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
With inflation at an all time high, Canadians are feeling the pinch! Without a doubt, while we get through these inflated times, this is going to become a time of prudent budgeting where we push extras aside for a while and put essentials to the top of our needs. If you are paying your mortgage … Continue reading Switching from Accelerated to Non Accelerated Mortgage Payments
There 4 main areas that lenders evaluate, while also considering the 5 C's of credit. These are income, down payment, active and historical credit, and the property itself. 5 Steps to Get a Mortgage Income and Employment. You monthly income is what will be paying the mortgage. There is a maximum percentage of your taxable … Continue reading How To Get A Mortgage
In the past year we have seen fixed mortgage rates jump by 3% from the record low rates we had during the pandemic. At the same time variable rate holders have also seen substantial changes to their mortgage interest rates with the Bank of Canada increasing rates over 2% since its first increase back in … Continue reading Fixed Rates and Bond Yields
Lets dig a little deeper to understand variable rate and fixed rate so that you can decide which is best for you. Note, these mortgages referred to in this post are closed mortgages, which is what most Canadians have their mortgage in as the interest rates are the lowest. First understand that a mortgage payment, … Continue reading Fixed VS Variable- Which is right for you?
Why are interest rates increasing so rapidly? If you own a house or have been thinking about buying, rising interest rates is a hot topic. The 'interest rate' in question is the Bank of Canada's (BoC) policy interest rate, also known as the target overnight or benchmark interest rate. Changes in the BoC policy interest … Continue reading Why are the Bank of Canada Interest Rates Increasing?
It would appear that qualifying for mortgages when you have 20% down or more is going to get a bit more "stressful" on June 1st, 2021. This the date that OSFI has planned for its proposal for a tougher minimum qualifying rate for uninsured mortgages to be in force. As planned, homebuyers/owners will need to … Continue reading Stress Test Increase
When you refinance your home, or even when you are switching mortgage lenders and your mortgage is uninsured, the mortgage lender will require an appraisal on the property to confirm your property's current value. Your home is one of your largest assets so of course you want it to appraise high within your current market. … Continue reading Preparing Your Home For A Successful Appraisal
Many mortgage lenders have re-introduced the cash back mortgage, to help buyers and current home owners at a time when people need it the most.
Its times like these that we depend on the people we trust. Mortgage Sisters West are here to help you with your mortgage challenges and options during these uncertain times.