BREAKING NEWS: Bank of Canada cuts its overnight target rate to 4.75%

Posted On Jun 06, 2024

Good news!! As was anticipated, the Bank of Canada lowered its benchmark interest rate by 0.25% (25 bps), bringing it to 4.75%. What Does This Mean for You? If you have a variable rate mortgage or line of credit, this reduction directly affects...

Mortgage Tips: Managing Higher Mortgage Payments

Posted On Jun 04, 2024

Is Your Mortgage Renewing Soon? Here's What You Need To Know:Are you ready for higher mortgage payments if your mortgage is renewing this year or next? Let’s break it down with a simple scenario to help you understand what to expect.Scenario:...

Mortgage Tips: Important Home Buyer Reminders

Posted On May 27, 2024

Are you buying a home? Do you need a mortgage for your home? If YES, it's important to keep your financial situation the same (or better) as it was when you got pre-approved for the mortgage.   A mortgage approval is dependent on meeting...

Mortgage Tips: What is a stress test?

Posted On May 14, 2024

A mortgage stress test is an assessment implemented by banks/financial institutions to ensure people can afford their mortgage payments even if interest rates rise in the future. The stress test requires mortgage applicants to qualify for a mortgage...

Mortgage Tips: 2 Yr Average Income Qualifying

Posted On Apr 30, 2024

Income types come in many forms, but not all are created equally, particularly when it comes to mortgage applications.  Certain income types require a thorough assessment based on a 2 year average. Let's explore these income structures!...

Mortgage Tips: Fixed vs Variable

Posted On Apr 23, 2024

Fixed = Rate and payment stay the same over the term

Variable = Rate and payment subject to fluctiation