Mortgage Blog

7 Questions to Ask Yourself Before Building a Home

7 Questions to Ask Yourself Before Building a Home

Building your dream home can sound really exciting, but have you thought about everything that goes into building a new home?Here are 7 Questions you should ask yourself before making any concrete plans!1. What are my expectations with this new home?Are you looking...

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Fixed or Variable?

Fixed or Variable?

If you're looking to buy a new property, refinance, or renew an existing mortgage, chances are, you're considering either a fixed or variable rate mortgage. Figuring out which one is the best is entirely up to you! So here's some information to help you along the way....

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Bank of Canada Rate Announcement Sept 9th, 2020

Bank of Canada Rate Announcement Sept 9th, 2020

Bank of Canada maintains commitment to current level of policy rate, continues program of quantitative easing. The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent...

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Ultra-Low Interest Rates

Ultra-Low Interest Rates

Chances are if you’ve been paying attention to the news as the Canadian economy continues to work through the COVID-19 pandemic, you’ve heard that interest rates are at an all-time low. And it would appear that they will remain low for a while. In fact, the Bank of...

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Mortgage Post Bankruptcy

Mortgage Post Bankruptcy

This should come as no surprise, but sometimes life throws you a financial curveball. Bankruptcy and consumer proposals happen. It doesn't mean your life is over, and it doesn't mean you won't ever qualify for a mortgage again. The key here is to get a plan in place...

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What is a Second Mortgage?

What is a Second Mortgage?

If you're relatively new to the world of mortgage financing, the term "second mortgage" might cause a bit of confusion; especially if you're a first-time homebuyer buying your first home. You might assume that when your first term is up or if you sell your first home,...

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Mortgage Deferrals Now Recorded on Credit Reports

Mortgage Deferrals Now Recorded on Credit Reports

If COVID-19 has negatively impacted your finances and you're currently deferring your mortgage payments, you should know that this will be visible on your credit report. Here is an image from a recent credit report. In this scenario, it shows that the mortgage was...

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What You Can Expect When Locking in a Variable Rate

What You Can Expect When Locking in a Variable Rate

If you have a variable rate mortgage, and recent economic news has you thinking about locking into a fixed rate, here is what you can expect will happen. Firstly, your lender will be very happy as they will now make considerably more money off you. Not only will your...

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Bank of Canada Rate Announcement Sept 9th, 2020

Bank of Canada Rate Announcement July 15th, 2020

Bank of Canada will maintain current level of policy rate until inflation objective is achieved, continues program of quantitative easing. The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is...

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Payment Frequency, Does it Really Make a Difference?

Payment Frequency, Does it Really Make a Difference?

It has been said that there are two certainties in life; death and taxes. Well, as it relates to your mortgage, the single certainty is that you will pay back what you borrowed, plus interest. However, how you make your mortgage payments, the payment frequency, is...

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Looking for a new mortgage? Start here.

It's safe to say that things have (mostly) calmed down in the mortgage world since the beginning of COVID-19. The rush of mortgage deferral applications appears to be behind us. So if you're looking for a new mortgage, right now is an excellent time to get things...

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Spousal Buyout Mortgage?

If you happen to be going through, or considering a divorce or separation, you might not be aware that there are mortgage products designed to allow you to refinance your property in order to buyout your ex-spouse. For most couples, their property is their largest...

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Improving Your Credit Score

Along with employment stability, and downpayment/equity, your credit score and how you manage your credit is a huge factor in qualifying for a mortgage. If you want the best interest rates available on the market, the higher your credit score the better. However, if...

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CMHC Guidelines Changing July 1st 2020

CMHC just shared the following press release. If you have any questions, please don't hesitate to contact me anytime! CMHC RELEASE JUNE 4th 2020 The COVID-19 pandemic is affecting all sectors of Canada’s economy, including housing. Job losses, business closures and a...

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Bank of Canada Rate Announcement June 3rd, 2020

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. Incoming data confirm the severe impact of the COVID-19 pandemic on the...

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Advice for Living Through These Uncertain Times

It only takes a quick trip to the grocery store to realize that life is VERY different than it was just a couple of months ago. COVID-19 has already left a permanent mark in modern human history. So as you continue life mid-pandemic, here's some good advice: don’t...

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Your Financial Plan to Becoming Debt-Free Post-COVID

Although everyone is experiencing the impact of COVID-19 differently, one thing has become evident. As a result of the pandemic, we’re all paying closer attention to our finances. Looking at life post-COVID, it’s going to be essential to have a financial plan. Here...

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Access Your Home Equity! COVID-19

As the initial shock of living through a global pandemic wears off and restrictions start to loosen, it would seem that Canada is en route to de-COVID soon (time will tell). If you’ve been waiting until things flatten out before making any significant financial...

