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The Bank of Canada’s third consecutive rate cut means the main interest rate is currently at 4.25 percent, down from the previous 4.50 percent. It’s believed that the cumulative 75-basis-point reduction will encourage more buyers to return to the market,…

Refinancing your mortgage is a wise financial decision that could save you money, lower your monthly payments, or even help you pay off your mortgage faster. To take advantage of this situation, you must first have a complete understanding of…

On September 4, 2024, the Bank of Canada (BoC) announced a 0.25% reduction in the overnight lending rate, marking its third consecutive cut this year to bring inflation down to 2%. This change will greatly affect new homebuyers and current…

Obtaining a mortgage can be difficult for many potential homebuyers, especially if you are having a low credit score. Prime lenders, with their strict lending requirements make it harder for borrowers to get approved for a mortgage, most probably in…

A commercial mortgage is a loan applied to buy a commercial property or, in some cases, made using a commercial property as collateral. Commercial property can include a warehouse, mall, office building, medical center, or retail store. Canada Mortgage and…

Searching for a mortgage is quite similar and complex, just like shopping for a new home. Given how long you want your mortgage term to be, you should plan ahead of time and gather all relevant information before deciding between…

When a mortgage holder decides to refinance, they replace their existing mortgage with a new one. This is an option that thousands of borrowers choose each year to obtain a cheaper interest rate on the amount that is being mortgaged,…

Are you planning to apply a home equity loan? If yes, it’s better to stay aware of its advantages and disadvantages before applying to avoid any last minute surprises. A house equity loan is a loan secured by the borrower…

When applying a mortgage for a pre-construction home, you have several options to consider, including a fixed- or variable-rate mortgage. Comparing the benefits and drawbacks of fixed-rate versus variable-rate mortgages can be challenging since future interest rates are unpredictable. Fixed-rate…

Are you looking to buy your first home in Canada? If you’re a first-time home buyer, you may be very excited to purchase a home you can proudly call your own and may require financial assistance to achieve this dream…

When it comes to mortgage approval, there are many alternatives to get the funding you need than ever before. From banks to lenders and brokers to MICs, you can compare and choose the most favorable deal that suits both your…

Is your current mortgage about to mature, or are you wanting to change it? Do not forget renewal management and plan ahead of time. This will prevent unpleasant shocks and create unique opportunity to improve your financial status. In the…

Refinancing your mortgage can be a wise financial decision since it may result in monthly payment savings or lower overall interest costs over the course of your home loan. Consider your options carefully before planning to apply refinancing mortgage in…

In Canada, CMHC insurance, also known as mortgage default insurance, is required for down payments ranging from 5% to 19.99%; these mortgages are referred to as high ratio mortgages. The insurance is computed as a percentage of the entire mortgage…

Applying for a mortgage can be a hard process with various constraints. Bad credit can complicate your application, but it does not prevent you from getting a mortgage.  Knowing what influences your credit score when applying a home purchase mortgage…

Have you heard of mortgage refinancing and thinking if it would be good for you? No matter, how long back you purchased your home, interest rates tend to fluctuate in day, months, or years following your mortgage approval. You might…

Do you know mortgage brokers can help you achieve your homeownership dreams? Yes, they can. They play a vital role in getting you approved for a mortgage so you can get hands-on funding to buy your dream property. A licensed…

Planning to refinance your property for a lower interest rate? Homeowners who have mortgages that were originally obtained when interest rates were higher are being encouraged to refinance them by the comparatively low interest rate. But whether or not you…

A profession as a mortgage broker is a great fit for anyone who wants to assist others in becoming homeowners. Based on their credit history and current financial situation, mortgage brokers help clients discover the best deal. Having a clear…

For those who have worked for themselves for an extended period, proving your income can be a challenge. While self-employment has increased in popularity in recent years, many organizations still view it as unusual, specifically mortgage lenders. All it indicates…

Want to apply a construction mortgage? When building homes, most builders aim to maximize their financial resources and look for funding via a construction mortgage. A lender may provide all or the majority of the funds needed to build a…

Are you thinking about mortgage renewal? Before a mortgage is finally paid off, most mortgage holders require at least one renewal. It is more crucial than ever for mortgage holders to be aware of their alternatives when it comes to…

Aiming to purchase a new house? The rising cost of real estate in Canada may make purchasing a home seem unattainable. You are at least partially aware of the difficulties in managing significant monthly expenses if you currently pay rent….

Do you have a home purchase mortgage on your property and planning to move? Even though your mortgage contract is not complete, you can still move without having to pay off your existing mortgage completely. In fact, you have a…

Is your mortgage about to expire? Upon the expiration of your mortgage term, you will have several choices, including renewal and refinancing. Among other criteria, what you do may have an impact on the amount you are expected to pay…

Are you planning to build a new home? You can keep more money each month by using home construction mortgage to pay for the building expenses of your property while it is being developed. When building on land you own…

Do you have a mortgage that needs to be paid back? Are you aware of all the choices available for paying off your mortgage faster? If you are planning to complete your mortgage repayments before the mortgage period ends, you…

Purchasing a new house is an exciting event with a lot to be done, regardless of whether you’ve done it all before or this is your first time. What would happen if mortgage interest rates dropped below your present rate…

The much awaited news for mortgage borrowers is here. The Bank of Canada lowered interest rates by 25 basis points to 4.75%. The Bank of Canada’s policy rate, also known as a benchmark rate or overnight rate influences a bank’s…

The first step to navigating the world of commercial real estate frequently entails acquiring a commercial mortgage, regardless of whether you’re an investor looking to diversify your portfolio, an entrepreneur eyeing a new office space, or a business owner looking…

Want to apply a commercial mortgage application? Wondering how the commercial loan application process works? Knowing or understanding every stage of the mortgage process can be difficult and frustrating, especially if you are a first-time borrower. Every mortgage application is…

Are you looking for a commercial mortgage? A commercial mortgage is a loan secured for a property that is not currently held by you. There are no predetermined rates for these mortgages, which mean that each application presented to a…

A commercial loan is the most popular form of funding for commercial real estate purchases and its success depends on many factors in addition to the interest rate. One of the most important aspects is loan-to-value ratio, which indicates the…

Refinancing involves paying off your current mortgage and obtaining a new one with new terms, including a different loan size, interest rate, and amortization period. At any point during the term of your mortgage or at renewal, you have the…

Are you going to apply for a construction mortgage? Unsure if you qualify for a construction loan? Similar to a residential mortgage, homeowners can apply for a construction mortgage to cover the costs of financing a renovation or building project….

Is the term of your present mortgage about to expire? Do you intend to renew your mortgage? Each mortgage contract has a set duration, referred to as the mortgage period, which can be anywhere from a few months to more…

Are you self-employed and want to get your mortgage approved? There are many difficulties in being a self-employed individual, but obtaining a mortgage shouldn’t be one of them. Even though some lenders may find it difficult to lend to self-employed…

Are you planning to buy a commercial property? When business owners are willing to buy a property for commercial purposes, they take out commercial mortgages. There are many types of commercial loans or mortgages available to choose from, including buy-to-let…

New to Canada? Planning to buy your first home? The goal of becoming a homeowner seems to be becoming more and more unattainable for young Canadians with the allowance of 30 years amortization period on brand new home purchases. Over…

Commercial real estate investing can be a lucrative opportunity for long-term financial success and growth, particularly for small business owners seeking to make a strong foundation for their business.   In order to navigate the complex world of commercial mortgages for…