Real Estate Blog for Buyers & Sellers

Category: Mortgage (61 posts)

  • July 8, 2024
  • Melissa Berrigan

7 Things to Know When You Are Looking to Purchase a Cottage or Vacation Home

Purchasing a cottage or vacation home can be an exciting venture, offering a perfect getaway from the hustle and bustle of city life. However, it's essential to approach this purchase with careful con

  • June 21, 2024
  • Melissa Berrigan

7 Smart Strategies to Help Save Money on Your Mortgage

Hello, and welcome to our blog! If you're reading this, chances are you're looking for ways to make your mortgage more manageable. Whether you're a first-time homebuyer or a seasoned homeowner, findin

  • June 7, 2024
  • Melissa Berrigan

How Lower Interest Rates Can Impact Your Mortgage: Insights for Canadians

How Lower Interest Rates Can Impact Your Mortgage: Insights for Canadians The Bank of Canada recently made headlines by lowering its interest rates for the first time in over two ye

  • June 5, 2024
  • Melissa Berrigan

June 5 - 2024 - Bank of Canada reduces policy rate by 25 basis points

The Bank of Canada today reduced its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is continuing its policy of balance sheet normalization.

  • May 23, 2024
  • Melissa Berrigan

When to Consider a Private Mortgage: A Guide for Canadian Homebuyers

Navigating the world of Canadian mortgages can be scary, especially when traditional lenders, like banks and credit unions, close their doors. This is where private mortgages come into play. For

  • May 8, 2024
  • Melissa Berrigan

5 Great Ways to Improve Your Credit Score

As a mortgage professional, we often work with clients who are eager to improve their credit scores. A higher credit score not only increases your chances of getting approved for a mortgage bu

  • April 24, 2024
  • Melissa Berrigan

RRSP Home Buyers Plan

In 2024, the Canadian government made significant changes to the Registered Retirement Savings Plan (RRSP) Home Buyers' Plan (HBP), aiming to make homeownership more accessible, particularly for

  • April 10, 2024
  • Melissa Berrigan

Paying off your mortgage early - The Pros and Cons

Certainly! Paying off your mortgage early is a significant financial decision that many Canadians grapple with. It can be an appealing goal, offering both financial freedom and peace of mind. That sai

  • April 10, 2024
  • Melissa Berrigan

April 10-2024 - Bank of Canada maintains policy rate, continues quantitative tightening

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The Bank

  • March 27, 2024
  • Melissa Berrigan

The Impact of Canadian Economic Trends on Mortgage Rates: What You Need to Know

Navigating the world of mortgages can sometimes feel like trying to predict the weather in Canada: just when you think you've got it figured out, things change. But unlike the weather, understanding

  • March 20, 2024
  • Melissa Berrigan

Unlocking the Door to Home Ownership: Simple Tips to Boost Your Credit Score

Hello, homebuyers and financial enthusiasts! Today, we're diving into a topic that's as crucial as it is misunderstood: your credit score. Think of your credit score like a key. The higher it is, the

  • March 6, 2024
  • Melissa Berrigan

Bank of Canada maintains policy rate, continues quantitative tightening

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. Global e

  • February 10, 2024
  • Melissa Berrigan

Managing Your Mortgage Renewal in a High-Rate Environment

Hello homeowners. With interest rates higher than they have been in many years, many of you might be anxious about your upcoming mortgage renewal. It's completely understandable, and you're not alon

  • January 24, 2024
  • Melissa Berrigan

Bank of Canada maintains policy rate, continues quantitative tightening

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. Global e

  • December 19, 2023
  • Melissa Berrigan

Navigating High Interest Rates: Strategies for New Home Buyers Across Canada

Introduction In today's economic landscape, we're seeing a trend that can be quite intimidating for anyone looking to step into the world of home ownership – high interest rates. But fear not! This

