Interest rates are on the move and many homeowners may find themselves questioning whether they’re getting a good deal on their mortgage rate and terms. Or maybe you want to tap into your home equity. Whatever the reason may be, it is important to understand the steps involved with refinancing your mortgages. Let’s take a…
Rarely has one man stolen the show in Canada’s interest rate market like Donald Trump did recently. The brash new president, with his tariff threats and regulatory, fiscal and immigration policies, threw bond traders for a loop. Given that bond yields steer the ship on fixed mortgage rates, Trump’s political riffs are quite relevant to mortgage pricing, even on this side of the border….
To begin with… what is it? The prime rate is a critical factor influencing mortgage rates in Canada . It serves as a benchmark for variable lending products , including mortgages , lines of credit, and HELOCs . The prime rate is a critical factor influencing mortgage rates in Canada. It serves as a benchmark for variable lending products,…
With inflation back to the Bank of Canada’s 2% target and rate cuts expected to continue through this year, Canadians should anticipate lower mortgage rates and better deals in 2025, experts say. Canadians have been facing higher interest rates over the last few years, after the Bank of Canada hiked its policy rate in the…
Falling interest rates and new mortgage rule changes are set to bring borrowers back into the picture The tide may well be about to turn in Canada’s housing and mortgage markets, with interest rate cuts spurring improved buyer sentiment and a recent jump in home resales. Homebuyer caution continued to linger at the end of…
Canadian households sent another sign they’re getting comfortable borrowing—the return of home equity loans. Statistics Canada (Stat Can) data shows the balance of home equity line of credit (HELOC) accounts, continued to climb in September. The segment went through a lull as higher rates and stricter lending standards motivated deleveraging. However, with the return of cheaper credit…
Mortgage default insurance protects lenders against defaulting borrowers. Mortgage protection insurance pays your mortgage if you die or become disabled. Mortgage insurance, also called “mortgage default insurance” or “CMHC insurance,” is designed to protect lenders in the event homeowners stop making payments on their mortgages. Your lender arranges mortgage insurance and passes the cost onto…
The federal government has unveiled sweeping changes to Canada’s mortgage system, calling them the “boldest reforms in decades.” Key measures include raising the insured mortgage limit to $1.5 million, which will expand access for Canadians in high-priced housing markets. That’s an increase from the current insured mortgage cap of $1 million. Additionally, the government said…
Interest-only mortgages can offer homebuyers lower payments initially, but they could cost more than a traditional loan in the long run. If you’re planning to buy or refinance a home, researching different types of mortgages is an important step. One loan option you might consider is an interest-only mortgage. Interest-only mortgage loans allow you to…
Are you ready to read alot of numbers? Canadians continued to rein in borrowing for the second straight quarter, according to recent data from Statistics Canada. Household credit market borrowing slowed slightly to $25.1 billion. The slowdown was largely driven by a decline in consumer credit lending, which fell from $7.8 billion in the first…
