Mortgage Payment Frequency: What It Means and Why It Matters When you're setting up your mortgage, one of the key decisions you'll make is how often you want to make your payments. While it might seem like a small detail, your payment frequency can have a big impact on your budgeting, interest costs, and how … Continue reading Mortgage Payment Frequency: What It Means and Why It Matters
Author: Mortgage Sisters West
When you're applying for a mortgage, one of the most important pieces of documentation you'll be asked to provide is proof of where your down payment is coming from. This isn’t just about showing a balance—it’s about showing a clear and consistent history of the funds in the accounts you're using. In this post, we’ll … Continue reading How to Use Online Banking to Provide Your Down Payment Account History
📎 Submitting Your Documents Electronically Save time—and a tree🌳—by using electronic documentation. Most lenders accept PDFs of your banking documents, and sending them digitally can help move your mortgage approval forward more quickly and efficiently. Below are simple steps for saving your online banking documents as PDFs on desktop or mobile devices. 💾 How to … Continue reading Simplify The Paperwork- Electronic Documentation
January 2024- Bank of Canada Rate Update The Bank of Canada has NOT increased its overnight rate, keeping its rate at 5%, prime rate with most banks remains at 7.20%. In its statement, the Bank said " discussion about future policy is shifting from whether monetary policy is restrictive enough to how long to maintain … Continue reading BANK OF CANADA RATE UPDATE – JANUARY 2024
Some quick math for mortgage payments! $58/ month per $10K mortgage amount $581/ month per $100k mortgage amount $1,163/month per $200k mortgage amount $1,744 / month per $300k mortgage amount $2,326/ month per $400k mortgage amount Based on a 25 year amortization with interest rates hovering around 5%. Mortgage Sisters West mortgage brokers are your … Continue reading Quick Mortgage Math
If you are looking at purchasing a typical residential property as a rental, the minimum down payment is 20%. BUT, did you know that if you are purchasing a multi family property (more than 5 doors), there is insured financing that can go up to 85% or more of the value of the property! If … Continue reading Down Payment on A Multi Family Residential Property
On January 1, 2023, The Prohibition on the Purchase of Residential Property by Non-Canadians Act (Act) comes into force. It prohibits the purchase of residential property in Canada by non-Canadians unless they are exempted by the Act or its regulations, or the purchase is made in certain circumstances specified in the regulations. This new legislation … Continue reading Foreign Buyers Prohibition
Effective Jan. 2023 the Government has introduced an "anti-flipping tax" to reduce the speculative demand and to help cool the housing market. To avoid paying tax on the profit, you will have to live in the home for a minimum of 365 days, before being able to sell. There are some exceptions to this new … Continue reading New Anti Flipping Tax
Firstly, we will not ever suggest you give up coffee! EVER. But maybe you might consider these numbers, because sometimes small budget changes can make the biggest impact. Instead of picking up your daily $6.00 shot of caffeine luxury, put it toward your mortgage. $6 x 365 = $2,190.00 annually If you take that $2,190 … Continue reading Small Budget Tweaks to Save Big
With inflation comes higher interest rates, and with higher interest rates your purchasing power decreases. So when looking to purchase at your maximum purchase price, a rate hold in place can make a huge impact! June of 2021- Significant changes to Stress Test Creating Huge Implications Today In June of 2021, The Bank of Canada … Continue reading Purchasing Power Impacted By Rising Rates