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Today marks an important day for insured mortgage changes that could impact you as a first-time home buyer! What is an Insured Mortgage? This applies when the borrower has less than a 20% down payment. What's New in Insured Mortgages? 30-Year Amortizations Expanded Now available to first-time homebuyers (FTHBs) of any owner-occupied home, in addition […]

This morning (December 11, 2024) the Bank of Canada announced another decrease to its policy interest rate by another 50 basis points from 3.75% to 3.25% offering more relief to Canadians. The Bank of Canada’s policy interest rate is the rate used by lenders to determine their prime lending rate. Therefore, the lender's Prime Rate should be lowered […]

Exciting news about key changes in the mortgage world that will come into effect on December 15, 2024. These updates are designed to create new opportunities and more flexibility for Canadian homebuyers and homeowners alike. Here’s a quick overview of what’s changing: 30-Year Amortization for First-Time Homebuyers: Starting on December 15, 2024, all first-time home […]

Refinancing your mortgage can be a smart financial move for many reasons, and as your trusted mortgage advisor, I’ve seen how much it can benefit homeowners! Ideally, refinancing is done at the end of your mortgage term to avoid penalties, but the timing can vary depending on your goals. For some, it’s about unlocking the […]

In a time of fluctuating economic conditions, traditional fixed-rate mortgages offer a sense of stability. However, this stability often comes with a trade-off—a lack of flexibility. While you’re protected against rising rates, you also miss out on the advantages of falling rates. It’s like being locked in with winter gear throughout the year; it’s great […]

Starting December 15, 2024, new mortgage rules are set to make the dream of homeownership more attainable for Canadians, especially first-time buyers. Here’s a breakdown of how these changes can help you step into the housing market. Increased Insured Mortgage Cap The cap for insured mortgages will rise from $1 million to $1.5 million. This […]

This morning the Bank of Canada announced another decrease to their policy interest rate by 50 basis points from 4.25% to 3.75% offering more relief to Canadians. The Bank of Canada’s policy interest rate is the rate used by lenders to determine their prime lending rate. Therefore Prime Rate should presumably be lowered from 6.45% […]

Navigating the path to buying your first home is thrilling, but past credit issues—those “credit ghosts”—can make the journey unexpectedly daunting. Whether it’s a forgotten bill or more serious financial missteps, these blemishes on your credit history can lurk in the shadows, waiting to disrupt your home-buying plans. Understanding these challenges and how to address […]

Today, the federal government announced three key announcements designed to unlock underused properties and make it easier for homeowners to add secondary suites to their homes. 1. Mortgage Refinancing for Secondary Suites: Beginning on January 15, 2025, homeowners will have the opportunity to refinance their insured mortgages to finance the construction of secondary suites. A […]