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Deposit vs Downpayment

Deposit vs Downpayment

As part of the mortgage and real estate processes, there’s a lot of confusion around the differences between the deposit and the downpayment. It's important to understand what sets them apart so you don’t get confused when it’s time to secure financing on a property...

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Planning Ahead to Get the Best Terms on Renewal!

Planning Ahead to Get the Best Terms on Renewal!

If your mortgage term is almost up for renewal, there’s a good chance you’ll be pleasantly surprised with the low-interest rates available on the market today. While the pandemic has caused a lot of economic uncertainty, the result has been very low interest rates. In...

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6 Reasons to Refinance your Mortgage

6 Reasons to Refinance your Mortgage

Is now a good time to refinance your mortgage? Well, maybe! Interest rates are very low right now, and according to the bank of Canada, they will most likely remain low until at least 2023. So while everyone has different reasons to access their home equity, to a...

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Bank of Canada Rate Announcement Jan 20th, 2021

Bank of Canada Rate Announcement Jan 20th, 2021

Bank of Canada will hold current level of policy rate until inflation objective is achieved, continues quantitative easing.    The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent...

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Will Collections Impact Your Mortgage?

Will Collections Impact Your Mortgage?

A question that comes up from time to time when discussing mortgage financing is, “If I have collections showing on my credit bureau, will that impact my ability to get a mortgage?” And as the answer might have a broader application than what you might initially...

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4 Ways to Take Control of Your Finances in 2021

4 Ways to Take Control of Your Finances in 2021

The beginning of a new year is an ideal time to review your finances. Hopefully, with the wild ride of 2020 behind us, 2021 is a time we can all move forward. Regardless of where you’re at financially or your financial goals, here are four areas to consider as you...

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As Simple as Porting Your Mortgage!

As Simple as Porting Your Mortgage!

As simple as porting your mortgage! Said by no one ever. The truth is, there is nothing simple about porting your mortgage.  "Porting your mortgage" involves transferring the remainder of your existing mortgage term, outstanding principal balance, and interest rate to...

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Bank of Canada Rate Announcement Dec 9th, 2020

Bank of Canada Rate Announcement Dec 9th, 2020

Bank of Canada will maintain current level of policy rate until inflation objective is achieved, continues its quantitative easing program. The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank...

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A Surefire Plan to Saving a Downpayment

A Surefire Plan to Saving a Downpayment

If you’re looking to save money for a downpayment; or to save money for anything really, it all starts with clarity. First, you want to get clarity around your income, then clarity around your expenses, and then you need a plan. And although this might seem...

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Access Your Home Equity

Access Your Home Equity

If you've been a homeowner for many years, chances are, your property value has increased significantly. One advantage of homeownership is the opportunity to build equity. Home equity growth, partnered with the security of living in your own home, is why most...

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How to Establish New Credit

How to Establish New Credit

If you’re new to managing personal finance and you’re learning about credit, you’ve come to the right place. Establishing new credit is a bit of a catch 22. To build a credit history, you need credit. But you can’t really get credit without having credit. So, where do...

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Bank of Canada Rate Announcement Oct 28th, 2020

Bank of Canada Rate Announcement Oct 28th, 2020

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented...

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What Will Mortgage Financing Look Like In 2021?

What Will Mortgage Financing Look Like In 2021?

There is no doubt that 2020 was one for the books. It will be remembered as a year like no other. COVID-19 has caused significant national economic disruption, to say the least. While we’ve seen government intervention, record unemployment, mortgage payment deferrals,...

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Separating And Have A Mortgage? Start Here.

Separating And Have A Mortgage? Start Here.

With the latest stats claiming that about half of marriages end in divorce and with around three-quarters of Canadians being homeowners, it’s important to know how to handle your mortgage if you decide to separate. Here’s a quick list of things to consider. You need...

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Why The Property Matters

Why The Property Matters

When looking to qualify for a mortgage, typically a lender will want to review four main areas of your mortgage application. Income, credit, downpayment/equity and the property itself. Assuming you have a great job, excellent credit, and sufficient money in the bank...

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What is Bridge Financing?

What is Bridge Financing?

