On September 4th, the Bank of Canada (BoC) announced a significant change: the Prime rate has been lowered by 0.25%. While this may seem like a small adjustment, it’s a move with big implications for homeowners, borrowers, and the Canadian economy. The Bank Prime rate, which reached a peak of 7.2% in May 2024, is …
Exciting News: The Bank of Canada Lowers Prime Rate! Read More »
As a mortgage broker, one of my primary roles is to guide prospective homebuyers through the complex world of real estate financing. When I pre-qualify you, I will give you the maximum loan amount that the bank is willing to lend. This may not be what you can comfortably afford. We want you to be …
If you already have a mortgage pre-qualification, congratulations! This is a significant step towards your dream of owning a house. I’m here to guide you through the do’s and don’ts of preserving your pre-qualification. Do: Shop for a house within your pre-approved budget Send me listings of properties you are interested in. We can discuss …
Protecting Your Pre-Qualification – Do’s and Don’ts Read More »
Adjustable Rate Mortgage (ARM): This is a type of mortgage loan where the interest rate and payment amount can fluctuate. If the prime interest rate fluctuates, then the payment will fluctuate as well keeping amortization the same. Amortization: The period of time required to completely pay off a mortgage if all conditions are met and …