Canadian mortgage market: rising interest rates and what that means for consumers
After flat and falling interest rates for many years, 2022 has been the year of rising interest rates. We saw prime rates go up for the first time in almost 4 years. Fixed rates are going up as well.
Let’s look at what rising interest rates means for consumer in the Canadian mortgage market.
What is the best way to borrow money against your home?
Here are the most popular ways to borrow money against your home equity in Canada.
How to Repay a Reverse Mortgage
Reverse mortgages may have the word “mortgage” in the name, but unlike a traditional mortgage, you aren’t required to make any regular payments during the term of the loan. You do have to pay back the lender eventually though. Here are some of the ways you can pay back a reverse mortgage lender.
Reverse Mortgage vs. HELOC: When Each One is Best
Are you trying to decide between a reverse mortgage and HELOC? Here are some things to consider.
When is the Right Time to Take Out a Reverse Mortgage?
Is now the right time to apply for a reverse mortgage? Here is when taking out a reverse mortgage can make the most sense.
How do I calculate how much home equity I have?
Buying a home for the first time is a fantastic experience. The process seems like it goes by super quickly, but so many homebuyers do not realize some of the expenses of buying your first home. So, we thought it was about time that we took some time to let you know some of the costs that you may face when it is time to put pen to paper. We should note that each sale is a little different, and you might see different or lower costs when it is your time to buy.
Interest Rates Increasing – Time To Refinance?
A couple of weeks ago, the Bank of Canada increased the overnight rate again by 0.5 per cent. We are looking at yet another raise from all indications as the government seems to cool the red-hot housing market and curb rising inflation across the country. However, for those with a mortgage, the question is, is now the time to refinance? It will depend on your specific situation, but here are a couple of things to consider when looking at if it is time to refinance.
Should You Use Your Home Equity for a Loan or Line of Credit
One of the ways you can take advantage of your current status is by using your home equity as collateral. It’s important to consider what your home equity position is. Have you been paying off your mortgage for a long time and have a lot of equity? Your equity builds up every year in your property and as you pay off the loan, you’re also increasing that equity.
6 Tips to Help You Refinance Your Mortgage for a Better Rate
When you’re dealing with large amounts of money involved in owning a home, even the smallest rate difference can save you a lot. We have put together the tips that can help you save big if you choose to refinance your mortgage to take advantage of the lowest rates.
What Renovations Increase the Value of Your Home & Why its Wise to do Them
There are certain renovations that can offer more value than others. If you’re selling your home, you will want to know what renovation efforts are going to be worth the most to potential home buyers. Some renos may be expensive without adding that much value, causing you to sell at a loss.
We’ll walk you through the factors to consider when it comes to home renovations.