Category: Mortgage (81 posts)
- May 4, 2025
- Melissa Berrigan
Mortgage Renewals in Early 2025 – Where Might Rates End Up?
A friendly guide for Canadian homeowners who are about to renegotiate one of the biggest contracts of their lives. Introduction - Why Everyone Is Talking About 2025 Renewals If your mortgage is co
- April 16, 2025
- Melissa Berrigan
April 16 - 2025 - Bank of Canada holds policy rate at 2.75%
The Bank of Canada today maintained its target for the overnight rate at 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%. The major shift in direction of US trade policy a
- April 5, 2025
- Melissa Berrigan
Tariffs and Their Effect on Interest Rates: What Canadian Homeowners Should Know
You might be surprised to learn how tariffs-taxes on imported goods-can affect your mortgage or home-buying plans. Tariffs can indirectly influence interest rates, which impacts mortgage payments and
- March 21, 2025
- Melissa Berrigan
Pros & Cons of Paying Off Your Mortgage Before Retirement
If retirement is approaching, you may be considering whether it's wise to pay off your mortgage early. As with many significant financial decisions, there isn't a one-size-fits-all answer. However,
- March 12, 2025
- Melissa Berrigan
March 12-2025 - Bank of Canada reduces policy rate by 25 basis points to 2.75%
The Bank of Canada today reduced its target for the overnight rate to 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%. The Canadian economy entered 2025 in a solid position, with infl
- March 7, 2025
- Melissa Berrigan
Mortgage Renewal Coming UP and rates higher than 5 yrs ago - Consider increasing your amortization?
If your mortgage renewal date is approaching, it's important to take action. You might notice something that's hard to ignore: interest rates are significantly higher now than five years ago. You're n
- February 26, 2025
- Melissa Berrigan
How will tariffs potentially affect Interest rates
As a mortgage broker in Canada, I often get questions about how global economic events might affect our financial landscape, particularly when it comes to interest rates and the cost of borrowing. One
- February 5, 2025
- Melissa Berrigan
Is Now the Right Time to Refinance Your Mortgage?
With interest rates in Canada decreasing, many homeowners are considering whether this may be the ideal time to refinance. Refinancing involves replacing your current mortgage with a new one, idea
- January 29, 2025
- Melissa Berrigan
Bank of Canada reduces policy rate by 25 basis points to 3%, announces end of quantitative tightening
The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 3.25% and the deposit rate at 2.95%. The Bank is also announcing its plan to complete the no
- January 21, 2025
- Melissa Berrigan
Fixed-Rate vs. Adjustable-Rate Mortgages: Which Might Be Right for You?
Hello there, and welcome! As a mortgage broker here in Canada, I know that diving into the world of mortgages can feel like stepping into a labyrinth of numbers and jargon. Today, let's have a fri
- December 16, 2024
- Melissa Berrigan
Government announces boldest mortgage reforms in decades to unlock homeownership for more Canadians
Canadians work hard to be able to afford a home. However, the high cost of mortgage payments is a barrier to homeownership, especially for Millennials and Gen Z. To help more Canadians, particularly
- December 11, 2024
- Melissa Berrigan
Dec 11-2024 - Bank of Canada reduces policy rate by 50 basis points to 3.25%
The Bank of Canada today reduced its target for the overnight rate to 3¼%, with the Bank Rate at 3¾% and the deposit rate at 3¼%. The Bank is continuing its policy of balance sheet no
- November 4, 2024
- Melissa Berrigan
Unlocking Home Ownership: What Canadian Homebuyers Need to Know About Property Value
The Canadian dream of home ownership is evolving. With fluctuating property values and shifting market dynamics, understanding the real estate landscape is more crucial than ever for prospective hom
- October 23, 2024
- Melissa Berrigan
October 23-2024: Bank of Canada reduces policy rate by 50 basis points to 3.75%
The Bank of Canada today reduced its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is continuing its policy of balance sheet normalization.
- October 8, 2024
- Melissa Berrigan
Is a Reverse Mortgage Right for You?
A reverse mortgage is a great financial tool for homeowners over 55 who want to stay in their homes while accessing the value they've built up over the years. It provides additional income, eliminates
- September 6, 2024
- Melissa Berrigan
With Lower Interest Rates, Is Now a Good Time to Refinance My Mortgage?
With interest rates dropping, many homeowners ask the same question: Is now the right time to refinance my mortgage?* The simple answer? It could be! But as with most financial decisions, a few factor
- September 4, 2024
- Melissa Berrigan
Sept 4th, 2024 - Bank of Canada reduces policy rate by 25 basis points to 4.25%
The Bank of Canada today reduced its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is continuing its policy of balance sheet normalization.
- August 23, 2024
- Melissa Berrigan
How Lower Interest Rates Could Benefit Canadian Homeowners: Is Now the Time to Refinance?
As a Canadian homeowner, you're probably hearing a lot of buzz about falling interest rates. You might be wondering, "Is this the right time to refinance my mortgage?" The short answer is, it could be
- August 8, 2024
- Melissa Berrigan
What are Alternative Mortgage Lenders?
In the dynamic world of real estate, securing a mortgage can often be daunting, especially for individuals with unique financial situations. This is where alternative mortgage lenders come into play
- July 24, 2024
- Melissa Berrigan
July 7, 2024 - Bank of Canada reduces policy rate by 25 basis points to 4.5%
The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization.
- 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
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- 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