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…

In a brief statement, the Bank of Canada announced today that it is keeping the benchmark rate unchanged, the same level it’s been since mid-2015. The Bank highlighted weak wage growth and temporary inflation weakness as examples the economy still has room to improve, but also pointed to strength in business investment, and that “consumer…

A bridge loan is a short-term financing tool that helps you “bridge” the gap between old and new mortgages when you move from one home to another. You may be taking possession of your new home a week or two in advance of closing on your current home, either because of how your closing dates…

One of the problems in the mortgage industry is the way mortgages are advertised: usually by rate. If an online rate says 1.9%, chances are homebuyers are going to check it out. What many don’t realize is that saving interest is what saves money over the long term, and that rate is only part of…

If you’ve been shopping for a mortgage lately, you’ll have figured out that rates can be all over the map. That’s because you’re not comparing apples to apples anymore. Thanks to new mortgage rules, the mortgage pricing matrix is much more complicated, and quick online mortgage quotes are less reliable. That’s why it’s important to…

If you’re in the market for an insured mortgage, then you might want to get that mortgage before March 17. Canada Mortgage and Housing Corporation (CMHC) is raising premiums for insuring mortgages on Canadian homes for the third time in three years. Canadian homebuyers are required to have mortgage insurance if they have less than…

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