In its latest announcement regarding mortgages for First Time Home Buyer, Federal government raised the insured mortgage cap to $1.5M for a down payment of 20%. Also, the amortization period has been increased from 25 to 30 years, bringing a sigh of relief on home buyers worried about huge monthly payment. With the expected inflation...
Want to refinance your existing mortgage? With the interest rates witnessing constant rate cuts, now is the best time to refinance a mortgage in Abbotsford. You may choose to refinance your mortgage to secure better loan terms, lower your monthly payments, or tap into your home equity. The refinancing process is quite similar to applying...
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...
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...
