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New $1.5 million price cap, 30 year extended amortization.. Is it enough?

The Federal Government announced they would be extending the current amortization on insured mortgages (those buying with less than 20% down) to 30 years.  ONLY if you are a First-time buyer or you are buying a newly built home. I applaud this move but I would have liked for these 2 limitations to have been excluded. 

I would go further and say we should extend it to 35 or 40 years, maybe even 50 years!

Continue reading “New $1.5 million price cap, 30 year extended amortization.. Is it enough?”
Posted 1 Comment on Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy Bank News

Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy

The Bank of Canada just cut the overnight rate by another 0.25%. For the second consecutive month, they’ve lowered the rate. In total, a 0.50% drop in two months. (not enough, but it’s a start) Great news for anyone in a Variable rate mortgage. It means you will be paying 0.50% less on your mortgage. We can expect further cuts this year and next. Read on for more details.

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Posted 2 Comments on As expected, rates are beginning to fall Bank News

As expected, rates are beginning to fall

Some good news on mortgage rates…

Mortgage Brokers are receiving good news this week from many financial institutions.  Wholesale fixed mortgage rates are falling.  Great news for anyone buying, refinancing or renewing their mortgage in the near future.  

The news comes as a reaction to lower than expected inflation rates. We saw  2.7% vs the expected 2.9% reported.  And the US economy is finally seeing signs

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Posted 1 Comment on You Don’t Need a Big Bank to Get a Mortgage Bank News

You Don’t Need a Big Bank to Get a Mortgage

It’s tough to get a mortgage these days. New and existing clients have been calling non-stop letting me know that they’ve been turned down by their bank. It’s upsetting – but I must say, it’s not surprising. 

Mortgage lenders are under an enormous amount of pressure to cut back on approved mortgage loans. Why? The government is desperate to slow down rising home prices, so they use their influence over the Big 6 Banks to turn down the heat.

But here’s the thing: you have options. You don’t need a Big 6 Bank to get the mortgage you need.

Continue reading “You Don’t Need a Big Bank to Get a Mortgage”