Department of Finance Announces New Qualifying Rate for Insured Stress Test Feb 19th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Bank of Canada rate cut increasingly likely amid coronavirus fears, economists say - Global News Mar 2nd

Bank of Canada rate cut increasingly likely amid coronavirus fears, economists say  Global NewsCoronavirus rate cut could open Poloz's finale at Bank of Canada  BNNBloomberg.caBoC Increasingly Likely to Deliver a Surprise Rate Cut This Week - Mortgage Rates & Mortgage Broker .... More »
 home loans

Big Banks Announce Mortgage Deferral Relief for Homeowners + MORE Mar 20th

Canada’s big banks announced this week that those struggling due to the COVID-19 crisis will be able to defer their mortgage payments for up to six months. The coordinated announcement came from the Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank, and will b.... More »
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BoC Drops Key Rate 0.50%-Pts. Will Prime Rate Follow? + MORE Mar 5th

The coronavirus contagion left the Bank of Canada little option today. It cut Canada’s key interest rate amid fears of a deepening economic downturn. It was the bank’s first rate cut in nearly five years and likely won’t be its last this year. The move brings Canada’s overnight target rate .... More »

Reverse mortgages are cheaper than ever. Should you use one to tap into your home’s equity? + MORE Feb 25th

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 home loans

How Early Should You Get Pre-Approved for a Mortgage? + MORE Feb 28th

Pre-approval is a standard step that prospective homeowners must complete before they go house hunting. This stage lets you know how much a bank is willing to lend you. Getting pre-approved is a detailed process that requires extensive documentation. In addition, your mortgage rate has an expiratio.... More »
The federal government announced on Tuesday it will be changing the benchmark qualifying rate used for Canada’s insured mortgage stress test. The change, which will take effect April 6, 2020, means borrowers with insured mortgages (typically those with less than 20% equity) will need to prove they can afford monthly mortgage payment based on a rate equal to the weekly median 5-year fixed insured mortgage rate plus 2%. The Department of Finance confirmed that rate would currently equal 4.89%, 30 […]

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