Let's say you have a home that you've outgrown, it's time to make a move to something more suited for your family. You have no desire to keep two houses, so you decide that selling your existing home, and moving into something new is the best idea. Ideally, when...

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Fixed or Variable?

Fixed or Variable?

If you're looking to buy a new property, refinance, or renew an existing mortgage, chances are, you're considering either a fixed or variable rate mortgage. Figuring out which one is the best is entirely up to you! So here's some information to help you along the way....

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Bank of Canada Rate Announcement Sept 9th, 2020

Bank of Canada Rate Announcement Sept 9th, 2020

Bank of Canada maintains commitment to current level of policy rate, continues program of quantitative easing. The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent...

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Ultra-Low Interest Rates

Ultra-Low Interest Rates

Chances are if you’ve been paying attention to the news as the Canadian economy continues to work through the COVID-19 pandemic, you’ve heard that interest rates are at an all-time low. And it would appear that they will remain low for a while. In fact, the Bank of...

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Mortgage Post Bankruptcy

Mortgage Post Bankruptcy

This should come as no surprise, but sometimes life throws you a financial curveball. Bankruptcy and consumer proposals happen. It doesn't mean your life is over, and it doesn't mean you won't ever qualify for a mortgage again. The key here is to get a plan in place...

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What is a Second Mortgage?

What is a Second Mortgage?

If you're relatively new to the world of mortgage financing, the term "second mortgage" might cause a bit of confusion; especially if you're a first-time homebuyer buying your first home. You might assume that when your first term is up or if you sell your first home,...

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Mortgage Deferrals Now Recorded on Credit Reports

Mortgage Deferrals Now Recorded on Credit Reports

If COVID-19 has negatively impacted your finances and you're currently deferring your mortgage payments, you should know that this will be visible on your credit report. Here is an image from a recent credit report. In this scenario, it shows that the mortgage was...

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Bank of Canada Rate Announcement July 15th, 2020

Bank of Canada Rate Announcement July 15th, 2020

Bank of Canada will maintain current level of policy rate until inflation objective is achieved, continues program of quantitative easing. The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is...

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Looking for a new mortgage? Start here.

Looking for a new mortgage? Start here.

It's safe to say that things have (mostly) calmed down in the mortgage world since the beginning of COVID-19. The rush of mortgage deferral applications appears to be behind us. So if you're looking for a new mortgage, right now is an excellent time to get things...

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Improving Your Credit Score

Improving Your Credit Score

Along with employment stability, and downpayment/equity, your credit score and how you manage your credit is a huge factor in qualifying for a mortgage. If you want the best interest rates available on the market, the higher your credit score the better. However, if...

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Spousal Buyout Mortgage?

Spousal Buyout Mortgage?

If you happen to be going through, or considering a divorce or separation, you might not be aware that there are mortgage products designed to allow you to refinance your property in order to buyout your ex-spouse. For most couples, their property is their largest...

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CMHC Guidelines Changing July 1st 2020

CMHC Guidelines Changing July 1st 2020

CMHC just shared the following press release. If you have any questions, please don't hesitate to contact me anytime! CMHC RELEASE JUNE 4th 2020 The COVID-19 pandemic is affecting all sectors of Canada’s economy, including housing. Job losses, business closures and a...

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Bank of Canada Rate Announcement June 3rd, 2020

Bank of Canada Rate Announcement June 3rd, 2020

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. Incoming data confirm the severe impact of the COVID-19 pandemic on the...

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Advice for Living Through These Uncertain Times

Advice for Living Through These Uncertain Times

It only takes a quick trip to the grocery store to realize that life is VERY different than it was just a couple of months ago. COVID-19 has already left a permanent mark in modern human history. So as you continue life mid-pandemic, here's some good advice: don’t...

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Don’t Assume Anything!

Don’t Assume Anything!

A lot of people get into hot water when they assume that because they've qualified for a mortgage in the past, they will qualify for a mortgage in the future. This article has one point to make and it's this: Don't assume anything when dealing with mortgage financing!...

