General Trish Pigott 26 Jul
When traditional lenders, such as banks or credit unions, deny mortgage financing, it can be easy to feel discouraged. However, there is always an alternative! If you’re seeking a mortgage, but your application doesn’t fit into the box of the big traditional institutions, you’ll find yourself in what’s commonly referred to in the industry as […]
Read MoreHome Tips Trish Pigott 19 Jul
Thank you to our partners at First National for a breakdown on the difference between the two. What is the difference between a Guarantor and a Co-signer? Guarantors are not on title to the property but will provide a guarantee to ensure the mortgage debt is being paid by signing the mortgage commitment and the […]
Read MoreGeneral Trish Pigott 12 Jul
The Bank of Canada announced this morning that the key interest rate will be raised another 25 basis points. This morning’s announcement will be the fifth interest rate announcement of 2023, but the 10th rate hike since the start of the tightening in 2022, with three more scheduled for the rest of this year. The […]
Read MoreHome Tips Trish Pigott 5 Jul
Before banks or lending institutions can consider loaning money for a property, they need to know the current market value of that property. An appraiser’s job is to check the general condition of your home and determine a comparable market value based on other homes in your area. Appraisals are required for any buy or […]
Read MoreGeneral 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 […]
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