Bank of Canada Unchanged Prime Rate: How it Impacts You

bank of canada

Image: Ottawa: Bank of Canada/Taxiarchos228/CC BY-SA 3.0 Considering the Bank of Canada’s recent decision to maintain the prime rate unchanged, how might this affect your plans for purchasing another property or renewing your mortgage in the next year? Here are some options to consider: Mortgage Rate Float Down Option  Ideal for those renewing mortgages or […]

Exploring Mortgage Options for Presale Homes

construction worker holding blueprint in front of a presale home

If you’re considering purchasing a property as a presale in a new development, there are several factors to consider, especially regarding mortgage financing options unique for this type of property purchase: Early Approval Obtaining an unconditional approval 2 to 3 years prior to the presale closing date is crucial (although this is strongly recommended, it […]

Mortgage Term in 2024: Three, Five-Year Fixed, or Variable?

african american homeowner reviewing mortgage documents

As we step into 2024, whether you are gearing up for a new home purchase or renewing your mortgage, the question of interest rates is likely top of mind. To help you make an informed decision, let’s explore three popular options currently in the market: Three-Year Fixed Rate:  The three-year fixed rate has gained popularity […]

Why Variable Rates are Back in Fashion, for Some

New Modern Apartment Buildings in Vancouver BC on sunny day

The latter half of 2023 delivered a surprise to our office as we started receiving more requests for variable rate mortgages. 2023 was a year of concern, with rates increasing at such a rapid pace, and most who had variable rate mortgages decided to stay the course after weighing their options. The reasons many are […]

How To Reduce Mortgage, Loan, and Monthly Costs

Asian chinese woman using calculator and credit cards to keep track of her family's expenses and budget

With the cost of living noticeably increasing over the past year, Canadians are looking for ways to lower their monthly expenses, especially when these expenses have increased at a faster rate than monthly wages. From contacting various service providers to cancel underutilized services to renegotiating monthly fees or services, Canadians are looking to be more […]

Renewing Your Mortgage Without Salaried Income? Solution Here.

older female business owner working at desk

When it comes to mortgage approval for your mortgage renewal, income verification is often required when you’re shopping for an interest rate. As rates increase, not everyone qualifies for a mortgage the way they did in the past four years. Fortunately, there are many programs that can still help you qualify for your mortgage renewal […]

Alternate Ways to Qualify for a Mortgage

Multiracial couple holding keys and standing outside their new home

Have your circumstances around income changed in the past two years, or are you contemplating the purchase of an additional property?  Were you aware that there are unconventional methods to acquire property?  Some of these include:  Rental Offsets: In cases where a portion or the entirety of your property is intended to be rented out.  […]

Three Strategies to Reduce Your Monthly Payments!

clients talking with their mortgage broker about strategies to save money

As interest rates continue to rise, many of my clients have been reaching out for mortgage advice in navigating this unexpected market. After assessing their overall expenses and budgeting, it’s often apparent that they are managing their finances well given the circumstances. Currently, the most prevalent approach involves cutting back on luxury items and conveniences […]

Are you fully leveraging your relationship with your mortgage broker?

Homeowner having a discussion with her mortgage broker having discussion about their mortgage

One of the smartest things you can do with your mortgage broker is to take advantage of the float-down option during mortgage renewal, preapproval, and approval processes. What is the float-down option? The float-down is a strategy that allows you to secure the lowest interest rate within the 120-day period prior to renewing your mortgage. […]

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