BMO slashing mortgage rates. How will this affect you? *Sponsored Guest Post*

The mortgage war is back in full flow and after the Bank of Montreal’s decision to slash mortgage rates down to 2.99% it can seem like the perfect time to look at buying a home. But is there more to it? Should you be concerned or pleased with the latest huge reduction in mortgages?
There’s an old adage that many of us live by: if something’s too good to be true then it probably is – and that probably sums up the latest news in the Canadian mortgage industry. In fact, instead of being pleased, many commentators are questioning whether it’s a case of trapping families or simply a case of covering up losses by getting people signed up for mortgages.
Didn’t low mortgage rates lead to the economic downturn?
One thing that many notice from this idea is that the housing markets, and particularly the low rates offered in the USA, were basically the tipping point for financial meltdown. So, with this in mind, it seems that we didn’t learn many things and are risking our long-term welfare in order to secure short-term success.
That said, as long as you consider all of the options and check the extra charges to the mortgage, it may well work for you. Ultimately, this would be a risk to the homeowner, and it depends what your outlook on life is. If you look at it as various blocks, and sort of work by a five-year plan at a time then it could be right for you – but, generally, BMO has received bad press for this announcement and the other banks have had to follow suit just to compete.
How do you find the right mortgage?
With many people seeing this announcement as banker’s suicide, it’s important to know where you should be looking for your loan. Plus, these special offers aren’t likely to last long so it is crucial that you know how to find what you are after normally.
As we know from this latest announcement, the banks are scared for their market share and rightly so. While many people can get deals by directly going to the lender, most people prefer to use online comparison websites so that they can compare the whole market.
Don’t worry though, while the rates might not be this low, over the long-term you can get everything back that you may lose short-term. By using a mortgage calculator for Canada you can find the best deals based on whatever your wants and needs are. Find out what happens when you pay a deposit and don’t get stuck with extra charges that you couldn’t see previously.
What you need to do is find a site that comes with mortgage brokers right there for your needs. Getting the correct information and advice is crucial to ensuring the best deal for you, your family and your future.


Posted by Michael Edmondstone, a sponsored guest post

Guest post on Balance My Life

Check it out! I was asked to contribute an article on Balance My Life.

My Balance is… in acceptance

How about yours?


Like so many, most of my adult life has been spent spinning – one high-stress situation to the next.

Then I turned a new leaf after nearly a decade of living on edge. I have just begun learning how to function in a state of “normal”. Finally: I’m done school; my new job while meaningful is low-stress (in comparison); I have a supportive spouse settled into our blended life/family; we own our own home; and I am at home to greet my children after school one to two days each week…

I have been in over my head so many times, with my body telling me I had to make a change even when I felt mentally I was coping just fine. I have always struggled with finding balance. I love working, and have a strong desire to be a leader and innovator. On the other hand I also love having time to focus on my family. I have swung on a pendulum between wanting it all and wanting none of “it” – finally coming to the decision that I simply cannot. I cannot have “it” all. I won’t be happy with one extreme or the other. So I made a conscious decision to seek a middle ground: part-time employee and part-time at-home parent.

This was not an easy choice. I had to give up the desire to be in charge (at work). Not being woken for urgent calls, not having to rearrange everything in my life for a crisis at work, not scrambling to get my children taken care of, not having to fix everyone else’s problems… these are benefits to my overall well being that are worth making sacrifices for.

Even in balance, I still frequently stray down that familiar path of needing to be busier, more involved and more successful. I think most of us do at one time or another. I have to reign myself in. In an attempt to cater to my desire for more I have given myself permission to become involved in some personal projects that I can work on at whatever pace works for me at the time. This means when I have too much on my plate the projects take a back seat, and when things slow down – or I have a need for a creative outlet – they are there to pick back up again.

Balance is whatever works for you. If you are a parent: You may thrive on careers and find balance in hiring nurturing caregivers that become part of your family. You may choose not to have children at all. You may choose parenthood over the workforce and might return to a career later in life, if ever. I have chosen a middle ground. I may never make the big goals of my career, but I also will not have regrets about spending more time with my family.

Mostly, balance requires accepting the choices we make,while acknowledging that we are the lucky ones. In Canada, there are few things in life that most of us do not have some sort of choice about.

Drop me a note in the comments below, or connect with me on Twitter @ceilidhontherun, email me at ceilidho at ceilidhontherun dot com, or use my contact form!

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