A buyer can save every dollar of the minimum down payment and still find that the amount due on closing day is larger. The down payment is only part of the cash needed to buy a home. Land transfer tax and closing costs sit on top of it, and each of those lines can be worked out, or at least given a range, well before an offer is signed. […]
One of the questions I'm hearing more often right now is: “Rates have changed. Should I break my mortgage and get into something better?” It's a fair question, and sometimes the answer is absolutely yes. But after more than two decades of working with mortgages and financial planning, I can tell you that the interest rate is only one part of the decision. […]
Many people sign their renewal letter without shopping it because they assume that leaving their current lender means qualifying all over again. For a straight switch, that has not been the case since the end of 2024. If you move an existing mortgage from one federally regulated lender to another, keeping the same loan amount and the same remaining amortization, the stress test does not apply to the move. […]
A mortgage pre-approval is not a formal mortgage approval. It tells you the maximum a lender may be willing to lend, and it can hold an interest rate for you — anywhere from 60 to 130 days, depending on the lender. It does not guarantee that a mortgage will be approved. […]
Fixed rates have long been the conventional choice for stability. However, there’s a compelling case to consider the road less traveled – variable rate mortgages. 1. Navigating Economic Changes: Riding the Wave VRMs are often tied to benchmark interest rates. They can offer borrowers a unique advantage in times of economic change. These mortgages have […]
In today’s mortgage climate many Canadians are feeling anxious when asked about how they feel about rising interest rates ahead of their next renewal. Rising interest rates are creating extra financial strain on homeowners leading some people to dip into savings to help offset the rising cost of living and increased mortgage payments. Below you will […]