Mortgage Rates On The Rise

Mortgage Rates On The Rise Now that NAFTA negotiations are somewhat behind us, we can get back to focusing on the fun stuff, and we have some good news and some not as good news. Mortgage rates started going up again in early October and we will likely see the Bank of Canada bump the rates up another 1/4 point at their next meeting on October 24th. This is definitely supporting the trend towards higher rates that many are forecasting, now that our trade issues with the US are a little less volatile? Since June of 2017, the 5 year fixed rate has jumped up 1.20%.  Even with increased rates and the dreaded STRESS TEST, as of the end of September, residen...

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Owning Versus Renting in Canada

Owning Versus Renting in Canada Mortgage Professionals Canada released a very interesting report today, Owning versus Renting a Home in Canada. In the report, they compare the expected costs of housing for Canadians who will choose to rent versus those who choose to own. In the 266 scenarios examined in the report, taken from a broad cross-section of regions throughout Canada, the monthly cost of home ownership is lower than the cost of renting equivalent housing in the majority of cases today and becomes, even more, cost-effective over time. “The report demonstrates that the money Canadians are spending on monthly rent if used instead to financ...

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Credit Score: How does it work?

Your credit score is critical when obtaining credit these days, yet many people are unclear about what makes up their score. Credit scores range from 300 to 900 with most mortgage lenders requiring a minimum of a 680 score. Many factors go into your score but the 2 largest contributors are how you make your payments and how much of your available credit you are using. The first is easy; make your payments on time and your score goes up; have late payments or collections and your score goes down. Any late payments stay on your bureau for years and continue to impact your score. The second item is a surprise to many. I am often told by clients that they ...

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