A home for most all Canadians is likely the most significant purchase you will make in your lifetime, so it is essential to be well-prepared. It is crucial to understand how to budget and save for a home, as it is one of the initial steps toward purchasing your own property. Whether you aspire to […]
The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. Global inflation is easing, with lower energy prices and a decline in goods price inflation. However, robust demand and
Introduction In Canada, your credit score plays a crucial role in your financial life, especially when it comes to major transactions like securing a mortgage. A credit score is a numerical representation of your creditworthiness, showing how responsible you are in repaying borrowed money. Lenders, including banks and mortgage providers, heavily rely on credit scores
Introduction As your trusted mortgage broker, I understand that the current economic backdrop in Canada is presenting challenges for many homeowners. With interest rates on the rise and inflation putting pressure on household budgets, it’s essential to address these concerns and equip our mortgage clients with the knowledge and strategies to weather these economic conditions.
Refinancing a mortgage means replacing your existing loan with a new one, either with your current lender or a different one. Canadians often consider refinancing for various reasons, such as consolidating debts, financing home improvements, or securing a lower interest rate. However, refinancing carries certain risks and can lead to substantial prepayment penalties. Understanding when
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. Inflation in advanced economies has continued to come down, but with measures of core inflation still elevated, major central
Can New Home Buyers in Canada Use a Mortgage Co-Signer? Struggling to secure a mortgage or need a financial boost? Consider bringing in a co-signer. Dive deeper into this and other home-buying tactics. Understanding Down Payments in Canada The down payment, the upfront amount paid when acquiring a property, plays a pivotal role in a
If you’ve consistently made mortgage payments over the years, you’ve been accumulating home equity. As this equity grows, homeowners can access it, converting it into cash for various purposes, from home renovations to funding significant life events. This guide will help you grasp the concept of home equity and how you can leverage it. Popular
Navigating Parental Assistance in Home Purchases The concept of parents aiding their children in stepping onto the property ladder is not a new one yet it is not ubiquitously adopted. A 2021 CIBC report illuminated that 30% of first-time homebuyers in Canada were bolstered by familial financial support, with the average monetary gift oscillating around
Hello dear readers, Let’s have a coffee chat, shall we? If we were sitting in a cozy café, sipping on lattes (or your beverage of choice), today’s hot topic of conversation would undoubtedly revolve around the big “I” – Interest Rates. Ah yes, those two words that make homebuyers’ hearts flutter (and not always in
