We are currently in a very unique situation when it comes to 5-year fixed and 5-year variable interest rates. For the first time in almost a decade, the lowest 5-year fixed interest rate is more than 0.30% lower than the lowest available variable interest rate for new mortgages. For some, their current variable rate is […]

Let’s take a closer look at how a Refinance Plus Improvements mortgage can get you the extra cash you need to get your renovations completed. The Standard Refinance An everyday refinance allows the home owner to access up to 80% of the fair market value of the home. The value is typically determined by a […]

Mortgages are complicated but there are steps a homebuyer can take to make the process smoother and obtain a mortgage product that is in your best interest and not in the banks best interest! 1. Use a Qualified Mortgage Broker Obtaining a qualified mortgage broker should be the first step you take when obtaining a mortgage! […]

Currently, all borrowers in Canada need to qualify for a new mortgage at the current Bank of Canada Benchmark Qualifying Rate or at their approved mortgage interest rate plus 2.0%, whichever is higher. For more than a year, this Bank of Canada Benchmark Qualifying Rate has been 5.34%. Now, for the first time in 3-years, […]

Cash back mortgages are typically a 5 year term and you receive a percentage of the mortgage financing back in cash, after the mortgages is disbursed. The percentage of cash back received varies from 1% to 5%, in most cases. Funds can be used to build a fence, landscape, buy window coverings, etc. The idea […]

Getting a coffee at the lowest price is usually not going to give us a coffee that meets our needs. We want quality beans, flavour, extra features like a shot of caramel, maybe make it a macchiato, froth on the top, an alternative milk option, and the list goes on. The same goes for mortgages. […]

Program Details How does it work? The Incentive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment. The Incentive is not interest bearing and does not require ongoing repayments. Through the First-Time Home Buyer Incentive, the Government of Canada will offer: 5% for a first-time buyer’s purchase of a re-sale […]

Consistently I have people ask why so much documentation is required for mortgage financing. Along with an employment letter, you are asked to provide a copy of the offer to purchase/sale agreement, MLS feature sheet, a pay stub, your most recent Personal Tax Notice of Assessments (NOA), T4’s, confirmation of down payment, etc. “Why is […]

Bank of Canada Qualifying Rate Changes Yesterday’s announcement indicated the Bank of Canada Qualifying rate decreased from 5.34% to 5.19%. This is the first decrease that we’ve seen since September 2016. What does the decrease mean? The change would increase a client’s buying power…marginally. “For a borrower buying a home with 5% down, today’s drop […]

It’s common for a first-time homebuyer to be overwhelmed when it comes to real estate industry jargon, so this BLOG is to help make some of the jargon understandable. To help you understand the process and have confidence in your choices, check out the following common terms you will encounter during the homebuying process. Amortization – […]