Act now to restructure your debt. New mortgage rules start January 1, 2018, which may unfortunately affect your ability to use your home equity to consolidate your high-interest debt into a new or existing mortgage. This is a great option if you are in need of extra cash flow, want to pay down your debt…

New mortgage rules start January 1, 2018. By using the equity in your home to consolidate your high-interest debt into a new or existing mortgage, you can boost your monthly cashflow, pay down your debt faster and save potentially thousands of dollars in interest. Unfortunately, new mortgage rules may affect your ability to access your…

The Bank of Canada announced today that it is holding the overnight rate steady after raising it twice this past summer. The Bank noted that the recent strength of the Canadian dollar has slowed inflation and export growth, and that there is “substantial uncertainty” around geopolitical developments and the renegotiation of NAFTA. The Bank has…

Sometimes unforeseen financial circumstances can impact your ability to make your regular mortgage payments. Or perhaps your debt problems have been caused by taking on too much other high-interest debt. It can be tempting to want to conceal your debt problem for as long as possible – but that’s almost never the best strategy. With…

The Bank of Canada announced today that it is increasing the overnight rate .25 per cent given stronger than expected economic improvements. This increase erases the two cuts the Bank implemented in 2015 in response to the effects of the oil price shock. The Bank noted that our economic growth is becoming more broad based…

On July 12th, for the first time in seven years, the Bank of Canada increased the overnight rate by .25%, withdrawing some of the stimulus that was needed after the oil price collapse and 2008 financial crisis. Variable rate mortgages and lines of credit will see higher rates and modest payment increases. Fixed-rate mortgages –…

The House Team Belleville Ontario Fixed or Variable Rate Mortgage

The Bank of Canada announced today that it is increasing the overnight rate .25 per cent given bolstered confidence in the Bank’s outlook for economic growth. This increase was widely expected by most economists. The Bank noted that very strong first quarter growth will moderate for the rest of the year but will “remain above…

Many homebuyers looking at older properties find themselves in a common predicament: they’ve found a property that suits them, but it needs some costly and immediate upgrades. Good news. We’ve got a mortgage that will keep you financially afloat! A Purchase Plus Improvements mortgage adds the cost of those immediate renovations into your mortgage, so…

When you get a new mortgage, an appraisal of the subject property is often required by your lender. An appraisal is an unbiased determination by an accredited appraiser of the estimate of the current fair market value of the property. The appraiser provides the lender with a written opinion of the property’s value, and is…

When you find the condo or house of your dreams and want to make an offer, do you need a financing condition? Unless you can pay cash for the home, then yes you do. That little phrase – “conditional on financing” – is an important protection for buyers. When an offer to purchase is made…

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