The Bank of Canada had their rate update today (April 13th, 2022) and announced another much anticipated rate increase to the overnight rate. It was risen by 0.50% to 1.00%. This is still lower than pre-pandemic levels. The Bank of Canada overnight rate was 1.75% and was 1.25% in March 2020. Below, we clarify what … Continued
The Bank of Canada had their rate update today (March 2nd, 2022) and announced a much anticipated .25% rate increase to the over lending rate. This means it went from 0.25% to 0.50%. This is the first time the bank of Canada has risen rates since the start of the pandemic. Below we clarify what … Continued
You may have heard that some homes are built “Green” or some similar marketing from a developer. If you purchase a newly built home and have an insured mortgage you may be able to get a rebate on some of the insurance premium you paid! Canada’s three mortgage insurance agencies, CMHC, Canada Guaranty, and SagenTM, … Continued
The Bank of Canada has given their first rate update of 2022. The media has been putting out a lot of doom and gloom about interest rates in Canada lately so we want to clarify a few items along with provide the current update. For the full update from the Bank of Canada: https://www.bankofcanada.ca/2022/01/fad-press-release-2022-01-26/ Key … Continued
HELOC is a term you maybe have heard from a friend, broker or on the news. It stands for Home Equity Line of Credit. But what exactly is a HELOC? Below is a quick summary of this mortgage product, what it is, and how it works: The Basics: A home equity line of credit is … Continued
This week is all about BC Assessments. Here are a few property tax Myths! 1. Myth: My BC Assessment went up 50% my taxes are going to go up like crazy! Fact: In general, if assessments go up overall, the tax rate will go down. Property taxes are calculated by each municipality individually using a … Continued
We are starting a new rate update to be presented 8 times per year to co-inside with 8 times per year the Bank of Canada updates their rates. These rates directly effect variable rate holders. Fixed rates are generally more impacted by the Canada bond yields. We will include a summary of what is happening … Continued
Generally there are 2 options when your mortgage is up for renewal:
1) Renew with your current lender
2) Switch/refinance your mortgage to another mortgage lender
We find clients often ask about bi-weekly mortgage payments. There are actually two types of Bi-weekly payments: Regular bi-weekly and Accelerated bi-weekly. When most people use the term biweekly, they are referring to accelerated biweekly. However, many may not even reailze that there is also a non-accelerated version. What’s the difference between a biweekly and … Continued
Not sure how to make the pre-approval process run as smoothly as possible? Here are a few insider tips that can help! Don’ts Do not change your employment status or leave your current job! We will need to confirm your employment again before your purchase is complete. Do not take on a new Car, Truck, … Continued