CategoryMortgage Tips

Posted September 18, 2024 Bank News

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!

Posted July 25, 20241 Comment 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.

Posted July 16, 20242 Comments 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

Posted June 25, 2024 Bank News

Why fixed rates haven’t dropped that much yet

Everything is playing out as expected. Fixed rates have begun to fall, slowly. But this isn’t unusual or unexpected. If you’ve followed interest rate hikes and cuts, you’ll see a familiar pattern.

Posted January 16, 2024 Finance

There’s Never a Good Time To Time the Market

Rates are up, inventory is low, and sales volume is flat. If you’re looking to buy a new home, what are you supposed to do? A lot of people will tell you to wait. After all, rates are dropping soon! Why not just be patient until you can lock into lower monthly mortgage payments?

What these people don’t realize is that waiting can be a dangerous game. I’ve been in real estate for more than 3 decades, and while things change all the time, one thing has remained consistently true: it’s never a good idea to time the market.