Mortgage Blog
Canada's Mortgage Expert
Category: Mortgage (46 posts)
Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening
January 25, 2023 | Posted by: Jeremy Schaffner
The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening ...
read moreThis year create financial resolutions that you can stick to
January 5, 2023 | Posted by: Jeremy Schaffner
A new year brings a host of new year's resolutions. It's very common for people to make these resolutions around family, friends, eating better, or even the cliché going to the gym more. This year, e ...
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Should You Spend the Full Mortgage Amount You're Approved For?
December 28, 2022 | Posted by: Jeremy Schaffner
Before you start shopping for a new home, you'll need to know exactly how much house you can afford. Otherwise, you could end up in a home that is way out of your budget. What you qualify for may not ...
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The Pros and Cons of Fixed vs. Variable Mortgages
December 8, 2022 | Posted by: Jeremy Schaffner
When it comes to choosing a mortgage, borrowers in Canada have two main options: a fixed rate mortgage or a variable mortgage. But which type is best for you? Here, we'll take a look at the pros and c ...
read moreThe Pros and Cons of Locking In your Mortgage Rate
December 8, 2022 | Posted by: Jeremy Schaffner
The Pros and Cons of Locking In The holiday season is upon us, bringing an end to a tumultuous year. 2022 saw inflation reach levels not seen for 40 years, followed by substantial interest rate hik ...
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Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening
December 7, 2022 | Posted by: Jeremy Schaffner
The Bank of Canada today increased its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is also continuing its policy of quantitative tightening ...
read moreThinking of buying? Don't be put off by high rates.
November 3, 2022 | Posted by: Jeremy Schaffner
2022 has already been tough on Canadians' wallets, and recent economic data shows the pain is unlikely to end soon. Inflation continues to run hot, and on October 26 the Bank of Canada further r ...
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Bank of Canada Rate Update October 26, 2022
October 26, 2022 | Posted by: Jeremy Schaffner
Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 3.75%, with the Bank Rate a ...
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Best Ways to Plan for Your Down Payment
October 19, 2022 | Posted by: Jeremy Schaffner
Best Ways to Plan for Your Down Payment Do mortgages seem unaffordable? These tips will help you plan for your down payment so you can start talking to a private lender mortgage broker in no time. ...
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A fresh look at the opportunities in today's housing market from a mortgage perspective
October 11, 2022 | Posted by: Jeremy Schaffner
When news reports present a consistently gloomy view of rising rates and the distinctly negative impact on the housing market, it's easy to feel discouraged. But the news frequently doesn't tell the f ...
read moreHow Mortgage Rates Affect Buying Power?
September 16, 2022 | Posted by: Jeremy Schaffner
How Mortgage Rates Affect Buying Power? Do You Know How Your Mortgage Rate Affects Buying Power? To maximize your purchasing power, you should understand how interest rates impact your home buying p ...
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A look at how rate increases impact different mortgage types
September 8, 2022 | Posted by: Jeremy Schaffner
With inflation at its highest level in almost 40 years, the Bank of Canada continues to take drastic action to cool the economy with the latest of five consecutive rate increases announced on Septembe ...
read moreBank Of Canada Rate Update September 7, 2022
September 7, 2022 | Posted by: Jeremy Schaffner
Bank of Canada increases policy interest rate by 75 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 3.25%, with the Bank Rate ...
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Should You Pay Off Your Mortgage Early?
August 24, 2022 | Posted by: Jeremy Schaffner
It's a dream to be able to pay off your mortgage early, but is there a downside? While it sounds like a great idea, there are some factors to consider before doing so. This article will explore some o ...
read moreBudgeting for Inflation
August 4, 2022 | Posted by: Jeremy Schaffner
If you thought the end of the pandemic would bring a return to economic normalcy, 2022 has certainly been surprising. Summer has seen inflation return to the forefront of consumers' economic worries f ...
read moreBank Of Canada Rate Update July 13, 2022
July 13, 2022 | Posted by: Jeremy Schaffner
Bank of Canada increases policy interest rate by 100 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 2.5%, with the Bank Rate ...
read moreMortgage Fundamentals for Home Purchases
July 7, 2022 | Posted by: Jeremy Schaffner
Mortgage Fundamentals for Home Purchases With interest rates continuing to rise, and housing markets beginning to cool, if you're considering a home purchase anytime soon, it's a good idea to revisit ...
read moreMortgage Fundamentals for Home Purchases
July 7, 2022 | Posted by: Jeremy Schaffner
With interest rates continuing to rise, and housing markets beginning to cool, if you're considering a home purchase anytime soon, it's a good idea to revisit some mortgage fundamentals to ensure you' ...
