means a double economic benefit in the form of savings to the household budget, and energy payments that circulate locally instead of going to distant energy companies. Some people enjoy cutting, splitting and stacking firewood and treat it as part of their physical fitness routine. Most people find the beauty of the natural wood fire hard to resist and many couldn’t imagine living a winter in Canada without it.
There are disadvantages too. The most serious problem is air pollution caused by older stoves, fireplaces and furnaces that can’t burn the wood completely, and by users who don’t know how to burn wood properly. Even the most advanced wood heating technologies produce more air emissions in the form of small particles than the conventional heating fuels like oil and gas. Heating with wood means that household members must be involved in managing the fire, the fuel supply and doing regular maintenance jobs like ash removal. All these tasks take time and therefore have a cost. Wood fuel is bulky so a winter’s supply takes up a lot of space. There are practical limits to the number of households in Canada that could be heated with wood because of the damage that could be caused to the forest resource and to the air quality in large cities.
Although wood was Canada’s traditional fuel and was the main energy source until about 150 years ago, there have been major advances in wood burning over the past 25 years. These have made wood burning safer, more efficient and convenient than ever before. Some of these advances include:
Just as with all energy sources, heating with wood has both advantages and disadvantages. Some of the advantages are that wood is a renewable energy resource that does not need much processing. Many users like the fact that heating with wood makes their households self-sufficient for heating and secure during an electrical power failure since firewood burning appliances can operate without electricity. Burning wood from local sources means a double economic benefit in the form of savings to the household budget, and energy payments that circulate locally instead of going to distant energy companies. Some people enjoy cutting, splitting and stacking firewood and treat it as part of their physical fitness routine. Most people find the beauty of the natural wood fire hard to resist and many couldn’t imagine living a winter in Canada without it.
There are disadvantages too. The most serious problem is air pollution caused by older stoves, fireplaces and furnaces that can’t burn the wood completely, and by users who don’t know how to burn wood properly. Even the most advanced wood heating technologies produce more air emissions in the form of small particles than the conventional heating fuels like oil and gas. Heating with wood means that household members must be involved in managing the fire, the fuel supply and doing regular maintenance jobs like ash removal. All these tasks take time and therefore have a cost. Wood fuel is bulky so a winter’s supply takes up a lot of space. There are practical limits to the number of households in Canada that could be heated with wood because of the damage that could be caused to the forest resource and to the air quality in large cities.
Although wood was Canada’s traditional fuel and was the main energy source until about 150 years ago, there have been major advances in wood burning over the past 25 years. These have made wood burning safer, more efficient and convenient than ever before. Some of these advances include:
- New firebox designs are capable of burning the wood more completely, cleanly and at higher efficiencies.
- A new type of door glass can withstand the heat, and a technology keeps the glass clear for days at a time, allowing efficient heating to be combined with viewing of the fire.
Please click HERE for the PDF of the book.
Mortgage Process
In Other Languages
.
Breaking News
More News
December 2, 2011; MCAP has announced an agreement to acquire the residential mortgage operations and certain related assets of ResMor Trust Company (ResMor). The transaction is expected to be completed in the first quarter of 2012 and is subject to regulatory approval and other customary closing conditions. [ Read more... ]
October 25, 2011; The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. [ Read more... ]
October 19, 2011; Since 2008 the government of Canada has made mandatory changes to reduce the maximum amortization period from 40 years down to 35 and now down to 30 years for any insured mortgages.
Insured mortgages (also known as high ratio mortgages) are mortgages that require less than 20% of the value of the home for the down payment or for refinancing, less than 20% in equity. The government backs these mortgages for the protection of the lenders. Currently with these mortgages the maximum amortization period is 30 years.
The media has covered how the amortization has been reduced to 30 years in depth, but they have failed to mention that this is not the case with other mortgage options. Mortgages that are often referred to as conventional or uninsured mortgages, which entail a 20% or greater down payment or equity, still offer amortization periods of up to 40 years. [ Read more... ]
Insured mortgages (also known as high ratio mortgages) are mortgages that require less than 20% of the value of the home for the down payment or for refinancing, less than 20% in equity. The government backs these mortgages for the protection of the lenders. Currently with these mortgages the maximum amortization period is 30 years.
The media has covered how the amortization has been reduced to 30 years in depth, but they have failed to mention that this is not the case with other mortgage options. Mortgages that are often referred to as conventional or uninsured mortgages, which entail a 20% or greater down payment or equity, still offer amortization periods of up to 40 years. [ Read more... ]