The Bank of Canada announced this morning that they will be maintaining their overnight rate at 0.25%, which means prime rate will remain at 2.45%. Surprise, surprise, surprise. They remain committed to maintaining the status quo until sometime in the second half of 2022. No increases or decreases expected along the way. The US on [...]
Whether you’re a first time homebuyer, or you’re a seasoned veteran, many will go straight to their bank for their mortgage, without ever considering other options. I receive regular inquiries from potential clients who have said they’ve never used a mortgage broker before. I’ve even had one who told me that using a broker was [...]
It’s normal for the spring housing market to be busy. It is every year. But it hasn’t just been busy. It’s been out of control crazy! Spring is usually an enjoyable time to shop for a new home. In today’s market however, many are finding their enjoyment to be short lived as they continually find [...]
Your credit score is important. Very important. In fact, it can have a significant impact on the rate you’re quoted. It could also mean the difference between qualifying for a mortgage, or not qualifying at all. As long as you maintain healthy credit however, then you would be eligible to receive the lowest mortgage rates. [...]
In this morning’s scheduled rate announcement from the Bank of Canada, they confirmed that they will be holding their overnight rate at 0.25%. This was not surprising, and anything else would have been quite the shocker. The overnight rate is what mortgage lenders use to set their prime rate, which remains at 2.45%. The BOC [...]
You’ve been shopping for a new home and finally have your offer to purchase accepted. The next step is to get your mortgage financing in place. You submit your application and required documents through to your bank or broker. Once the lender has reviewed your application, they’ll issue a mortgage commitment confirming your approval. You’re [...]
One of the hottest topics of conversation has been the new new mortgage stress test. It’s all over the news, and whenever people hear the words ‘mortgage’ and ‘rate increase’ in the same sentence, it peaks their attention. This can be easily misunderstood, so I’m going to bring some clarity to what it actually means [...]
One thing that we all have in common is that we want the lowest mortgage rate. Rate shopping is not as easy as it used to be as rates can vary depending on your situation. A mortgage lender can have as many as five different 5 year fixed mortgage rates available (or even more), all [...]
One of the hottest topics of conversation is the red-hot housing market. Anyone who has been seriously shopping for a new home has no doubt been running into challenges with having their offers accepted. The more desirable the home, the more interest there will be in the property, and the more offers you’ll need to [...]
Until last week, the Bank of Canada was firm on their stance in maintaining their overnight rate until sometime in 2023. They have since shifted their position and are now planning to increase their rate in the second half of 2022. The reason is due to our economy performing significantly better than their original predictions. [...]
