The Bank of Canada’s prime rate went down how come the fixed rates haven’t dropped? Understanding the Connection Between Prime Rates and Fixed Rates When we talk about mortgage rates, it’s important to understand that there’s a difference between prime rates and fixed rates. Here’s a simple way to look at it: Prime Rate: This is …
How does the Bank of Canada rate affect Fixed Rates? Read More »
The Bank of Canada announced its third consecutive rate hold in its final announcement of the year, maintaining the target rate at 5%. In Canada, the economy continues to slow down after hitting a roadblock in the middle of 2023. Higher interest rates are helping to alleviate inflationary pressures and curb spending; consumption growth was …
Owning a home and retirement planning are interconnected in several ways. Firstly, homeownership provides stability in old age by eliminating concerns about rent increases or the potential need to move due to landlord decisions. Having paid off your mortgage by retirement can significantly reduce monthly expenses, making it more feasible to live on a fixed …
The Purchase Plus Improvements Mortgage plan is designed to help homebuyers finance both the purchase of a home and the cost of renovations or improvements. Here’s how it typically works: 1. Home Purchase: You start by purchasing a home that you intend to renovate or improve. This can be a new purchase or a refinance …
Are you waiting for the market to crash so you can buy at rock bottom prices? What if we’re already there? What if houses are on sale and you can’t see it? Two years ago interest rates were 2% lower and the price of a single family home was $100,000 higher. What do you think …
Are you waiting for interest rates to drop before you buy a house? Read More »
Are you paying off your landlord’s mortgage?? You want to buy but don’t know where to start and probably don’t have enough for a down payment?? If you’re thinking about take the leap into home ownership as a first time buyer it’s a great time to do it — interest rates are low, home prices …
This morning, Federal Finance Minister, Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010. Consumers will have to qualify on 5 year Rates regardless of the actual term and rate consumers chose. Maximum loan to value on refinance has been reduced to 90% from its current …
New Rules Governing Canada Back Mortgage Insurance Read More »
Kamloops Mortgage Services There are several different types of Canadian mortgages including the second mortgage in which borrowers may be able to avoid having to pay high premiums on their mortgage. Such a mortgage is also useful in taking equity out of your home which can then help you to affect consolidation of debts. The …
