7 Jan

General

Posted by: Ashif Mohamed

MYTH Buster ~ Prime rate has dropped but fixed rates have not dropped as much! Variable Rates Variable-rate mortgages are directly tied to the Bank of Canada (BoC) policy rate. When the BoC adjusts its policy rate, financial institutions adjust their prime rates accordingly. Therefore, when the BoC policy rate changes, the variable mortgage rates […]

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4 Jan

The reverse mortgage market today!

General

Posted by: Ashif Mohamed

Canadians aged 55+ are living longer and want to stay in the homes they love, but they need the financial peace of mind to do it—which is why the reverse mortgage continues to gain popularity. If you’re looking to improve cash flow, pay off an existing mortgage, clear balances on existing credit cards and loans, […]

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4 Jan

Important mortgage changes for Canadians effective December 15th:

General

Posted by: Ashif Mohamed

– 30 year amortization will now be available for default insured mortgages with loan to value greater than 80% for: * First-time home buyers purchasing a resale property * All clients purchasing a new construction – Maximum property value or purchase price for all default insured programs will increase from less than $1 million to […]

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