One of the main factors that Canadian Mortgages take their cues from is the U.S. monetary policy. This in one of the reasons why the Fed rate cut would not be helpful to borrowers. Fed decisions usually move the rates in some respect; however, few questions remain.
Read MoreThe Bank of Canada has lowered the rate used by mortgage stress tests which is used to determine whether would-be homeowners can qualify. This marks the first drop in three years. The central bank’s five-year benchmark qualifying rate is now 5.19 per cent, down from 5.34 per cent. This is the first decrease in the five – year fixed mortgage rates since September 2016 when it dropped to 4.64% from 4.74% and increased steadily since.
Read MoreApplying for a mortgage for your home can be stressful. Buying a new home is one of the largest purchases you will make especially if you’re a first-time home buyer. We have made a list of the things that first – time home buyers worry about when getting a mortgage.
Read MoreHere’s a quick summary of the latest findings which look at the impact of the stress test on home sales and the price of homes over the past year as well as the current state of awareness among customers.
Read MoreOn 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.
Read MoreThe federal government’s new mortgage stress test was responsible for a drop of approximately $15-billion in residential mortgage borrowing last year according to a report released recently. The rule change in 2018 was the biggest factor in the 8% drop in new mortgage originations in Canada.
Read MoreAt first glance, I would say “decent” at best. At second glance, I’d actually say it is vastly underwhelming. The feds have announced 2 main policies around home ownership:
Read MoreThe 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.
Read MoreWhether you are a first time home buyer looking for a mortgage or are looking to refinance/renew your current mortgages, here are some tips which can help you better understand the mortgage process and perhaps help you save money!
Read MoreRead more about the housing market on Vancouver Island and the effect the new mortgage stress tests have had on property prices. sales and inventory.
Read MoreBuying 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.
Read MoreRead about the latest news, predictions and stats regarding the BC Housing Market. Learn more about trends in the Resale Market, employment and interest rates!
Read MoreWhile 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.
Read MoreIn 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.
Read MoreThere 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.
Read MoreThe ever-changing landscape of the real estate industry makes it difficult to predict the future trend of the market. With fall 2018 coming in fast, we at Oceanvale would like to give you a brief idea on how the real estate market in Nanaimo looks like. Here’s what the market looks like so far..
Read MoreMoving 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.
Read MoreWhat 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.
Read MoreThe 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.
Read MoreIt really depends on what your current situation is and what your mortgage term and rate is to clearly define the benefits and drawbacks of an early renewal. But overall, here are some general pros and cons:
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