What Is a Mortgage Pre-Approval?

When you're looking to buy a home for the first time, it is common to find yourself overwhelmed with the amount of information available to you from friends, family, and the internet. Information overload can leave you feeling unsure where to start. We're here to tell...

Proposed Federal Home-Buyer Incentive

With the federal election coming up this Fall, the Liberal government has released its proposed budget, and with it, Federal Home-Buyer Incentives. The federal government has proposed that it will provide assistance in two ways for first-time home buyers to manage the...

Demystifying Credit Card Debt

If you're like most credit card owners, you get your bill each month and stare a little mystified at your interest charges. What does it mean if you have a 19.99% interest rate? How do they calculate how much interest you owe? Is it calculated daily, monthly,...

Is It Really Best To Put 20% Down On A Home?

How much money do you really need for a down payment? Most of us have always been told to aim for 20% down, but in the current economic climate, banks, realtors and other housing professionals have been encouraging a down payment of 5%. Most personal finance experts...

No Change to Bank of Canada’s Overnight Rate

More and more it seems that The Financial Powers That Be have had bigger more aggressive plans than consumers were ready for. Back in 2017 and through most of 2018 the Bank of Canada was confident that several interest rate hikes in steady progression would be...

Getting Into the Home Owner Pool

If you've been in the market to buy a residential property in the last year or so, you're well aware of how difficult it has been to get approved, especially for first-time home buyers. Late in 2017 the Office of the Superintendant of Financial Institutions (or OSFI...

Uncertainty Halts Rate Increases for Foreseeable Future

Matching expectation the Bank of Canada this week announced that it was keeping interest rates steady which keeps prime at 3.95% for the foreseeable future. Global trade uncertainly along with adjusted growth numbers for the last two years have put interest rate increases on hold.

Variable-Rate Mortgages Best Option Right Now

More and more Canadians have been choosing variable rate mortgages in the last few months. It is more cost effective, and given current interest rate projections, is the better choice. With a rather large spread between fixed and variable rates and less and less pressure for rates to increase further we believe most borrowers are better served with a variable interest rate mortgage.

Bank of Canada Decides to Stand Pat

The Bank of Canada announced December 5th that they would keep their overnight rate at 1.75% leaving bank Prime and variable rate mortgages steady for the time being. With uncertainty on the horizon for global economic expansion now is not the time to be raising rates in Canada. The Bank of Canada is taking a breather from rate increases and adopting a wait and see approach for the time being.

Mortgage Options Shrinking For Those With HELOCs

If you have a mortgage you may also have a Home Equity Line of Credit (HELOC). As time goes buy, home owners with a HELOC can gain greater access to this equity by refinancing. This can eventually leave you with a generous credit limit, which is great news to many...

Bank of Canada Overnight Hike

The bank of Canada's target for the overnight rate went up by .25% this morning, to a total of 1.75%. This has a direct impact on the Prime Lending Rate, which is what Lines of Credit and Variable Rate Mortgages are priced against. Prime is now at 3.95%. What is the...

Standard vs Collateral Mortgages

When you apply for a mortgage to buy a property you also agree to provide the lender with security, usually the home you are buying. This means that if you default on the terms of your mortgage loan, such as failing to make a payment, the lender can foreclose on the...