By Josh Sherman Eight times a year, the Bank of Canada sets its key interest rate. Leading up to these routine announcements, there’s typically a flurry of commentary as experts weigh in on what it could mean for the Canadian economy if the central bank hikes, cuts or maintains its current rate. Given the housing market is one of the...[ read more ]
By Alyssa Richard THE FORECAST OF the global economy fluctuates more often than not. One day, we hear that China’s stock crash is causing impending doom, and the next we’re told that everything is just fine. The International Monetary Fund (IMF) recently issued a warning about a weakening global economy. It says if U.S. rates rise, the developing world could...[ read more ]
By Wayne Karl It’s a scary question many homeowners are afraid to answer: how much will your mortgage interest total over the lifetime of your mortgage? Well, wonder no more – a recent poll from BMO Bank of Montreal has the answer: $60,000. But that’s the average for Canada. Some will pay more, some less. While the average amount Canadians...[ read more ]
By Cameron McNeill So, you’ve decided it’s time to take the plunge and invest in a presale home. You like the fact that you’ll have better selection and can choose your colour scheme and options. Buying presale also provides you the opportunity to plan ahead, allowing you the time to budget, plan your move and sell your current home if...[ read more ]
By Jorge and Alisa Aragon What do lenders look at when qualifying me for a mortgage? Most lenders look at the following factors when determining whether you qualify for a mortgage: Income Debts Employment History Credit history Value and marketability of the property you wish to purchase. HOW MUCH CAN I QUALIFY FOR WHEN BUYING A HOME? In order to...[ read more ]
Making your move now could save you thousands By Cameron McNeil As a first time homebuyer, you may be eligible for a high-ratio mortgage. This means you could own your home with as little as a five per cent down payment. This type of high-ratio mortgage requires Canada Mortgage and Housing Corporation (CMHC) financing or insurance – which means, to...[ read more ]
By Kris Grasty WOW! The big banks have lowered their rates! Two major lenders announced last week that they have lowered their posted rates. While this is great news for shoppers out there and advertised just in time for the Spring Rush, the reality is that bank rates have finally come to a level that has been accessible by Mortgage...[ read more ]
10 minutes with Darren Donnelly from Clark Wilson LLP By Susan M. Boyce SURPRISINGLY LITTLE FANFARE HAS ACCOMPANIED BC’S REAL ESTATE DEVELOPMENT MARKETING ACT (REDMA) recent facelift. The end result of approximately three years of deliberations and consultation between government, industry and other stakeholders, the amendments came into effect on October 1st, 2014, and are anticipated to bring welcomed streamlining and...[ read more ]
Ensure your peace of mind By Jorge & Alisa Aragon, Mortgage Experts with Dominion Lending Centres Mountain View Mortgage default insurance is commonly referred to as mortgage insurance. It is often mistaken with homeowner/property insurance or mortgage life insurance. Homeowner/property insurance protects the individual’s home and possessions in the home against damages including loss, theft, fire or other unforeseen disasters. Mortgage life insurance is designed to repay any outstanding mortgage debt in...[ read more ]
By Michelle Malcolm-Francis Chances are your circumstances have changed from when you obtained your first mortgage. Whether it’s a change in job or family situation, mortgage renewal time is a great opportunity to re-evaluate your needs and the mortgage that works best for you. In most cases, when you renew your mortgage, you are simply starting the mortgage from scratch. The existing mortgage is closed and...[ read more ]