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How Rising Rates Can Affect Your Mortgage
June 3, 2022 | Posted by: Jeremy Schaffner
The one-two-punch of supply chain issues and the war in Ukraine has pushed inflation in Canada to its highest level in 30 years and spurred the Bank of Canada to move toward a tighter monetary polic ...
read moreBank Of Canada Rate Update June 1, 2022
June 1, 2022 | Posted by: Jeremy Schaffner
Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 1½%, with the Bank Rate at ...
read moreHow a Mortgage Pre-Approval Can Protect You from Rising Rates
May 26, 2022 | Posted by: Jeremy Schaffner
With interest rates rising, it's important to lock in a lower rate as soon as possible. You can do this with the right home mortgage pre-approval. Find out how! Do you plan on searching for and buy ...
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The Tax Free First Home Savings Account (FHSA) explained
May 5, 2022 | Posted by: Jeremy Schaffner
The Tax Free First Home Savings Account (FHSA) explained If you or someone you know is saving for a down payment on their first home, the Federal government announced a new program aimed at first-tim ...
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How is a Private Mortgage Different Than a Traditional Bank Mortgage
May 4, 2022 | Posted by: Jeremy Schaffner
Understanding the difference between private mortgages and traditional bank mortgages can help you make the best decision for financing a new home. Each option provides the money to secure real estate ...
read moreBank Of Canada Rate Update April 13, 2022
April 13, 2022 | Posted by: Jeremy Schaffner
Bank of Canada increases policy interest rate by 50 basis points, begins quantitative tightening The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1¼% ...
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Higher Interest Rates are Here. What Does That Mean for You?
March 9, 2022 | Posted by: Jeremy Schaffner
The Bank of Canada has been signaling for a while now that they will respond to inflation by raising interest rates. Sure enough, on March 2nd they announced a hike in the overnight rate by 0.25%. H ...
read moreBank Of Canada Rate Update March 2, 2022
March 2, 2022 | Posted by: Jeremy Schaffner
Bank of Canada Increases Policy Interest Rate The Bank of Canada today increased its target for the overnight rate to ½ %, with the Bank Rate at ¾ % and the deposit rate at ½ %. The Bank is contin ...
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Bank Of Canada Rate Update January 26, 2022
January 26, 2022 | Posted by: Jeremy Schaffner
Bank of Canada maintains policy rate, removes exceptional forward guidance The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ %, with the Bank Rate at ...
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Top 10 Questions to Ask Your Mortgage Broker in BC
January 19, 2022 | Posted by: Jeremy Schaffner
Top 10 Questions to Ask Your Mortgage Broker The mortgage world can sometimes be difficult to navigate when buying a home. However, an experienced Mortgage Broker can help walk you through the proces ...
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How Much of A Mortgage Can You Afford?
January 5, 2022 | Posted by: Jeremy Schaffner
How Much of a Mortgage Can You Afford? Mortgage Application: How Much of A Mortgage Can You Afford? The mortgage application process involves a buyer's due diligence in calculating how much mortgage ...
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Sensible strategies to help you thrive in 2022
December 23, 2021 | Posted by: Jeremy Schaffner
Canadians keep talking about the housing market! Are we in a housing bubble, will rates rise in 2022 and by how much, is this the right time to buy or refinance, is a lender's renewal offer the best ...