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Access Your Home Equity! COVID-19

Access Your Home Equity! COVID-19

As the initial shock of living through a global pandemic wears off and restrictions start to loosen, it would seem that Canada is en route to de-COVID soon (time will tell). If you’ve been waiting until things flatten out before making any significant financial...

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Avoid This Mistake When Shopping for a House

Avoid This Mistake When Shopping for a House

No doubt about it, buying a home is an emotional experience.  It's a game of balancing needs and wants, while trying to be honest with yourself about those very needs and wants. It's hard to get it right, figuring out what's negotiable and what isn't... what you can...

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A Mid-Pandemic Mortgage Checkup?

A Mid-Pandemic Mortgage Checkup?

If you've been sitting on the sidelines waiting to see the full impact of COVID-19 on the economy before asking any pressing questions about your financial situation, now might be a good time for a mid-pandemic mortgage checkup! Here is a list of questions that have...

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Questions About Appraisals During COVID-19

Questions About Appraisals During COVID-19

If you're looking to purchase or refinance a property while most of Canada is self-isolating to stop the spread of COVID-19, you probably have some questions around how the pandemic is impacting appraisals. If you're looking to put a plan together that involves...

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How to Not Qualify for a Mortgage

How to Not Qualify for a Mortgage

If you have no desire at all to qualify for a mortgage, here are some great ways to make sure you don't accidentally end up buying a house and taking out a mortgage to do so. One of the best ways to ensure you won't qualify for a mortgage is to be unemployed. Yep,...

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The 10 Don’ts of Mortgage Closing

The 10 Don’ts of Mortgage Closing

Okay, so here we are... we have worked together to secure financing for your mortgage. You are getting a great rate, favourable terms that meet your mortgage goals, the lender is satisfied with all the supporting documents, we are broker complete, and the only thing...

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Open for Business During COVID-19

Open for Business During COVID-19

If you're thinking about buying a new property, refinancing your existing mortgage, or if your mortgage is up for renewal, you might be wondering if getting a mortgage is even possible amid a global pandemic? Be assured that it is possible, mortgages are being...

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Is Now a Good Time To Buy? (Covid-19)

Is Now a Good Time To Buy? (Covid-19)

If you’ve been thinking about buying a new home, chances are the instability of the Canadian economy and the impact Covid-19 has you second-guessing yourself. And chances are, at this point in time, you are probably right to do so. Right now there is uncertainty in...

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Deferring Mortgage Payments. (Covid-19)

Deferring Mortgage Payments. (Covid-19)

In response to the Covid-19 crisis; for those individuals financially affected, banks and the government have announced that payment relief may be available for up to 6 months of deferred mortgage payments.   As information is changing daily, or hourly, if you have...

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In the Middle of a 10 Year Term? You Have Options!

In the Middle of a 10 Year Term? You Have Options!

If you bought a house, or had a mortgage renew roughly five years ago, there's a chance the struggling economy and the relatively low interest rate environment (at the time) influenced you to "play it safe" and lock in a mortgage term for the next ten years. Because,...

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New Construction Assignment

New Construction Assignment

One of the benefits of working with an independent mortgage professional is having lots of great financing options! Rather than dealing with a single lender who has one set of products, brokers work with multiple lenders who offer a wide selection of mortgage...

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Can I Get A Mortgage With No Downpayment?

Can I Get A Mortgage With No Downpayment?

The simple answer to this question is no. In order to secure mortgage financing in Canada you have to come up with at least a 5% downpayment. Now, if you haven't set aside the 5% for a downpayment in your savings account, that is okay. There are still a few ways to...

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A Conversation About Mortgage Pre-approvals

A Conversation About Mortgage Pre-approvals

Thinking of buying a property, but don't know where to start? Well... that's where a mortgage pre-approval comes in. Start here. Just like you wouldn't go into a restaurant without having enough money to buy your meal, so you shouldn't start shopping for a home...

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Thinking of Selling? Call Me First!

Thinking of Selling? Call Me First!

If you've been thinking about selling your existing property, for whatever reason, it would be in your best interest to give me a call before you list for sale. Here are a few scenarios that explain why... Buying a New Property! You have to live somewhere! If you plan...

