Just because you have a past bankruptcy, it doesn’t mean that you won’t qualify for a mortgage. You can still purchase a home with a down payment as low as 5%, and can still be offered the lowest rates on the market. Your bankruptcy will have to have been discharged for a minimum period of [...]
Fixed mortgage rates have been dropping, and dropping fast! Almost too fast to keep up, as every day there is at least one lender dropping rates. Each week, rates across the board have been trending lower and lower and have been doing so since early February. In January, the lowest 5-year fixed rate was 3.49%. [...]
There were multiple possible changes on the table for mortgage regulations for the federal budget which was announced this past Tuesday, March 19th. Everything from increasing the amortization to 30 years on insured mortgages and upping the maximum purchase price on insured mortgages (currently at $1 million), to increasing the maximum RRSP limit for first-time homebuyers, [...]
Back in fall, it was being widely predicted that both fixed and variable rates would continue to see rapid increases through 2019. However, a shift in economic development has radically changed the outlook for mortgage rates as we prepare to enter the 2nd quarter of 2019. While the original predictions were for as many as [...]
The Bank of Canada announced this morning that they will be maintaining their overnight rate, which means there is no increase to prime rate. This announcement came this morning, March 06th at 10am EST. This was not surprising and is exactly what was expected. The BOC has had their finger on the trigger to increase rates [...]
It’s the age-old question. Do I go fixed? Or is variable rate the better option? There are many that believe that variable is the better choice. All the time, and for every person. But is this really true? Everyone has different tastes, needs, goals, interests and ambitions. So if we are all so different, then why would we all [...]
One of the biggest differences in qualifying for a mortgage today vs. three years ago was the introduction of the stress test on all mortgages. This basically means that you must qualify as if your rate was higher than the rate your payments are based on. More specifically, you must qualify based on the higher of the [...]
If you currently own a house or condo, and have equity in the home, then you may be eligible for a 2nd mortgage. A second mortgage is really just another way of borrowing money, and will typically allow you to borrow more than you would normally qualify for, as it is secured against the equity [...]
You have a mortgage coming up for renewal, and you have plans to purchase a new home. What do you do with your current mortgage? This is a situation many find themselves in. Your lender presents you with all your options. 5 year variable rate, 1 year fixed, 5 year fixed and everything in between. Since your [...]
With all the publicity about banks ‘duping’ their customers, it’s good to be informed on what to watch out for to ensure you aren’t choosing the short straw when it comes to your mortgage options. These traps could potentially end up costing you thousands if you don’t know what to look out for, or what [...]
