Despite earlier indications from the Bank of Canada back in January that they would be pausing further rate hikes, they just initiated their second hike since that time. The most recent 25 basis point increase on July 12th, adds to the previous 25 basis point hike, bringing the Bank of Canada overnight rate to 5%. […]
Mortgage Rate Update for June 2023 – The Bank of Canada ended its four-month rate increase pause on Wednesday, raising the overnight lending rate by 25 basis points (bp), or .25% to a 20-year high of 4.75%. In fact, you would have to go back to 2000 to experience rates that high! This brought an […]
As of April 1st, First Time Home Buyers in Canada will have a new tool to help them save for the down payment for a home purchase. The First Home Savings plan or FHSA (First Home Savings Account) as it will be known, is a registered savings plan that will be administered by qualified, participating […]
If your mortgage is coming up for renewal and you are experiencing a bit of “rate shock,” you are not alone! If you currently have a fixed-rate mortgage, your interest rate will most likely be going up, and likely substantially, depending on your term. If you currently have a variable-rate mortgage, your interest rate has […]
What is the trigger rate? If you currently have a variable rate mortgage you may have had the unpleasant experience of hearing the term “trigger rate” by your current mortgage lender, or you may have heard it in the news. Don’t feel bad for not being familiar with the term as historically it has rarely […]
Well, that was quite a year! Unfortunately, not for the better when it comes to interest rates and housing prices. Like all change, it’s not always welcome or for the better however we need to identify both threats to mitigate and opportunities to take advantage of. As your Hamilton Mortgage Broker, I am constantly looking […]
This might seem like part of a Dr. Suess rhyme but it is actually a legitimate and very pertinent question especially for first time home buyers. Read on to learn more about how a renter can help a renter be a home owner! As a Grimsby mortgage broker, I see and feel the pain of […]
Given that your home purchase and the subsequent mortgage used to finance the purchase are often the largest investment a person will make in their lifetime, people usually only focus on the interest rate and the term. As your St Thomas mortgage broker, obtaining a low interest rate for our clients is always an important […]
Current homeowners looking at selling their existing home and purchasing another can have specific needs that first-time homebuyers don’t have to be concerned with. What happens when the closing date for the purchase of your new home lands BEFORE the closing date of your current home? How can you make the downpayment for the new […]
How much of a down payment do we need to purchase a home? I am frequently asked this question as a Grimsby Mortgage Broker, often by people who have pre-conceived notions either from the internet, friends and family, or late-night real estate shows. Typically, you require a minimum 5% down payment, however, due to changes […]