Many Canadians are hurrying to refinance their mortgages in hopes of securing a lower rate, lowering their payments, or accessing equity, during the COVID-19 crisis.
Are you thinking about refinancing your mortgage? Early refinancing has become a bit of a trend; not surprisingly though, everyone is looking to save money where they can. Obtaining a new loan with better interest rates for your home could mean saving money on monthly mortgage payments or using the extra money on other projects such as renovations or making investments.
If rates continue to rise, and most forecasters believe they will, you may want to look into locking in at lower interest rate before it’s too late, but there are a number of factors to consider before re-signing on the dotted line.
A reverse mortgage is a home equity product that allows home owners aged 55 years and older to access up to 55 per cent of the value in their home. Home owners can choose to receive the money…
Effective Jan. 2018, all Canadians applying for a new mortgage will be subject to a stricter stress test to assess if they could still make mortgage payments in the event interest rates rise. The new guidelines will reduce how much you can afford…
The Office of the Superintendent of Financial Institutions (OSFI) is proposing stricter rules on uninsured mortgages that could have an even more profound effect on the housing market. Will house prices decrease? Will there be less competition?
There’s speculation the Bank of Canada may raise its key interest rate at its next scheduled announcement on July 12, due to comments Bank of Canada Governor Stephen Poloz recently made to the media about the conditions needed for higher rates…
Just two weeks after TD Canada Trust hiked their prime rate, RBC has announced they’re bumping up their fixed mortgage rates anywhere from 25 to 40 basis points. Read on to find out how much more this may cost you and why fixed rates are rising in the first place.
TD Canada Trust is the first bank to raise its prime rate for variable rate mortgages since new federal mortgage rules were introduced last month. So is this the beginning of a trend?
As expected, the Bank of Canada is holding the overnight lending rate at 0.5 per cent – where it’s been since July 2015. Read on for the Bank’s revised forecast for the Canadian economy.