Real Estate Blog

8 Tips the Banks Won’t Share with You in 2019

8 Tips the banks won’t share with you in 2019 If you’ve got a mortgage renewing or plan to get a new one this year you probably know that it’s more complicated than it used to be. That said, I have some tips and strategies that can help you get the mortgage you need, tweak the one you have, or help you plan for renewal. To get the best deal, you need options. When you go to your bank, you’re talking to one lender. Their best deal might not be THE BEST DEAL (last months article proved that). It’s also difficult to qualify a...

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Renewing Your Mortgage

Renewing Your Mortgage According to a recent survey of 2,000 Canadian homeowners, 19% will be renewing mortgages next year, 82% of whom are currently in a fixed rate mortgage. If you are one of these people the prospects aren’t as bleak as you may think!  That’s because those five year fixed terms were locked in on average at 3.65%, and mortgage holders can renew at similar rates today.  What this highlights is the way lenders work and the variation in rates that people get. Five years ago Canadians didn’t all get the best rates availab...

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Should I Buy or Wait?

Should I Buy or Wait?   Should I buy now or wait a year as prices are dropping, but interest rates are rising? I hear this question daily, and my usual answer drones on about interest rate projections, supply, and demand for homes blah blah!! So I thought I would run the numbers and see what makes the most sense based on the numbers, not my opinion! Option 1 – If you bought a home for $100,000 and put 5% down and had an interest rate of 3.59% on a 5-year term amortized over 25 years you would have monthly payments of $498.46.  At the end of th...

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Mortgage Rates On The Rise

Mortgage Rates On The Rise Now that NAFTA negotiations are somewhat behind us, we can get back to focusing on the fun stuff, and we have some good news and some not as good news. Mortgage rates started going up again in early October and we will likely see the Bank of Canada bump the rates up another 1/4 point at their next meeting on October 24th. This is definitely supporting the trend towards higher rates that many are forecasting, now that our trade issues with the US are a little less volatile? Since June of 2017, the 5 year fixed rate has jumped u...

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Owning Versus Renting in Canada

Owning Versus Renting in Canada Mortgage Professionals Canada released a very interesting report today, Owning versus Renting a Home in Canada. In the report, they compare the expected costs of housing for Canadians who will choose to rent versus those who choose to own. In the 266 scenarios examined in the report, taken from a broad cross-section of regions throughout Canada, the monthly cost of home ownership is lower than the cost of renting equivalent housing in the majority of cases today and becomes, even more, cost-effective over time. “The...

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Credit Score: How does it work?

Your credit score is critical when obtaining credit these days, yet many people are unclear about what makes up their score. Credit scores range from 300 to 900 with most mortgage lenders requiring a minimum of a 680 score. Many factors go into your score but the 2 largest contributors are how you make your payments and how much of your available credit you are using. The first is easy; make your payments on time and your score goes up; have late payments or collections and your score goes down. Any late payments stay on your bureau for years and continu...

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