Just when we thought we were catching a break, fixed mortgage rates are now facing upward pressure once again. Since early May this year, they’ve been steadily climbing, tacking on an increase of more than 1%. But there was a brief sigh of relief in late August when some lenders decided to trim their fixed [...]
Rate shopping can feel like a tough game, especially in a world where mortgage rates are as unpredictable as the weather. Just as the weather forecast can change unexpectedly, so can mortgage rates. It can be frustrating to find the lowest rate, only to discover that it’s no longer available once you are ready to [...]
In this morning’s announcement, the Bank of Canada adhered to market expectations by maintaining their overnight rate at its current level. While the decision was not a shocker, there was some speculation about the possibility of another rate hike. The Bank has made it clear that they are not taking chances with inflation. If they [...]
It’s only natural that a mortgage lender will want to see your ID. After all, they are lending you several hundred thousand dollars, if not more. For the most part, providing ID is just a formality. However, there are times when something as simple as ID can create problems with your mortgage closing if not [...]
Fixed mortgage rates continue to rise, and the incessant upward pressure they are under is not letting up. The lowest fixed mortgage rates that are available today may no longer be available tomorrow. Anyone shopping for the lowest mortgage rates must be conscious of this and should be locking in a rate sooner than later. [...]
Purchasing a new home is an exciting time, but that excitement can turn to unwanted stress if you wait too long to get your financing in order. Applying for a mortgage involves a process with multiple parties involved: Mortgage professional Lender Insurer Appraiser Title insurance company Lawyer, etc. Not to mention, you the [...]
Mortgage terminology can get confusing at times, so it’s not uncommon for people to misunderstand the terms. Often someone will say they want to refinance their mortgage when they are really looking to transfer it. Or transfer it when they are looking to port it. It can get confusing at times. While a seasoned mortgage [...]
It goes without saying that we are all sick of these rate increases. Enough is enough! Just when it looks like we’ve seen the last of them, the Bank of Canada comes through with another hike. Will this be the last one? Or can we expect them to increase further? While it would be nice [...]
As expected, the Bank of Canada increased their overnight rate by another 0.25% this morning. This means that mortgage lenders will be adjusting their prime rate to 7.20% within the next few days. This is the first time the prime rate has been over 7% in 22 years. This impacts those with variable rate mortgages [...]
When considering purchasing a home, one of the key factors to consider is the mortgage you can qualify for. Mortgage qualification depends on several factors, including your financial situation and the prevailing interest rates. In today’s blog, I’m going to explore how changes in mortgage rates have affected your qualifying eligibility. Mortgage Qualification The [...]
