The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent.

In response to the Covid-19 crisis; for those individuals financially affected, banks and government have announced that payment relief may be available for up to 6 months of deferred mortgage payments.

A lot of people get into hot water when they assume that because they’ve qualified for a mortgage in the past, they will qualify for a mortgage in the future. This article has one point to make and it’s this: Don’t assume anything when dealing with mortgage financing!

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¾ percent, effective Monday, March 16, 2020.

No secret here, divorces are challenging, there are a lot of things to think about in a short amount of time. Although finances are often at the forefront of the discussions as it relates to the separation of assets, managing and maintaining personal credit can be swept to the side to deal with later.

It’s a common held belief that if you’ve made your mortgage payments on time throughout the entirety of your mortgage term, that your lender is somehow obligated to renew your mortgage. This is simply not the case.

You’d think an online calculator is a pretty straight forward device, one that you should be able to place your full confidence in, and for the most part, they are.

Mortgages are a funny thing. On the one hand they allow you to become a homeowner without saving up enough money to purchase the home outright, which is a really good thing.

If you’ve been thinking about buying a new home; whether that be your first home, your next home, your forever home, or your retirement home, the doom and gloom of it all might be causing you to question… is right now a good time to buy a home? Well… what if I told you that was the wrong question?

Thinking about buying a home with a rental suite? This can be a great idea if you want to help offset the cost of your home expenses, and it can also potentially help with qualifying for a mortgage on your new purchase, but there are some things you should know up front.

“Debt servicing” is the measure of your ability to meet all of your financial obligations. There are two ratios that are examined by financial institutions to determine whether you can debt service a mortgage.

Collecting the right documentation to prove you are a worthy candidate to borrow a lot of money to buy a property can be an arduous task.

Recently the good people over at Nest Wealth published an article called “The Worst Money Advice We’ve Ever Heard”. On the list was “Always keep a small balance on your credit card”.

Chances are, if you’re applying for a mortgage, you feel confident about the state of your current employment, or your ability to find a similar position if you needed to. However, your actual employment status probably means more to the lender than you might think.

No doubt about it, buying a home is an emotional experience.

Although it’s ideal to have your mortgage paid off by the time you retire, in today’s economy, that isn’t always possible. The cost of living is considerably higher than it has ever been, and as a result, a lot of Canadians are putting off retirement, hoping to make just a little more money to add to that nest egg.

Launched on September 2nd 2019, the first time home buyer’s incentive is designed to help qualified first time home buyers reduce their monthly expenses. The goal is to make housing more affordable.

When looking to qualify for a mortgage, typically a lender will want to review four main areas of your mortgage application. Income, credit, downpayment/equity and the property itself.

So your family is growing! Congratulations! If you’ve thought now is the time to find a new property to accommodate your growing family, but you’re unsure how your maternity or parental leave will impact your ability to get a mortgage, you’ve come to the right place!

Relatively self-explanatory, an interest-only mortgage is one where your entire mortgage payment goes to interest and does not pay down the principal mortgage amount at all.