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Posted by: Jim Graszat
Well, the end of 2023 sounds like a long way away, but it is only 16 months and time flies! Rules are changing for two types of home equity mortgages: HELOC A Home Equity Line of Credit, or HELOC, is a mortgage product that contains a conventional fixed amount mortgage, and a rotating Line of […]
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We hear it on the news daily right now, the Bank of Canada is raising interest rates in an effort to reduce inflation. What does this mean, and what is the relationship between interest rates and inflation? This involves some very complicated and high-level economic theory, but I will try to explain a simplified explanation. […]
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We are definitely in a period of rising interest rates, due mostly to the government wanting to curb or control inflation. What does that mean to average consumers. Credit Card Debt The first thing to think about is your short-term debt – like credit cards. These have very high interest rates to begin with, so […]
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So the long anticipated moving day is here. It can be an extremely stressful day for all involved. But if you have pets, it will be stressful for them as well. Unlike with children, you can not explain to pets what is happening to help reduce their stress. The Old House One way to help […]
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One of the greatest benefits of home ownership is the growth in value of the home over time. The difference between your mortgage amount and the value of your house is called equity. That equity can be leveraged in many ways, including for things like investments, home improvements, tuition, major life events, travel, or perhaps […]
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Credit scores are created using very complex equations or algorithms to determine how “safe” it is for a lender to lend money to a borrower. It uses the borrower’s credit history to help determine their ability to pay back a loan. The two main credit bureau companies in Canada are Equifax and TransUnion. They express […]
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When determining the maximum mortgage amount that someone qualifies for, one of the calculations the government and the lender make is the Loan to Value ratio, or “LTV”. How do we determine Loan to Value? This is a very simple calculation, and it is calculated by dividing the mortgage amount by the appraised value of […]
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A Reverse Mortgage is a program that allows retired Canadians, over the age of 55, to stay in place and to live a better life in retirement by improving their monthly cashflow utilizing the built-up equity in their home. This product truly has the ability to change peoples’ lives, allowing them to age in place […]
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December Home Sales Top Off Record Year. Housing Affordability Erodes Further With Record-Low Supply Housing affordability remains a huge political issue and with the Department of Finance working on the upcoming budget, no doubt measures to reduce home prices will be front and center. What we desperately need is dramatic increases in new housing […]
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One of the biggest decisions you need to make when you get a new mortgage is whether you want the interest rate to be fixed or variable. The answer depends a bit upon your financial situation and your disposition. Fixed rate mortgages give some people more peace of mind. You lock in your rate for […]
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