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How Interest Rates are Like Gas Prices

How Interest Rates are Like Gas Prices

Have you ever noticed that just like gas prices, interest rates seem to go up and down for no reason at all? How come it feels like right before you are ready to buy a property, rumours of interest rate changes will start to flood the media? Or why do gas prices...

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9 Quick Tips on Finding a Great REALTOR®

9 Quick Tips on Finding a Great REALTOR®

So, you want to buy a home. Or maybe you want to sell your home. Either way, working with a real estate professional or REALTOR® is a really good idea. But with all the agents out there competing to earn your business, how do you find the right one? Here is a quick...

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Bank of Canada Rate Announcement Jan 22nd, 2020

Bank of Canada Rate Announcement Jan 22nd, 2020

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent. The global economy is showing signs of stabilization, and some recent trade developments have been...

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Is Right Now a Good Time to Buy?

Is Right Now a Good Time to Buy?

If you've been thinking about buying a new home; whether that be your first home, your next home, your forever home, or your retirement home, the doom and gloom of it all might be causing you to question... is right now a good time to buy a home? Well... what if I...

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Bank of Canada Rate Announcement Dec 4th, 2019

Bank of Canada Rate Announcement Dec 4th, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent. The Bank’s October projection for global economic growth appears to be intact. There is nascent...

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7 Questions To Ask Yourself Before Building a Home

7 Questions To Ask Yourself Before Building a Home

Building your dream home can sound really exciting, but have you thought about everything that goes into building a new home? Here are 7 Questions you should ask yourself before making any concrete plans! 1. What are my expectations with this new home? Are you looking...

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You Just Got a Mortgage. Now What?

You Just Got a Mortgage. Now What?

Mortgages are a funny thing. On the one hand they allow you to become a home owner without saving up enough money to purchase the home outright, which is a really good thing. On the other hand, even at today's really low interest rates, as they are amortized over a...

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Are Lenders Obligated to Renew Mortgages?

Are Lenders Obligated to Renew Mortgages?

It's a common held belief that if you've made your mortgage payments on time throughout the entirety of your mortgage term, that your lender is somehow obligated to renew your mortgage. This is simply not the case. The truth is, a lender is never under any obligation...

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Bank of Canada Rate Announcement Oct 30th, 2019

Bank of Canada Rate Announcement Oct 30th, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent. The outlook for the global economy has weakened further since the Bank’s July Monetary Policy Report...

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Should I Get A Mortgage Pre-Approval?

Should I Get A Mortgage Pre-Approval?

Should I get a Mortgage Pre Approval? Going through the pre-approval process is important. However, the actual term ‘pre-approval’ is often misunderstood. It’s not magic, and it’s certainly not binding. Let’s be clear, a pre-approval isn’t for the lender; it’s for...

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Getting on the Property Ladder

Getting on the Property Ladder

As property prices continue to rise across Canada, the conversation around "how to climb the property ladder" has made a subtle shift to "how to get on the property ladder in the first place." Especially if you're single. Whereas before it was assumed anyone would...

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Bank of Canada Rate Announcement Sept 4th, 2019

Bank of Canada Rate Announcement Sept 4th, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent. As the US-China trade conflict has escalated, world trade has contracted and business investment has...

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Costs Associated with Buying a Property

Costs Associated with Buying a Property

So you want to buy a property, that’s great! Make sure you have your wallet ready to bring to the table. In addition to the downpayment, there are many other costs associated with purchasing a home; typically, these are called closing costs. Your closing costs...

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Planning Ahead, A Guide to Mortgage Documentation

Planning Ahead, A Guide to Mortgage Documentation

It doesn’t matter if you are looking to purchase your first home, your next home, or your twentieth home; typically the mortgage documentation required to secure financing will be the same. The earlier on in the process you can collect these documents, and provide...

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Protecting Your Credit Through a Divorce

Protecting Your Credit Through a Divorce

No secret here, divorces are challenging, there are a lot of things to think about in a short amount of time. Although finances are often at the forefront of the discussions as it relates to the separation of assets, managing and maintaining personal credit can be...

