Big Changes at the National Bank, Not Always Good for Consumers
Exploring the Impact of Recent Changes at National Bank and Other Major Financial Institutions There are big changes happening at the big banks right now. National Bank took the unprecedented step of removing portability for all its mortgage customers. Also with higher interest rates, the banks are extending mortgage amortizations to make payments more affordable. […]
Why Alberta is a Great Place to Invest in Real Estate Right Now
There’s a lot of doom and gloom out there when it comes to real estate these days, with higher mortgage rates and falling home prices. With the holidays approaching, we wanted to focus on a good news story. Interest rates may be higher, but home prices are lower as a result. This means that you […]
Top 3 Tips for a Stress-Free Homebuying Experience
Are you looking for a stress-free homebuying experience? Who isn’t? Being mortgage professionals, we’ve seen everything. We thought we would share our insight to make sure your next homebuying experience is a pleasant one. Without further ado, here are at our three top tips. Tip #1: Not taking on new debt With the mortgage stress […]
4 Creative Ways to Still Qualify for a Mortgage
#1 Gift down payment The first way is by making a larger down payment. The easiest way to do this is by receiving a gift from family. A gift from a family can be quite helpful. It can help you achieve the minimum required down payment or it can top up your down payment so […]
Mortgage Trigger Point vs. Trigger Rate: What’s the Difference?
The difference between Mortgage Trigger Point and Mortgage Trigger Rates. While it may seem like semantics, the definitions are important. Right now, let’s just explore the definitions themselves As we discussed previously, there are two types of variable rate mortgages: “true” variable rate mortgages where your payment does not change when the prime rate changes, […]
New Programs Lenders May Introduce Due to Higher Rates and Tougher Qualifications
It’s no secret that higher mortgage rates are here. Variable mortgage rates have hit 4% in some cases. Meanwhile, some fixed rates are in the 5% range. The good news is that the mortgage industry is one that’s resilient. Brokers and lenders are always working on ways to service clients in any economic climate. This […]
Private Lenders Not Renewing Some Mortgages
Private lenders are choosing not to renew some mortgages, especially those that were taken out within the last 12 months. We’ll look at why that’s happening and what to do if you find yourself in a situation like that. Why do private lenders not renew mortgages? Private lenders may not renew your mortgage for a […]
Why You Might Want to Apply for a Readvanceable Mortgages Today
What is a readvanceable mortgage? A readvanceable mortgage is a mortgage with a HELOC attached to it. But it’s just not any old regular HELOC. Normally when you take out a HELOC, you need to reapply to access additional equity from your home. You need to pay for an appraisal and legal fees again. Not […]
Build Yourself a Financial Safety Net with Your Home Equity
Super-sized rate hike The Bank of Canada surprised markets and raised interest rates by 1% earlier this month. This is the single biggest interest rate increase in almost 25 years. You’d have to go all the way back to 1998 to see a similar interest rate hike. Why did our central bank raise interest rates […]
Why Switching to a Variable Rate with a Fixed Payment May Be a Good Idea
Are you in a variable rate mortgage with a payment that fluctuates, and the last couple half point interest rate increases by the Bank of Canada has made you nervous? Maybe it’s time to switch to a variable rate mortgage with a fixed payment. In this article we look at the pros and cons of […]
