Should I Buy a Home Now?

Should you buy a home now or wait? Should I buy now? A lot of prospective homebuyers are asking themselves this question lately. With rates on the rise and high inflation making such a big purchase can be daunting. Whether or not you should buy no or wait is a very personal decision. What is right for one may not be right for another. Do you want to be a homeowner? The main and number one reason for buying a home should be because YOU WANT TO BE A HOMEOWNER. Owning comes with some perks. Pride of ownership, creative control over your space, building an asset, no landlord…

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You have a Mortgage Preapproval. Now what?

You Have A Mortgage Preapproval! Now What? Most people are aware that getting a mortgage preapproval should be your first step when considering buying a home. A preapproval lets you know if you qualify under your current circumstances. It also tells you how high of a home price you can be shopping for. It is an essential part of the process that will help you avoid surprises when you find a home you want to buy. So you call your favourite mortgage brokers (us 😉 ) and guess what? You get Preapproved! You did all the right things and you get your preapproval. Now you are qualified for…

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Qualify For A Mortgage While On Probation?

Can you qualify for a mortgage if you are on a job probation? Here are some important things to note if you have recently changed employers and are now on probation. Probation does not necessarily mean you cant qualify for a mortgage! Who is the employer? If you are working for a reputable company that the lender is familiar with you may be able to have your probation overlooked. A lender will look more favourably on a company that has been in operation for many years. Are you in the same industry as you were in your previous job? Working in the same industry for many years is…

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What You Need To Know About Credit When Getting A Mortgage

What is a credit score and why is it important? What do you need to know about credit when getting a mortgage?  A credit score is a scoring system based on your history with credit that summarizes your ability to repay debt. This score is used in part to help determine what you can borrow when you apply for more credit. A potential borrowers credit score is very important when applying for financing because a lender will use this number when evaluating your ability to borrow. What does a mortgage broker or mortgage lender look for on a credit bureau? We are looking for consistent positive repayment history…

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Are Mortgage Rates Going to Continue to Increase?

Mortgage Rates! Are Mortgage rates going up in the new year? Will they continue to rise? Mortgage rates are on the incline. In fact they have been for the past 2-3 weeks. Are the rates set to go higher? Most likely they will in the New Year due. This is due to the cost of Inflation being at a 14 year high at almost 5% What can we expect from the Bank of Canada in the new year? We can expect that interest rate to increase as well. At this point we do not know when and by how much. Stay tuned, get your mortgage refinance now and…

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Should I buy a home?

  When the cost of living is increasing potential homebuyers tend to become nervous. The question ‘should I buy a home’ is on the mind. People have a variety of reasons for wanting to become homeowners. Regardless of your reason if you want to buy a home now is actually a great time to do so. Aren’t rates going up? Rates are still LOW! You can get a fixed term in the 2% range. With a fixed term you can guarantee your rate and payment stay the same for the life of the term. With terms being offered from 1 to 10 years in lenght this is a…

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Fixed Rates Increasing!

Fixed mortgage rates have been climbing steadily since September. But by how much and at what cost to new homebuyers? We’re about to answer that. But first, let’s look at what’s been driving rates higher. After a short-lived spike in rates earlier in the year, fixed mortgage rates have spent most of 2021 going sideways, just off their all-time lows reached in December 2020. They got a second-wind in late September, soon after bond yields started shooting upwards. As the chart below illustrates, the 5-year Government of Canada bond yield, which leads fixed mortgage rates, took two steps higher during both those periods. Meanwhile, variable rates on new…

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Canadian Mortgage Debt

Canada’s mortgage market grew at its fastest pace in over 10 years in the first half of 2021, according to new data released by the Canada Mortgage and Housing Corporation (CMHC). The agency attributed the strong growth to record-low interest rates and “pandemic-fuelled demand for more space.” The findings are in line with previous reports from Equifax and Statistics Canada, which reported record levels of residential mortgage growth since the start of the year. “In this unprecedented and unexpected economic context, mortgage credit in Canada did continue to grow,” Tania Bourassa-Ochoa, Senior Specialist, Housing Research, at CMHC said during a webinar on the report. “It not only continued to…

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Mortgage Terms Explained

Mortgage terms explained. Open mortgages, closed mortgages, variable mortgages, oh my! All of the mortgage terms out there are enough to make your head spin. That’s why we wanted to give you an overview of some mortgage terminology, to help you make sense of this sometimes confusing language. Here are some mortgage terms you need to know: Insured mortgage: if you’re making a down payment of less than 20% of the price of the home, then you’ll have to have mortgage default insurance. This protects the mortgage provider who’s providing a loan without the security of a substantial down payment. Conventional (Uninsured) mortgage: if you’re making a down payment of more than…

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Mortgage Transfer. Should you do it?

What is a mortgage transfer? A mortgage transfer is when you take your existing mortgage and transfer it to a different lender. You must keep the exact same mortgage balance and amortization cannot be extended. Borrowing additional funds or extending your amortization would fall under a refinance and then different rates and fees apply. Check out our refinance page here. Most mortgages are transferable. If your mortgage is transferable you can generally transfer it at renewal, no penalty would apply, or in the middle of the term, you may have a penalty to do this. Can you do a mortgage transfer to take advantage of today’s low rates?…

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