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The Interest-Only Mortgage

The Interest-Only Mortgage

Relatively self-explanatory, an interest-only mortgage is one where your entire mortgage payment goes to interest and does not pay down the principal mortgage amount at all. So at the end of your term, you will owe the same amount as when you got your mortgage. So you...

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Mortgage Options Into Retirement

Mortgage Options Into Retirement

Although it’s ideal to have your mortgage paid off by the time you retire, in today’s economy, that isn’t always possible. The cost of living is considerably higher than it has ever been, and as a result, a lot of Canadians are putting off retirement, hoping to make...

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Bank of Canada Rate Announcement July 10th, 2019

Bank of Canada Rate Announcement July 10th, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent. Evidence has been accumulating that ongoing trade tensions are having a material effect on the global...

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Using Your RRSP To Help Buy A Home

Using Your RRSP To Help Buy A Home

Did you know that you can use your RRSP to help buy a home? In fact, you can, it’s called the RRSP Home Buyer’s Plan (or HBP for short). Here are a few things you need to know! It needs to be your first home (with some exceptions). Technically, you must not have owned...

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TDS? GDS? What Is Income Debt Servicing?

TDS? GDS? What Is Income Debt Servicing?

“Debt servicing” is the measure of your ability to meet all of your financial obligations. There are two ratios that are examined by financial institutions to determine whether you can debt service a mortgage. The first one is called the “gross debt service” ratio...

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Bank of Canada Rate Announcement May 29th, 2019

Bank of Canada Rate Announcement May 29th, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. Recent Canadian economic data are in line with the projections in the Bank’s April Monetary Policy...

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I Missed a Credit Card Payment… Now What?

I Missed a Credit Card Payment… Now What?

If you've missed a payment on your credit card (or line of credit) and you're wondering how this will impact your creditworthiness down the road, this article is for you. But before we get started, if you have an overdue balance on any of your credit cards at this...

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How Can I Pay Down My Mortgage Faster?

How Can I Pay Down My Mortgage Faster?

Although getting a mortgage is exciting as it allows you to become a homeowner, a mortgage is, in fact, a lot of debt. So if you have a mortgage, your goal should be to get rid of it as quickly as possible. Here are four things you can do to help pay off your mortgage...

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Bank of Canada Rate Announcement April 24th, 2019

Bank of Canada Rate Announcement April 24th, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. Global economic growth has slowed by more than the Bank forecast in its January Monetary Policy...

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Minimum Required Credit Profile

Minimum Required Credit Profile

Credit. The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. When you borrow money to buy a house, you will be required to prove that you have a good history of managing your credit. But what...

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Tips for Homebuying with Family Members

Tips for Homebuying with Family Members

Pooling resources with parents or siblings opens possibilities when it comes to buying a home everyone can afford. Homebuying requires careful planning though, since there’s so much at stake—and money is the least of it; we’re talking love and loyalty here. If you...

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Mortgage Documentation, Plan Ahead!

Mortgage Documentation, Plan Ahead!

Collecting the right documentation to prove you are a worthy candidate to borrow a lot of money to buy a property can be an arduous task. The most recent government rule changes and tightening of mortgage qualification isn't making things easier. If you seem to think...

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Bank of Canada Rate Announcement Mar 6th, 2019

Bank of Canada Rate Announcement Mar 6th, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. Recent data suggest that the slowdown in the global economy has been more pronounced and...

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Online Mortgage Calculators, Can You Trust Them?

Online Mortgage Calculators, Can You Trust Them?

You'd think an online calculator is a pretty straight forward device, one that you should be able to place your full confidence in, and for the most part they are. Calculators calculate numbers, the numbers are reliable, but how you interpret those numbers... not so...

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5 Ways to Boost Your Financial Fitness

5 Ways to Boost Your Financial Fitness

Thinking about buying your first home? The race to home ownership is more like a marathon than a sprint: diligent planning, pacing and strategy are the keys to success. Are you ready to approach the starting line? Here are five ways to shape up and boost your...

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Bank of Canada Rate Announcement Jan 9th, 2019

Bank of Canada Rate Announcement Jan 9th, 2019

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. The global economic expansion continues to moderate, with growth forecast to slow to 3.4 per cent...

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