  • December 14, 2023
  • Melissa Berrigan

Navigating Your Mortgage: Practical Tips from the Experts

Managing a mortgage is a journey that requires careful navigation. Mortgage brokers understand the challenges and uncertainties homeowners face when it comes to their mortgage payments. Today's e

  • December 6, 2023
  • Melissa Berrigan

Bank of Canada maintains policy rate, continues quantitative tightening

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The

  • December 3, 2023
  • Melissa Berrigan

Navigating the New Normal: How Remote Work is Reshaping the Canadian Mortgage and Real Estate Landscape

In recent years, we've witnessed a seismic shift in our work lives, notably the rise of remote work catalyzed by the COVID-19 pandemic. This change isn't just about swapping office desks for dinin

  • November 23, 2023
  • Melissa Berrigan

Canada's New Updated Mortgage Charter

The Canadian Mortgage Charter spells out the rights consumers have when they are renegotiating mortgages. It calls on financial institutions to provide better relief measures over the next three y

  • November 15, 2023
  • Melissa Berrigan

Understanding Fixed vs. Variable Rate Mortgages

If you're on the cusp of getting a mortgage, or if you're considering refinancing, you've likely encountered the terms "fixed rate" and "variable rate" mortgage. These are the two primary pathways i

  • November 2, 2023
  • Melissa Berrigan

6 things to know about capital gains and taxes for people across Canada

So, you made some cash selling your property or stocks at a higher price than you bought them for? High five! But before you start celebrating, there's this thing called capital gains that might show

  • October 25, 2023
  • Melissa Berrigan

Bank Of Canada Rate Update October 25, 2023

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5%

  • October 24, 2023
  • Melissa Berrigan

Mortgage Strategies in a Rising Interest Rate Environment

Hello dear readers, Let's have a coffee chat, shall we? If we were sitting in a cozy café, sipping on lattes (or your beverage of choice), today's hot topic of conversation would undoubtedly revol

  • October 6, 2023
  • Melissa Berrigan

Leveraging Your Home Equity to Help Purchase a Home For Your Children: A Prudent Move?

Navigating Parental Assistance in Home Purchases The concept of parents aiding their children in stepping onto the property ladder is not a new one yet it is not ubiquitously adopted. A 2021

  • October 1, 2023
  • Melissa Berrigan

Understanding and Utilizing Home Equity

If you've consistently made mortgage payments over the years, you've been accumulating home equity. As this equity grows, homeowners can access it, converting it into cash for various purposes, from h

  • September 17, 2023
  • Melissa Berrigan

Can a first-time home buyer have a mortgage co-signer?

Can New Home Buyers in Canada Use a Mortgage Co-Signer? Struggling to secure a mortgage or need a financial boost? Consider bringing in a co-signer. Dive deeper into this and other home-buying tact

  • September 6, 2023
  • Melissa Berrigan

Bank of Canada maintains policy rate, continues quantitative tightening

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. Infl

  • August 23, 2023
  • Melissa Berrigan

Top Reasons To Refinance Your Home And Reasons Why You Maybe Should Not.

Refinancing a mortgage means replacing your existing loan with a new one, either with your current lender or a different one. Canadians often consider refinancing for various reasons, such as

  • August 5, 2023
  • Melissa Berrigan

Navigating High-Interest Rates and Inflation: Your Path to Mortgage Resilience

Introduction As your trusted mortgage broker, I understand that the current economic backdrop in Canada is presenting challenges for many homeowners. With interest rates on the rise and inflation p

  • June 13, 2023
  • Melissa Berrigan

Some great tips to help you save for a home

A home for most all Canadians is likely the most significant purchase you will make in your lifetime, so it is essential to be well-prepared. It is crucial to understand how to budget and save for

  • April 20, 2023
  • Melissa Berrigan

First-Time Home Buyer Budgeting: What You Need to Know

As a first-time home buyer, budgeting is an essential part of the home buying process. By carefully planning your finances and considering all of the costs associated with purchasing a home, you can e

  • April 12, 2023
  • Melissa Berrigan

Bank Of Canada Rate Update April 12, 2023

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 4.5%, with the Bank Rate at 4.75% and the deposit rate at 4.

