The Bank of Canada (BoC) recently reduced its borrowing rate by 25 basis points, following previous cuts in June and July. As a result, Canada’s overnight lending rate fell to 4.25%. The overnight rate serves as the foundation for lenders’ prime rates and, consequently, variable mortgage rates. This is the lowest rate the BoC has...
In a recent move, the Bank of Canada (BoC) announced a further cut to the overnight lending rate. This is the third time in a year that the bank has lowered the lending rate, bringing it down to 4.25%. This action has received various reactions from economists, homeowners, and businesses. Many are trying to understand...
Understanding the intricacies of a mortgage down payment in Canada is essential for a smooth and successful home purchase. Here, we’ll go over the most crucial facts you should know regarding down payments in 2024 so you can plan ahead of time and avoid surprises before closing: Whether you are a first-time buyer or updating...
Planning to apply a mortgage and wondering which mortgage rate type will suit you the best? One of the most important decisions a borrower will make when choosing a mortgage is whether to go with a variable or fixed interest rate. It’s a decision that can have a long-term impact on a homeowner, costing thousands...
Do you want to refinance a mortgage? In many cases, refinancing makes more financial sense than simply extending it for a longer period of time. By refinancing, the borrower effectively takes out a new debt to consolidate an existing one. It results in a shorter duration/ amortization, lower interest rate, ability to raise the loan...
