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Posted Mortgage News

Finally!! The Bank of Canada cuts the rate. 

Today, the Bank of Canada cut the Prime rate by 0.25%.  Hooray!  This will directly affect Variable rate mortgages and indirectly affect Fixed rate mortgages. 

It has been 27 months since the Bank of Canada governor, Tiff Macklem, started hiking rates to combat inflation.  The last hike was in July 2023. Since then, it’s been a guessing game to see when Macklem would act.. Finally, he cut the rates which is much needed and welcome news to all.

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Posted 3 Comments on Interest Rates to Stay As-is for Now. But When Will They Rise Again? Mortgage News

Interest Rates to Stay As-is for Now. But When Will They Rise Again?

The Bank of Canada governor, Till Macklem, made no change to interest rates on April 21st, the 3rd of 8 annual meetings dates. This comes as no surprise, though, There wasn’t a chance of an interest rate hike anyway. You can read more on this here .

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Posted 2 Comments on Bully Offers and Why They May be a Good Tactic Mortgage News

Bully Offers and Why They May be a Good Tactic

In today’s ultra sensitive society, I had better give a warning… I’m not promoting bullying.  Okay, now that we got that out of the way, here’s why a bully offer can make sense for you when it comes to purchasing a home.

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Posted 1 Comment on No Conditions with an Offer… Is This the New Normal? Mortgage News

No Conditions with an Offer… Is This the New Normal?

The real estate market is more active and more competitive than any time in history. The results? Pure chaos.

It used to be normal for people to insert a few conditions when making an offer to purchase a home. The standard conditions used to be along the lines of obtaining satisfactory financing within 5 to 10 business days and obtaining a satisfactory home inspection. The lender would go through an in depth underwriting process, then verify income, down payment, credit, and finally the property would get reviewed and appraised to ensure it meets the lender’s criteria and lending value. 

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Posted Mortgage News

How to build credit with a Home Trust Secured Visa card

It happens to many of us from time to time. Either we need to build our credit, or even rebuild it. Well, the good news is there is a card on the market that can help you do just that. 

With this card, you put a deposit down to secure a line of financing from Visa. This is ideal for those who need to rebuild credit, perhaps to switch to a new mortgage deal or to get a mortgage in the first place. The card works just like a credit card and can help raise your credit rating as long as your monthly payment is made on time. You can see what all this card entails and apply for it here. 

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