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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.

Continue reading “Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy”
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

Continue reading “As expected, rates are beginning to fall”
Posted Mortgage News

Bridge Loans… the what and why!

brown wooden bridge over green trees

Bridge loans are short-term loans that bridge the gap between two different closing dates. More commonly used when an existing homeowner sells their home, and buys another home, with two different closing dates. But bridge loans have become a very popular way to take possession of that new home while it’s empty for 2 or 3 weeks to allow for renos. Best of all, it’s really inexpensive!

THE OLD WAY

In the past, most homebuyers would have their selling and buying dates match. It’s always been a bit of a juggling act as you have to pack your moving truck and unpack it, all in less than a day. Somehow, everyone manages to get it done… but talk about one of the most stressful days in your life, moving ranks right up there! Throw in some kids, maybe a dog, and a house full of stuff and you have a real chore on your hands.

THE NEW WAY Continue reading “Bridge Loans… the what and why!”