Bank of Canada Holds Rate, Hints at Future Cuts: A Sign of Cooling Inflation? The Bank of Canada (BoC) held its key interest rate steady at 5% yesterday, as expected by most economists. This decision comes amidst signs that inflation, which has been a major concern for Canadians, might finally be easing. While the rate […] The post Bank of Canada News – Interest Rate Decision (04.11.24) first appeared on Canadian Mortgage Services ..read more

Owning a home in Canada is a significant achievement, and over time, its value tends to rise. This value increase creates something valuable – home equity. A second mortgage allows you to leverage this built-up equity to access additional funds and finance various needs. But before you dive in, understanding how second mortgages work in […] The post A Homeowner’s Guide to Second Mortgages in Canada first appeared on Canadian Mortgage Services ..read more

Canadians have a deep love affair with homeownership. But with rising housing prices, navigating the world of mortgages can feel daunting, especially when rates and home prices are high. The big question: can you truly afford the mortgage you’re looking for? Here’s a breakdown of key factors impacting mortgage affordability in Canada in 2024: The […] The post Understanding Mortgage Affordability in Canada first appeared on Canadian Mortgage Services ..read more

Important Note regarding The First-Time Home Buyer Incentive First launched in 2019, the Canadian government was offering a helping hand through the First-Time Home Buyer Incentive (offered through CMHC). This program provided an interest-free down payment boost of 5% or 10% of the purchase price, depending on the type of property. Effective March 21, 2024, […] The post A Quick Recap on First Time Home Buyer Mortgages first appeared on Canadian Mortgage Services ..read more

While banks are a familiar option, mortgage brokers offer distinct advantages that can make a significant difference in your homeownership journey – whether you’re purchasing your first home, or refinancing an existing mortgage. Here’s why a mortgage broker might be the ideal partner in navigating the complexities of securing a mortgage. Unveiling a Wider Mortgage […] The post Should You Use a Mortgage Broker? Bank vs. Broker first appeared on Canadian Mortgage Services ..read more

Buying a home in Canada is a dream for many, but navigating the mortgage maze can be daunting. And if you already own a home, perhaps a mortgage refinance is becoming a challenge with the big banks. If you’ve encountered roadblocks with traditional banks/lenders due to credit score, income, or down payment constraints, B lenders […] The post B-ing There for You: A Guide to B-Lender Mortgages in Canada first appeared on Canadian Mortgage Services ..read more

Buying a home? Congrats! Or maybe you’re refinancing your mortgage to make your mortgage work for you. Now, before you get swept away in open-house dreams or renovation plans, let’s talk paperwork. This guide will serve as your roadmap, outlining the essential documents you’ll need to navigate the mortgage process smoothly and efficiently. While this […] The post What Documents do I Need to Get a Mortgage? first appeared on Canadian Mortgage Services ..read more

Mortgage qualifications haven’t changed much in the last decade, apart from minor underwriting adjustments over time. While these subtle adjustments have led to an adaptation of mortgage underwriting, both credit and income remain of greatest importance in obtaining a mortgage for the amount needed, and at an affordable interest rate. In short, banks and lenders […] The post Can I Get a Mortgage with Bad Credit or No Income? first appeared on Canadian Mortgage Services ..read more

Can you believe it’s been almost 2 years since mortgage rates first started their climb? For some, these 2 years have flown by, while for others, it’s been a financial nightmare. The Bank of Canada raised its policy rates 10 times between March 2022 and July 2023, totaling 4.75% in increases for variable-rate mortgages. Though […] The post When Will Mortgage Rates Drop? first appeared on Canadian Mortgage Services ..read more

Here’s a crazy statistic: 80% of all mortgages outstanding as of March 2022 are coming up for renewal in 2024. This amounts to approximately $250 billion in mortgages. 2025 is expected to be an even bigger year with a whopping $350 billion in mortgage renewals expected. Although rate cuts are within sight, between now and […] The post Mortgage Renewal Rates in Canada first appeared on Canadian Mortgage Services ..read more