Bank of Canada holds key interest rate at 1.75%

On Wednesday, The Bank of Canada kept its key interest rate unchanged as it downgraded it 2019 growth forecast based on its prediction the economy nearly ground to a halt at the start of the year. The central bank also appeared to be in no hurry to move the interest rate any time soon because, unlike its recent statements, the latest announcement made no mention of a need for future increases.

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Fall in Home Sales from January 2019

The Canadian Real Estate Association (CREA) reported this month that national home sales fell by nearly 9% from January to February. 75% of local markets, including major cities, recorded fewer transactions. This is not the first time a steep month on month decline has been reported. In January 2018, home sales dropped when the mortgage stress test came into effect.

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Construction Mortgages: Things you need to know while building your home.

Buying your dream home can be one of the biggest decisions of your life. However, what makes the experience even better is when you decide to build your dream home. Nothing quite defines you more than your home built your way. However, this does come with a lot of capital commitments and that’s where a construction mortgage can be a great option! So, let’s look into what a construction mortgage is, what do you need to consider for qualification reasons, and how your payment schedule could look like.

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Bank Vs Mortgage Broker

While considering looking for a mortgage for your home, it is important to understand the differences between banks and mortgage brokers and what each can uniquely offer. While the majority home owners still use traditional banks for their mortgage needs, the use of brokers has been increasing.

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Self Employed Mortgages – How to get a mortgage when you are self employed.

In general, being self-employed can mean running your own business, work as a freelancer or on commission, have a professional career, run your own farm or any other such entrepreneurial vocations. With an increasing number of self-employed individuals, lenders are still figuring out how to make it easier for them to obtain a mortgage and get the best interest rates.

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Benefits and Costs of Refinancing your Mortgage

There are some good reasons why you want to refinance the mortgage on your new home. Perhaps you want to save more on your monthly expenditures and want a lower rate on your mortgage, or perhaps you want to pay off your mortgage quicker and want to change to shorter term, or maybe the you agreed to a bad mortgage loan and now you want to acquire better terms. Refinancing is the way to go if you have any of these issues in your existing mortgage.

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Mortgage renewal coming up? Here’s how you can save big money on your mortgage payments!

Moving from one lender to another can be a matter of savings, better terms and conditions, service and sometimes an even better mortgage experience. This is an opportunity for you to look back on your monthly mortgage payment and see if it still fits in with your lifestyle and financial situation for now and the estimated term of the next mortgage.

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Private Mortgages – Benefits, Advantages and reasons you should consider a private mortgage.

What are private mortgages? Why do we as mortgage brokers provide you an option to pick Private Mortgage Investing? Private Mortgage Investing or Private Money Lending refers to a private individual providing a loan to another with real estate as collateral. Private mortgages are generally short termed and are interest only loans that can range in length, anywhere between 1 year to 3 years. These kinds of ‘interest only loans’ do not usually require homeowners to pay any principal on their mortgage down, but instead require interest payments each month.

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Refinancing Your Home

The Vancouver Island real estate market continues to enjoy a steady upswing. According to the Vancouver Island Real Estate Board (VIREB) the overall average value for a single-family home within the area has increased to $444,500, an 18% increase from 2016. Apartments and townhomes are also following this trend, showing 24% and 28% increases respectively.

If you are a current homeowner, what can this mean for you? Well, you may be considering taking advantage of this upturn by refinancing your mortgage in order to make your home equity work for you.

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Nolan Smith
What’s your Best Mortgage Rate?

One of the most common questions we encounter here at Oceanvale Mortgage and Finance is “What is your best mortgage rate?” Clients expect a quick and simple answer so that they may compare and rate shop effectively. The problem is, it isn’t that simple. There are a lot of inputs to consider when rate shopping, and nowadays the new regulations are making it more and more difficult to give an answer back with just the one question asked

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Jose Muro
Understanding the Recent Increase in Mortgage Insurance Rates and How to get Money Back

Once again, the homebuyers are hit with tightening from the government. This new regulation comes in the form of CMHC increasing the premiums for mortgage insurance. The effect of these premium increases are realized by the borrower as a $5 to $10 increase in a monthly payment. In the big picture of the regulations that have been taking place recently, it is a minor irritant in comparison.

 

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Nolan Smith
What is a Cash-Back Mortgage?

Of all the different types of mortgages available, an often less discussed type is the Cash-Back Mortgage. At Oceanvale Mortgage & Finance, and as a mortgage brokerage serving the community in Nanaimo, we’re eager to help you with whatever product fits your needs.

A cash-back mortgage offers you the flexibility to receive from 1-3% of the total mortgage amount in the form of cheque from the lender. This is a smart product to consider if you need extra cash after the mortgage closes to cover things like closing costs or moving expenses. For example, let’s say you purchase a home for $300,000 with a 5% down payment making your total new mortgage $285,000 but want a little bit of extra money to pay off some debt after your purchase completes. You could receive a cheque from the lender for up to $8,550 in this example and use it for whatever you want!  

 

 

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Jose Muro