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A Mid-Pandemic Mortgage Checkup?

If you've been sitting on the sidelines waiting to see the full impact of COVID-19 on the economy before asking any pressing questions about your financial situation, now might be a good time for a mid-pandemic mortgage checkup! Here is a list of questions that have...

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Questions About Appraisals During COVID-19

If you're looking to purchase or refinance a property while most of Canada is self-isolating to stop the spread of COVID-19, you probably have some questions around how the pandemic is impacting appraisals. If you're looking to put a plan together that involves...

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Open for Business During COVID-19

If you're thinking about buying a new property, refinancing your existing mortgage, or if your mortgage is up for renewal, you might be wondering if getting a mortgage is even possible amid a global pandemic? Be assured that it is possible, mortgages are being...

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Is Now a Good Time To Buy? (Covid-19)

If you’ve been thinking about buying a new home, chances are the instability of the Canadian economy and the impact Covid-19 has you second-guessing yourself. And chances are, at this point in time, you are probably right to do so. Right now there is uncertainty in...

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Deferring Mortgage Payments. (Covid-19)

In response to the Covid-19 crisis; for those individuals financially affected, banks and the government have announced that payment relief may be available for up to 6 months of deferred mortgage payments.   As information is changing daily, or hourly, if you have...

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Getting on the Property Ladder

As property prices continue to rise across Canada, the conversation around "how to climb the property ladder" has made a subtle shift to "how to get on the property ladder in the first place." Especially if you're single. Whereas before it was assumed anyone would...

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Should You Keep a Small Balance on Your Credit Card?

Recently the good people over at Nest Wealth published an article called "The Worst Money Advice We've Ever Heard". On the list was "Always keep a small balance on your credit card". What they have to say on the subject is spot on: Someone, somewhere, starting telling...

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What is Bridge Financing?

Let's say you have a home that you've outgrown, it's time to make a move to something more suited for your family. You have no desire to keep two houses, so you decide that selling your existing home, and moving into something new is the best idea. Ideally, when...

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Don’t Assume Anything!

A lot of people get into hot water when they assume that because they've qualified for a mortgage in the past, they will qualify for a mortgage in the future. This article has one point to make and it's this: Don't assume anything when dealing with mortgage financing!...

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Deposit vs Downpayment

As part of the mortgage and real estate processes, there’s a lot of confusion around the differences between the deposit and the downpayment. It's important to understand what sets them apart so you don’t get confused when it’s time to secure financing on a property...

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Bank of Canada Rate Announcement Jan 22nd, 2020

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent. The global economy is showing signs of stabilization, and some recent trade developments have been...

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How to Not Qualify for a Mortgage

If you have no desire at all to qualify for a mortgage, here are some great ways to make sure you don't accidentally end up buying a house and taking out a mortgage to do so. One of the best ways to ensure you won't qualify for a mortgage is to be unemployed. Yep,...

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I Missed a Credit Card Payment… Now What?

If you've missed a payment on your credit card (or line of credit) and you're wondering how this will impact your creditworthiness down the road, this article is for you. But before we get started, if you have an overdue balance on any of your credit cards at this...

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As Simple as Porting Your Mortgage!

As simple as porting your mortgage! Said by no one ever. The truth is, there is nothing simple about porting your mortgage.  "Porting your mortgage" involves transferring the remainder of your existing mortgage term, outstanding principal balance, and interest rate to...

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Minimum Required Credit Profile

Credit. The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. When you borrow money to buy a house, you will be required to prove that you have a good history of managing your credit. But what...

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Bank of Canada Rate Announcement Dec 4th, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent. The Bank’s October projection for global economic growth appears to be intact. There is nascent...

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New Construction Assignment

One of the benefits of working with an independent mortgage professional is having lots of great financing options! Rather than dealing with a single lender who has one set of products, brokers work with multiple lenders who offer a wide selection of mortgage...

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Is Right Now a Good Time to Buy?

If you've been thinking about buying a new home; whether that be your first home, your next home, your forever home, or your retirement home, the doom and gloom of it all might be causing you to question... is right now a good time to buy a home? Well... what if I...

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Bank of Canada Rate Announcement Oct 30th, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent. The outlook for the global economy has weakened further since the Bank’s July Monetary Policy Report...

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Are Lenders Obligated to Renew Mortgages?

It's a common held belief that if you've made your mortgage payments on time throughout the entirety of your mortgage term, that your lender is somehow obligated to renew your mortgage. This is simply not the case. The truth is, a lender is never under any obligation...

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How Interest Rates are Like Gas Prices

Have you ever noticed that just like gas prices, interest rates seem to go up and down for no reason at all? How come it feels like right before you are ready to buy a property, rumours of interest rate changes will start to flood the media? Or why do gas prices...

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