General Michael Distefano 25 Jan
By Josh Rubin Business Reporter Wed., Jan. 25, 2023 Central bank signals its rate-hiking campaign could finally be over, while it “assesses the impact of the cumulative interest rate increases.” The interest rate hikes are over — probably. The Bank of Canada raised its key overnight lending rate for the eighth straight time Wednesday morning but […]
Read MoreGeneral Michael Distefano 9 Jun
Bank of Canada says some Canadians could see mortgage payments jump 45% in 2025-26 Central bank highlights rising debt loads and falling home prices among risks The Bank of Canada released its annual financial system review Thursday. Some Canadians who took out mortgages in 2020-21 could see their monthly payments jump by as much as […]
Read MoreGeneral Michael Distefano 28 Apr
Mortgage Refinance Learn what it means to refinance your mortgage loan and how this could help you reach your goals. Refinancing your mortgage means renegotiating your existing mortgage loan agreement. You might do this to consolidate debts, or you could use the equity in your property to increase your mortgage loan amount for large expenses. […]
Read MoreLatest News Michael Distefano 26 Apr
High inflation has become such a risk to the economy, the central bank will do anything to slow it. That might include raising interest rates higher than already aggressive forecasts have called. This was the message from the Bank of Canada (BoC) at the Standing Committee on Finance today. The central bank Governor made […]
Read MoreMortgage Tips Michael Distefano 19 Aug
Saving to buy a home is so much more than putting together a down payment. Down payments receive all the attention as you save to buy a property. If you take some time to plan for other expenses related to closing on your property, you won’t be surprised by the actual amount you should have […]
Read MoreGeneral Michael Distefano 24 Jun
By Paul Lucas 24 Jun 2021 Mortgage Broker News Dominion Lending Centres (DLC) launches a new first responder mortgage program. Coming into effect yesterday, June 23, the program is available to first responders across Canada with the corporation claiming it offers competitive rates, alongside cashback incentives. “The DLC Group of Companies are incredibly grateful to all of […]
Read MoreMortgage Tips Michael Distefano 31 Mar
Armed with a hard-earned down payment, pre-approval from a lender, and a wish-list of what you “must” have in your dream property, window shopping for homes can be an exciting experience. And then it happens. You find the perfect place in your desired neighborhood. Unfortunately, there are 10 others who have also fallen in love […]
Read MoreGeneral Michael Distefano 12 Mar
RENEWING VS. REFINANCING A MORTGAGE What’s the difference between refinancing and renewing your mortgage? The terms are often used interchangeably, but they are different processes: Renewing a mortgage applies to the current mortgage loan. You will be looking for a new term and interest rate based on the amount remaining in your mortgage at the […]
Read MoreGeneral Michael Distefano 15 Jul
The Bank of Canada under the new governor, Tiff Macklem, wants to be “unusually clear” that interest rates will remain low for a very long time. To do that, they are using “forward guidance”–indicating that they will not raise rates until capacity is absorbed and inflation hits its 2% target on a sustainable basis, which […]
Read MoreGeneral Michael Distefano 5 Jun
Canadian Mortgage and Housing Corporation (CMHC) is tightening the criteria to get a mortgage with less than a 20% down payment. Any potential home buyer with less than a 20% down payment must purchase default insurance on their loan and have a minimum down payment of 5%. CMHC is a federal Crown Corporation that provides […]
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