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Did Prime go up? No. Did my Variable rate mortgage rate change? No, not unless your variable rate mortgage is with TD. So the Bank of Canada did not raise rates? No, in fact they are more likely to lower rates than increase them. But TD raised rates? Yes, but only by...
When purchasing a property, it can be an overwhelming experience. Especially with the current real estate market when you need to make fast decisions and you need to get your questions answered quickly. Many think that their only option is talking to their bank where...
When bad things happen to good people sometimes the reality is they just can’t keep up with their mortgage payments. While Canadian mortgage defaults are amongst the lowest in the world at just 0.31%, foreclosure still happens. In BC, if a lender forecloses on a...
Before we start, something needs to be made clear: B.C.’s First-Time Home Buyers’ Program is not the same thing as First-Time Home Buyers’ Tax Credit and it is also not the same as the Home Buyers Plan. The First-Time Home Buyers’ Program in British Columbia gives...
Finding the perfect mortgage, meeting with a broker, and working to get the right “fit” can be difficult on it’s own. Throw some confusing terms into the mix and you’ve got a recipe for miscommunication or exhaustion! But no need to fear, here is your personal guide...
What is the maximum mortgage amount one now qualifies for with the rules that came into effect on October 17th? Short answer: LESS. A minimum of 20% less, in fact. Before October 17th, the lenders calculated the maximum mortgage amount based on the contract rate of...
Most people believe that being mortgage free is their plan for retirement. That means paying off your mortgage as fast as possible becomes the priority and having other forms of investments are considered only after your property is paid off. It is important to decide...
Looking to increase your homes property value? Here are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment 5-6x what they cost. # 5 Flooring Flooring is one of the most...
The Canadian Mortgage and Housing Corporation (CMHC) issued its quarterly housing market assessment and outlook yesterday, suggesting that, for the first time ever, there are “problematic conditions” in housing markets at the national level in Canada (see table below...
Most of us know that changing your mortgage payment from monthly, or semi monthly, to an accelerated bi-weekly payment instantly reduces your standard 25 year amortization by 2.58 years with today’s rates. (If you didn’t know that, you’re likely not working with the...
That’s right! Sure the new mortgage rules from our Federal Government on October 17th can be a bit confusing, here are five tips to help you with your mortgage while at the same time, reducing your stress. 1. Review your Credit File: Good credit is your ticket to...
Practice your mortgage… What exactly do I mean by that? Well, if you’re a first-time buyer and just beginning to explore the housing market, chances are you’re currently renting or living with family, and very likely paying less than you will be going into your new...