General Trish Pigott 28 Jun
A credit score is a three-digit number based on credit history and financial behaviour. Lenders use it to assess the risk of lending money to an individual. It is crucial in determining loan eligibility, interest rates, and loan terms. A higher credit score indicates that the person is more likely to repay their debts on […]
Read MoreGeneral Trish Pigott 21 Jun
The Bank of Canada recently announced a rate increase of 0.25% on June 7th. Making their prime rate 6.95%, a 22-year record high. The prime rate affects variable-rate mortgages and personal & home equity lines of credit. The increase translates into roughly $15 monthly for every $100,000 worth of mortgage debt for variable-rate mortgage holders. […]
Read MoreGeneral Trish Pigott 14 Jun
Once there are about three months left in your mortgage term, your lender will send you a renewal letter. While most borrowers sign and send back their renewal without ever shopping around for a more favourable interest rate, this is the best time to check out your options. Since your term is ending, it is […]
Read MoreGeneral Trish Pigott 7 Jun
This morning it was announced that the Bank of Canada increased its rate by .25%. The rate went from 6.70% to 6.95%. The central bank’s key interest rate has not been this high since April 2001. After two consecutive rate pauses from the Bank of Canada, the bond market and the GDP are trending upward, […]
Read MoreGeneral Trish Pigott 31 May
Some of the most common strategies for families and parents to assist children with down payment funds are means of gifted funds or co-signing. The Canadian banking system is very conservative in this process. All banks have to follow the Anti-Money Laundering process in Canada, so here are a few ways to allow significant funds […]
Read MoreMortgage Tips Trish Pigott 24 May
When it comes to home ownership, many of us dream of the day we will be mortgage-free. While most mortgages operate on a 25-year amortization schedule, there are some ways you can pay off your mortgage quicker! Review Your Payment Schedule: Taking a look at your payment schedule can be an easy way to start […]
Read MoreGeneral Trish Pigott 17 May
Mortgage amortization period is the number of years it will take you to pay off your mortgage. Depending on your choice of amortization period, it will affect how quickly you become mortgage-free as well as how much interest you pay over the lifetime of your mortgage (longer lifetime equals more interest, whereas a shorter lifetime […]
Read MoreGeneral Trish Pigott 10 May
Approximately 20% of Canadians are self-employed, that’s about 7.9 million people. Making this an important segment in the mortgage and financing space. When it comes to self-employed individuals seeking a mortgage, there are some key things to note as this process can differ from the standard mortgage. Qualifying for a Mortgage In order to obtain […]
Read MoreGeneral Trish Pigott 3 May
Are you planning on buying an eco-friendly home, or plan to make improvements to your home for energy efficiency purposes? Did you know that there are many incentive programs to support households make these changes? Under the Low Carbon Economy Leadership Fund, the federal government is helping British Columbians with financial incentives to help households […]
Read MoreGeneral Trish Pigott 26 Apr
Some more good information about Reverse Mortgages from the Dominion Lending Centres House Blog. Talking about money is one of the last taboos and can make people feel very uncomfortable – a feeling that’s only amplified when it comes to talking about your parents’ money. However, when a conversation is difficult, that normally means it’s […]
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