Bank of Canada’s Interest Rate, and Predictions
It’s the Bank of Canada that more or less determines the interest rates you’ll be paying on your mortgage; so when they speak, we listen. On Tuesday of this week, the Bank announced that it will keep its overnight interest rate at 1%. While this wasn’t really huge news, given that the same announcements were also made in July and September, this time the Bank also made some observations about the Canadian economy, and what the country’s financial situation is going to look like for the next year or two.
Read moreWhat are Private Mortgages?
If you’re looking to own a home, you need to go to a bank in order to get a loan, right? Well, not necessarily. In some cases, you might find a seller that is willing to offer you a private mortgage. And depending on your situation, it might be just the thing for you.
Read moreTen Most Affordable Cities in Canada
We’ve already talked in-depth about how expensive it can be to live in some of Canada’s cities, especially places like Vancouver. But what about people looking for an affordable Canada mortgage? Where can these people go to still get affordable rates, but also lower home prices? Canada is a beautiful country, and one with lots of options! If you’re looking to move, or are just wondering if your city falls into the list, here are the 10 most affordable cities in Canada, as reported by the Canadian Real Estate Association
Read moreClosing Costs, Part 3: Who Pays for What?
In the first part of our mini-series looking at closing costs, we talked about just how important they are, and just how expensive they can be. If you’ve been following, you’re probably a little worried about them yourself now, and are ready to jump at the chance to have someone else pay them. Well, it’s true. It’s very common for sellers to pay the closing costs, and some lenders will even pitch in when it comes time to get a mortgage, and to start talking about closing costs with your mortgage broker. In part 3 of our mini-series, we’ll look at just who you can expect to pay what closing costs, as well as how that process works.
Read moreAre Payday Loans Criminal?
Many of us know about payday loans, or have at least seen one of the many storefronts offering them – there are over 1300 in Canada, after all. And while many of us know of, or have heard of, these storefronts that charge extremely exorbitant fees and interest rates, are payday loans criminal?
Read moreThis Week’s Financial Round-Up
In case you missed any of it, here’s our roundup of this week’s blog posts
Read moreClosing Costs, Part 2: The Cost of Closing
In Part I of our closing cost mini-series, Recurring and Non-Recurring Costs, we looked at the two main types of closing costs – recurring, and non-recurring. We also talked about how important it is to seriously consider closing costs when talking to your mortgage broker or when looking at homes. They’re important of course, because it can add up to a lot of money, and you need to know that before you sign any papers. But just how much money does it all add up to? That’s what we’ll look at here, in Part 2 of the mini-series. Here we’ll break down all the different costs you could face, as well as their approximate dollar amount.
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