Bank of Canada announced today that it will hold its rate once again. You can read the full report HERE. Key Highlights: With COVID-19 cases falling in many countries and vaccine coverage rising, global economic activity is picking up. Growth remains uneven across regions, however. Renewed lockdowns associated with the […]
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I wanted to share this announcement with you. You will most likely read a lot about the new mortgage stress test rules coming into effect. If you are considering a mortgage, let’s talk right away! — Announcement issued by Mortgage Professionals Canada Ministry of Finance follows OSFI’s uninsured mortgage announcement […]
I’ve noticed lots of social media posts lately about big changes to the mortgage rates and approval process. I would say the best way to look at this as a “state of flux”. With the pandemic still ongoing, vaccines being administered as quick as possible, and the economy working to […]
A pre-approval for a mortgage is a bit of a misconception. A pre-approval is more of a process than an approval. This is the time when a lender looks at your financial status and determines the maximum amount that they may lend you and what the interest rate would be. […]
No change today for the Bank of Canada rate. You can read the full report here. Here’s what the Bank of Canada is saying: The outlook has improved for both the global and Canadian economies. Activity has proven more resilient than expected in the face of the COVID-19 pandemic, and […]
We keep enforcing the impact the pandemic has had on many people. It seems that although COVID cases are still of great concern, the economy is moving forward in small increments. I’d like to advise a few key points between a mortgage deferral and a delinquent payment. No matter what […]
Yes, the Bank of Canada held its rate today (Mar 10, 2021). We are in recovery mode from the COVID pandemic with some “unevenness across regions and sectors.” Here are a few key points from today’s announcement: The US economic recovery appears to be gaining momentum as virus infections decline […]
Is it the Spring? Is it the Fall? Is it this year? Is it next? There’s no magic time. The safe answer: The right time to buy is when you can afford it. Home ownership can be fantastic but it can also be stressful if you’re not financially ready for […]
Often times, we want to go after the lowest mortgage rate. The rate is only one piece of the mortgage package. There is more to the terms of a mortgage than just the rate. Questions that you should consider include: What is the difference between term and amortization? Are terms […]
My credit score is low so I will never qualify for a mortgage? – Fact or Fiction? You just may qualify for a mortgage even if your credit score is low. Rates and terms are typically more restricted with a lower credit score, but with some good budgeting, you can […]