8 times a year, the Bank of Canada has their meeting. With this meeting, usually comes announcements related to interest rates. Each time one of these announcments happen, we like to provide our clients with a rate update, summarized below. However, with this particular update, I wanted to put some information out in more layman’s terms. … Continued
Lenders often require a home appraisal on both purchase and refinance transactions. If you are refinancing your mortgage or thinking about selling your home it is important to know some of the things that the lender will be looking at.
The Bank of Canada had their rate update today (June 1st) and announced another much anticipated rate increase to the overnight rate. It was risen by 0.50% to 1.5%. This is still lower than pre-pandemic levels. The Bank of Canada overnight rate was 1.75% pre-pandemic. For the full update from the Bank of Canada: https://www.bankofcanada.ca/2022/06/fad-press-release-2022-06-01/ … Continued
While No-Frills mortgage products (also known by lenders as “Smart”, “Low rate”, etc) typically offer a lower or more discounted interest rate when compared with many other available products, the lower rate is really their only perk. This type of product will only seem ideal for you if you have no plans to take advantage … Continued
In today’s economic climate of tighter credit requirements and increased unemployment rates taking their toll on some Canadians, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have just a year ago.
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
If you’re looking to do some home renovations but don’t have all the cash up front to pay for materials and contractors, here are a few ways to use mortgage financing to bring everything together. Mortgage Refinance Probably the most straightforward solution, if you’re an existing homeowner, would be to access home equity through a … 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