How is Mortgage Interest Calculated?
Posted on Feb 28, 2024 in Mortgages
Will interest rates come down in 2024? This has been the million-dollar question for the Bank of Canada (BoC). For investors, it is almost certain that the central bank will start pivoting on monetary policy and pulling the trigger on rate cuts. Indeed, now that inflation is inching closer to the institution’s 2 percent objective and the Canadian e...
Guide to Mortgage Renewal: How Do I Renew My Mortgage?
Posted on Nov 22, 2023 in Mortgages
During the pandemic-era housing boom, many homebuyers purchased residential properties at rock-bottom mortgage rates. In response to the national economy’s pressures, the Bank of Canada (BoC) slashed interest rates to near zero, allowing prospective homeowners to obtain greater purchasing power and acquire a detached house, townhome, or condominium...
What Is a Second Mortgage?
Posted on Nov 09, 2023 in Mortgages
A second mortgage is a financial tool that is seeing a resurgence among Canadian homeowners. With property values soaring, homeowners are sitting on significant untapped equity in their residences. Property owners are realizing the possibility of consolidating high-interest debts, financing home improvements, or even funding an investment property...
4 Things to Do With the Equity in Your Home
Posted on Oct 26, 2023 in Mortgages
The Canadian real estate market has seen significant price increases in recent years, particularly in major cities like Vancouver and Toronto. This growth has boosted home equity for many homeowners. With rising home values comes a noticeable uptick in home equity loans. Many homeowners are tapping into their home equity to finance everything from...
Why Should I Get Pre-Approved for a Mortgage?
Posted on Jun 09, 2023 in Mortgages
You’re shopping for a new home, with the best intentions to take advantage of favourable market conditions. This is one stressor buyers can’t control. Another big one is financing – which is something you can totally take change of. To limit you stress and improve your changes at home-buying success, you should get pre-approved for a mortgage.
To pu...
What Does 'Porting a Mortgage' Mean?
Posted on Jun 02, 2023 in Mortgages
Canada’s mortgage market appears to have stabilized. But do not tell that to the typical Canadians, as recent surveys have revealed that there is still plenty of consternation among homeowners and buyers, be it renewing their mortgages or being approved for a home loan.
This is what happens when interest rates rise to their highest levels since befo...
This is what happens when interest rates rise to their highest levels since befo...