Suppose you are committed to a five-year mortgage term with two years left until renewal. However, recent changes in your life, such as a new job offer requiring relocation or the need for more space due to a growing family, necessitate an early exit from your mortgage. While one option involves breaking the mortgage and incurring a pre-penalty fee, there may be an alternative: mortgage porting.
In October, Canada’s inflation rate dipped to 3.1%, slightly below the expected 3.2%, primarily due to a 6% monthly drop in gasoline prices. The economic landscape reveals sluggish GDP growth, a rising unemployment rate, and a likelihood of the Bank of Canada pausing interest rate hikes until April 2024, followed by a potential 75 basis points reduction by the end of the following year.
Having multiple credit cards can potentially have both positive and negative effects on your credit score, depending on how you manage them.
A high ratio mortgage is where the borrower’s down payment is less than 20% of the property’s purchase price. In Canada, such mortgages require insurance because they are considered higher risk and necessitate “default insurance” coverage.
When it comes to closing on a home, first-time buyers often encounter a seemingly unexpected expense known as an “Interest Adjustment.” This question comes up a lot and it’s essential to demystify this aspect of the home-buying process.
Suppose you are committed to a five-year mortgage term with two years left until renewal. However, recent changes in your life, such as a new job offer requiring relocation or the need for more space due to a growing family, necessitate an early exit from your mortgage. While one option involves breaking the mortgage and incurring a pre-penalty fee, there may be an alternative: mortgage porting.
In October, Canada’s inflation rate dipped to 3.1%, slightly below the expected 3.2%, primarily due to a 6% monthly drop in gasoline prices. The economic landscape reveals sluggish GDP growth, a rising unemployment rate, and a likelihood of the Bank of Canada pausing interest rate hikes until April 2024, followed by a potential 75 basis points reduction by the end of the following year.
Having multiple credit cards can potentially have both positive and negative effects on your credit score, depending on how you manage them.
A high ratio mortgage is where the borrower’s down payment is less than 20% of the property’s purchase price. In Canada, such mortgages require insurance because they are considered higher risk and necessitate “default insurance” coverage.
When it comes to closing on a home, first-time buyers often encounter a seemingly unexpected expense known as an “Interest Adjustment.” This question comes up a lot and it’s essential to demystify this aspect of the home-buying process.
Contact us, and we would be happy to help. One of our knowledgeable mortgage agents can provide the expertise you are looking for.
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