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Prequalification and Pre-Approval—What is the Difference? Home Buying in BC
December 15, 2021 | Posted by: Jeremy Schaffner
What is the Difference Between Pre-Qualification and Pre-Approval? Prequalification and Pre-Approval-What is the Difference? Prequalification is a basic review of the borrower's information to deter ...
read moreBank Of Canada Rate Update December 9, 2021
December 8, 2021 | Posted by: Jeremy Schaffner
Bank of Canada maintains policy rate and forward guidance 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 ...
read morePreparing for Higher Rates
November 26, 2021 | Posted by: Jeremy Schaffner
Given inflationary pressures, the Bank of Canada indicated in their last rate announcement that rate hikes could take place earlier than previously indicated, in mid-2022, which means variable rates t ...
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What to do if You Are Denied a Mortgage
November 24, 2021 | Posted by: Jeremy Schaffner
What to do if You Are Denied a Mortgage Main reasons Why your mortgage application is Denied and What to do If Mortgage lenders reject Yours Mortgage lenders often reject loan application requests f ...
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How to Know if it's Time to Refinance
November 3, 2021 | Posted by: Jeremy Schaffner
How to Know if it's Time to Refinance According to mortgage advisors, mortgage refinancing is one of the ways to make and save money from your home loan. When done right mortgage refinancing benefits ...
read moreBank Of Canada Rate Update Oct 27, 2021
October 27, 2021 | Posted by: Jeremy Schaffner
Bank of Canada maintains policy rate and forward guidance, ends quantitative easing The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with ...
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What Is Home Equity and How Can I Build It?
October 6, 2021 | Posted by: Jeremy Schaffner
Home equity is an essential asset for creating wealth and income. Learn how home equity is calculated, why it's important, and five steps you can take to build it. As you make monthly mortgage paymen ...
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What's Involved in Giving Your Child a Boost to Home Ownership?
October 6, 2021 | Posted by: Jeremy Schaffner
What's Involved in Giving Your Child a Boost to Home Ownership? With the financial demands of school loans, living expenses, and finding a career path, many young people struggle to purchase their fi ...
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Bank Of Canada Rate Update Sept 8, 2021
September 8, 2021 | Posted by: Jeremy Schaffner
Bank of Canada maintains policy rate, continues forward guidance and current pace of quantitative easing The Bank of Canada today held its target for the overnight rate at the effective lower boun ...
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Getting a Mortgage as a Student
August 18, 2021 | Posted by: Jeremy Schaffner
Purchasing a home is most likely one of the most sizable purchases most of us will ever make, and finally, buying a home is a dream come true for most. For students, it may seem like this dream is fo ...
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What Happens if You Lose Your Job Before Closing?
August 4, 2021 | Posted by: Jeremy Schaffner
A job loss a few days or weeks prior to closing your home purchase can be distressing; especially when you have no alternative source of income. Getting a new job can ease the situation, but it's not ...
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How a Funding Condition Can Secure Purchasers From Financial and Legal Penalties in BC
July 21, 2021 | Posted by: Jeremy Schaffner
When you make a deal to buy a home, in addition to thinking about how much money to provide, you likewise need to think about any conditions that you want to include. Some common conditions deal with ...
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Bank Of Canada Rate Update July 14, 2021
July 14, 2021 | Posted by: Jeremy Schaffner
Bank of Canada maintains policy rate and forward guidance, adjusts quantitative easing program The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ per ...
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Risks of Putting Down a Firm Offer with a Pre-Approval BC
July 7, 2021 | Posted by: Jeremy Schaffner
Risks of Putting Down a Firm Offer with a Pre-Approval Today, the real estate market is competitive and homebuyers need all the help they can get to secure their home at the right price. Once you fin ...
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Low Rates in BC Helping Buyers Pay Off Their Mortgages at Record Pace
June 28, 2021 | Posted by: Jeremy Schaffner
Home prices may be astronomical in certain parts of the country, but historically low mortgage rates are allowing borrowers to pay off their mortgages faster than ever. At today's average rates, 61% ...
read moreBank Of Canada Rate Update June 9, 2021
June 9, 2021 | Posted by: Jeremy Schaffner
Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, continues quantitative easing The Bank of Canada today held its target for the overnight rat ...
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