Mortgage Blog

Buying A Home, The 30,000 Foot View

Buying A Home, The 30,000 Foot View

Did you know that the average Canadian will spend roughly 11 months actively engaged in the house buying process? However, most of the dreaming (and preparation) happens before then. Buying a home is a big deal, and it's a decision that shouldn't be taken lightly....

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Bank of Canada Rate Announcement Mar 6th, 2019

Bank of Canada Rate Announcement Mar 6th, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. Recent data suggest that the slowdown in the global economy has been more pronounced and widespread...

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Getting on the Property Ladder

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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You Just Got a Mortgage. Now What?

You Just Got a Mortgage. Now What?

Mortgages are a funny thing. On the one hand they allow you to become a home owner without saving up enough money to purchase the home outright, which is a really good thing. On the other hand, even at today's really low interest rates, as they are amortized over a...

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5 Things to Help You Survive Your 40s & 50s

5 Things to Help You Survive Your 40s & 50s

You know those days where everything goes wrong and you’re so tired you don’t know what direction’s up? They’re a lot more manageable when you know what you’re working towards.   Here’s 5 things that’ll help you survive—and make the most of!—your 40s and 50s. 1. Do...

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What is Bridge Financing?

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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Top Dollar: How High Can You Go?

Top Dollar: How High Can You Go?

Affordability is a major concern for today’s aspiring first-time homebuyers. In hot real estate markets like the Greater Toronto and Greater Vancouver regions, however, the desire for affordability can be challenged by the competitive fervour caused by escalating...

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Can I Give Someone The Downpayment to Buy My House?

Can I Give Someone The Downpayment to Buy My House?

Although it might not always be this straightforward, the question "Can I give someone the downpayment to buy my house?" presents itself in many different ways. And the answer to all of them is no, well... except in one circumstance, but we will get to that later....

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5 Ways to Boost Your Financial Fitness

5 Ways to Boost Your Financial Fitness

Thinking about buying your first home? The race to home ownership is more like a marathon than a sprint: diligent planning, pacing and strategy are the keys to success. Are you ready to approach the starting line? Here are five ways to shape up and boost your...

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Bank of Canada Rate Announcement Jan 9th, 2019

Bank of Canada Rate Announcement Jan 9th, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. The global economic expansion continues to moderate, with growth forecast to slow to 3.4 per cent...

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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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Mortgage Documentation, Plan Ahead!

Collecting the right documentation to prove you are a worthy candidate to borrow a lot of money to buy a property can be an arduous task. The most recent government rule changes and tightening of mortgage qualification isn't making things easier. If you seem to think...

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Your Work Makes You Happier Than You Think

While we may think we dislike our work, research shows we’re considerably less happy doing nothing. The great paradox of working for a living, according to a recent longread by Derek Thompson for The Atlantic, is “that while many people hate their jobs, they are...

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Bank of Canada Rate Announcement Dec 5th, 2018

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. The global economic expansion is moderating largely as expected, but signs are emerging that trade...

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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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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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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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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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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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Bank of Canada Rate Announcement Oct 24th, 2018

The Bank of Canada today increased its target for the overnight rate to 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. The global economic outlook remains solid. The US economy is especially robust and is expected to...

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Benefits of Homeownership Reaffirmed in New Study

Despite deteriorating housing affordability across the country, buying a home is still the more affordable option when compared to renting. A new report from Mortgage Professionals Canada has determined that, despite the rapid rise in home prices, those who are able...

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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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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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Online Mortgage Calculators, Can You Trust Them?

You'd think an online calculator is a pretty straight forward device, one that you should be able to place your full confidence in, and for the most part they are. Calculators calculate numbers, the numbers are reliable, but how you interpret those numbers... not so...

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Bank of Canada Rate Announcement Sept 5th, 2018

The Bank of Canada today maintained its target for the overnight rate at 1 ½ per cent. The Bank Rate is correspondingly 1 ¾ per cent and the deposit rate is 1 ¼ per cent. CPI inflation moved up to 3 per cent in July. This was higher than expected, in large part...

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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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Is the Housing Market Turning a Corner?

While Vancouver area home sales are still posting year-over-year declines, signs are appearing in the Greater Toronto Area that the worst of the housing correction is now over. Experts say that likely won’t be enough to stave off a slowdown in national GDP growth,...

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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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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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Thinking of Selling? Call Me First!

If you've been thinking about selling your existing property, for whatever reason, it would be in your best interest to give me a call before you list for sale. Here are a few scenarios that explain why... Buying a New Property! You have to live somewhere! If you plan...

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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 July 11th, 2018

The Bank of Canada today increased its target for the overnight rate to 1 ½ per cent. The Bank Rate is correspondingly 1 ¾ per cent and the deposit rate is 1 ¼ per cent. The Bank expects the global economy to grow by about 3 ¾ per cent in 2018 and 3 ½ per cent in...

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Housing Market Insight | June 2018 Report

If you've ever wondered about what motivating factors are considered by Canadians, driving them to buy homes, here is a recent report released by the Canadian Mortgage and Housing Corporation (CMHC) that takes a look at our major metropolitan centres. Here are some of...

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In the Middle of a 10 Year Term? You Have Options!

If you bought a house, or had a mortgage renew roughly five years ago, there's a chance the struggling economy and the relatively low interest rate environment (at the time) influenced you to "play it safe" and lock in a mortgage term for the next ten years. Because,...

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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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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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Bank of Canada Rate Announcement May 30th, 2018

The Bank of Canada today maintained its target for the overnight rate at 1¼ per cent. The Bank Rate is correspondingly 1½ per cent and the deposit rate is 1 per cent. Global economic activity remains broadly on track with the Bank’s April Monetary Policy Report (MPR)...

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Homebuyers: Avoid These Common Mortgage Pitfalls

A home is the largest purchase most people will make in their lives. That should reinforce the importance of planning ahead, doing your research, relying on the advice of experts and not rushing through the process. With nearly 700,000 homes purchased in Canada each...

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3 Misconceptions About Reverse Mortgages in Canada

One of the benefits of working with an independent mortgage professional is choice when it comes to mortgage product. When you work with a single bank or financial institution, you are limited to the products they offer. When you deal with a mortgage broker, you gain...

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The State of Mortgage Consumers

Mortgage consumer debt reached a record level in the second quarter of 2017, yet mortgage holders have proven capable of managing their increasing monthly obligations. That’s according to CMHC’s recently released Mortgage and Consumer Credit Trends report, which said...

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Latest Mortgage Stats | 2018

There have been a number of reports released over the past few weeks that have provided some interesting insight into the state of the housing and mortgage markets. New reports have touched on everything from 2018 renewal rates, foreign buyer statistics and credit...

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Avoid This Mistake When Shopping for a House

No doubt about it, buying a home is an emotional experience. It's a game of balancing needs and wants, while trying to be honest with yourself about those very needs and wants. It's hard to get it right, figuring out what's negotiable and what isn't... what you can...

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Bank of Canada Rate Announcement April 18th, 2018

The Bank of Canada today maintained its target for the overnight rate at 1 ¼ per cent. The Bank Rate is correspondingly 1 ½ per cent and the deposit rate is 1 per cent. Inflation in Canada is close to 2 per cent as temporary factors that have been weighing on...

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The Benefits of Consulting a Mortgage Broker

Navigating the real estate and mortgage processes with the help of an expert mortgage broker can help set your mind at ease when making one of the largest financial decisions of your life. Mortgage brokers negotiate with lenders on behalf of borrowers daily, so they...

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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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