Mortgages
Want to know what's "better" fixed or variable, how to pay off your mortgage faster, or how to get the best mortgage rate? Learn all you need to know about mortgages from basics, to insights, to refinancing, and more.
Credit Cards
Learn the ins and outs of Credit Cards from how to reduce your credit card debt, to how to build your credit score, to how to find the best credit cards for your needs. We've got the top Credit Card do's and don'ts from the experts.
Savings
Everyone tells you to "save money", but no one seems to tell you how to do it. Learn how to grow your savings, build your TFSAs, get the best GIC rate, build your retirement plan, and more so that you can start building your savings.
Life Insurance
Looking to get the most out of your life insurance coverage? Read on to learn about the basics of life insurance, how to pick your perfect policy, protect your loved ones and more.
What is a Good Credit Score?
Trying to understand your credit score and how it’s calculated is like trying to crack a complicated algorithm. But we’ll give it a shot anyway. READ MORE
First Time Home Buyer’s Guide
Our First-time Homebuyer Guide will take you through each step of this exciting process, as well as answer all of your frequently asked questions. Plus, we’ll test your new found knowledge with quick, fun-filled quizzes – you’ll be a homebuying expert in no time! READ MORE
Refinancing your Mortgage
All about mortgage refinancing. What it is, when you need to do it and the benefits. READ MORE
How to Renew your Mortgage
That’s right, we’re telling you not to sign your bank’s renewal letter, even though it’s so easy to do! Here are 5 reasons why you should force yourself to set fire to your mortgage renewal letter, or at the very least recycle it. READ MORE
How to Get the Best Mortgage Rate
Are you new to the housing market and looking for your first mortgage? Perhaps you already have a mortgage but you’re looking for a better rate? Or maybe your mortgage is up for renewal? Regardless of your situation, here’s our checklist to help you find the Best Mortgage Rate. READ MORE
Our First Time HomeBuyer's Guide is a series of 14 daily emails that will take you through each step of this exciting process. Think of it like a two week boot camp to get you into shape for buying your first home.
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BANK OF CANADA RATES
A reference interest rate used as a basis for other lending rates, such as variable-rate mortgages and personal loans. Each bank will have their own Prime Rate (they all tend to be fairly similar), the Bank of Canada will discount the lowest and the highest of these rates, then take an average of the three remaining to calculate Canada's Prime Rate.
Qualifying Rate: 5.14%
When you are looking for a variable rate mortgage or a fixed mortgage with a term higher than 5 years, you will likely need to qualify at a rate often higher than the actual rate you are applying for. This helps the lender ensure that if rates go up, you will still be able to afford your mortgage payments. All variable and 1- to 5-year fixed mortgages with a down payment of less than 20% will be qualified using the Bank of Canada posted 5-year fixed rate.