  • March 8, 2023
  • Melissa Berrigan

Bank of Canada Rate Update March 8, 2023

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 4.5%, with the Bank Rate at 4.75% and the deposit rate at

  • March 5, 2023
  • Melissa Berrigan

Selling Your Home in the Winter: How You Can Make the Most of It

Selling your home in the winter can be a challenging task, but it can also be an opportunity to stand out in a crowded market. With fewer houses on the market and motivated buyers who are eager to mov

  • December 28, 2022
  • Melissa Berrigan

Should You Spend the Full Mortgage Amount You're Approved For?

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

  • October 26, 2022
  • Melissa Berrigan

Bank of Canada Rate Update October 26, 2022

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

  • October 19, 2022
  • Melissa Berrigan

Best Ways to Plan for Your Down Payment

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.

  • September 16, 2022
  • Melissa Berrigan

How Mortgage Rates Affect Buying Power?

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

  • September 7, 2022
  • Melissa Berrigan

Bank Of Canada Rate Update September 7, 2022

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

  • August 24, 2022
  • Melissa Berrigan

Should You Pay Off Your Mortgage Early?

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

  • July 13, 2022
  • Melissa Berrigan

Bank Of Canada Rate Update July 13, 2022

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

  • June 1, 2022
  • Melissa Berrigan

Bank Of Canada Rate Update June 1, 2022

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

  • May 26, 2022
  • Melissa Berrigan

How a Mortgage Pre-Approval Can Protect You from Rising Rates

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

  • May 4, 2022
  • Melissa Berrigan

How is a Private Mortgage Different Than a Traditional Bank Mortgage

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

  • April 13, 2022
  • Melissa Berrigan

Bank Of Canada Rate Update April 13, 2022

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%

  • March 2, 2022
  • Melissa Berrigan

Bank Of Canada Rate Update March 2, 2022

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

  • January 26, 2022
  • Melissa Berrigan

Bank Of Canada Rate Update January 26, 2022

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

  • January 5, 2022
  • Melissa Berrigan

How Much of A Mortgage Can You Afford?

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

  • December 15, 2021
  • Melissa Berrigan

Prequalification and Pre-Approval—What is the Difference? Home Buying in Comox Valley, British Columbia

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

  • December 8, 2021
  • Melissa Berrigan

Bank Of Canada Rate Update December 9, 2021

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

  • November 24, 2021
  • Melissa Berrigan

What to do if You Are Denied a Mortgage

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

  • November 3, 2021
  • Melissa Berrigan

How to Know if it's Time to Refinance

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

  • October 27, 2021
  • Melissa Berrigan

Bank Of Canada Rate Update Oct 27, 2021

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

  • October 6, 2021
  • Melissa Berrigan

What Is Home Equity and How Can I Build It?

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

  • September 8, 2021
  • Melissa Berrigan

Bank Of Canada Rate Update Sept 8, 2021

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

  • August 18, 2021
  • Melissa Berrigan

Getting a Mortgage as a Student

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

  • August 4, 2021
  • Melissa Berrigan

What Happens if You Lose Your Job Before Closing?

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

  • July 21, 2021
  • Melissa Berrigan

How a Funding Condition Can Secure Purchasers From Financial and Legal Penalties in Comox Valley, British Columbia

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

  • July 14, 2021
  • Melissa Berrigan

Bank Of Canada Rate Update July 14, 2021

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

  • July 7, 2021
  • Melissa Berrigan

Risks of Putting Down a Firm Offer with a Pre-Approval Comox Valley, British Columbia

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

  • June 9, 2021
  • Melissa Berrigan

Bank Of Canada Rate Update June 9, 2021

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