Mortgage Blog

Canada's Mortgage Expert

Category: Mortgage (69 posts)

When to Consider a Private Mortgage: A Guide for Canadian Homebuyers

When to Consider a Private Mortgage: A Guide for Canadian Homebuyers

May 23, 2024 | Posted by: Shannon Mayhew

Navigating the world of Canadian mortgages can be scary, especially when traditional lenders, like banks and credit unions, close their doors. This is where private mortgages come into play. For ...

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5 Great Ways to Improve Your Credit Score

5 Great Ways to Improve Your Credit Score

May 8, 2024 | Posted by: Shannon Mayhew

As a mortgage professional, we often work with clients who are eager to improve their credit scores. A higher credit score not only increases your chances of getting approved for a mortgage bu ...

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RRSP Home Buyers Plan

RRSP Home Buyers Plan

April 24, 2024 | Posted by: Shannon Mayhew

In 2024, the Canadian government made significant changes to the Registered Retirement Savings Plan (RRSP) Home Buyers' Plan (HBP), aiming to make homeownership more accessible, particularly for ...

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Paying off your mortgage early - The Pros and Cons

Paying off your mortgage early - The Pros and Cons

April 10, 2024 | Posted by: Shannon Mayhew

Certainly! Paying off your mortgage early is a significant financial decision that many Canadians grapple with. It can be an appealing goal, offering both financial freedom and peace of mind. That sai ...

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April 10-2024 - Bank of Canada maintains policy rate, continues quantitative tightening

April 10-2024 - Bank of Canada maintains policy rate, continues quantitative tightening

April 10, 2024 | Posted by: Shannon Mayhew

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The Bank ...

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The Impact of Canadian Economic Trends on Mortgage Rates: What You Need to Know

The Impact of Canadian Economic Trends on Mortgage Rates: What You Need to Know

March 27, 2024 | Posted by: Shannon Mayhew

Navigating the world of mortgages can sometimes feel like trying to predict the weather in Canada: just when you think you've got it figured out, things change. But unlike the weather, understanding ...

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Unlocking the Door to Home Ownership: Simple Tips to Boost Your Credit Score

Unlocking the Door to Home Ownership: Simple Tips to Boost Your Credit Score

March 20, 2024 | Posted by: Shannon Mayhew

Hello, homebuyers and financial enthusiasts! Today, we're diving into a topic that's as crucial as it is misunderstood: your credit score. Think of your credit score like a key. The higher it is, the ...

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Bank of Canada maintains policy rate, continues quantitative tightening

Bank of Canada maintains policy rate, continues quantitative tightening

March 6, 2024 | Posted by: Shannon Mayhew

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. Global e ...

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Managing Your Mortgage Renewal in a High-Rate Environment

Managing Your Mortgage Renewal in a High-Rate Environment

February 10, 2024 | Posted by: Shannon Mayhew

Hello homeowners. With interest rates higher than they have been in many years, many of you might be anxious about your upcoming mortgage renewal. It's completely understandable, and you're not alon ...

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Bank of Canada maintains policy rate, continues quantitative tightening

Bank of Canada maintains policy rate, continues quantitative tightening

January 24, 2024 | Posted by: Shannon Mayhew

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. Global e ...

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Navigating High Interest Rates: Strategies for New Home Buyers Across Canada

Navigating High Interest Rates: Strategies for New Home Buyers Across Canada

December 19, 2023 | Posted by: Shannon Mayhew

Introduction In today's economic landscape, we're seeing a trend that can be quite intimidating for anyone looking to step into the world of home ownership – high interest rates. But fear not! This ...

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Navigating Your Mortgage: Practical Tips from the Experts

Navigating Your Mortgage: Practical Tips from the Experts

December 14, 2023 | Posted by: Shannon Mayhew

Managing a mortgage is a journey that requires careful navigation. Mortgage brokers understand the challenges and uncertainties homeowners face when it comes to their mortgage payments. Today's e ...

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Bank of Canada maintains policy rate, continues quantitative tightening

Bank of Canada maintains policy rate, continues quantitative tightening

December 6, 2023 | Posted by: Shannon Mayhew

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The ...

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Navigating the New Normal: How Remote Work is Reshaping the Canadian Mortgage and Real Estate Landscape

Navigating the New Normal: How Remote Work is Reshaping the Canadian Mortgage and Real Estate Landscape

December 3, 2023 | Posted by: Shannon Mayhew

In recent years, we've witnessed a seismic shift in our work lives, notably the rise of remote work catalyzed by the COVID-19 pandemic. This change isn't just about swapping office desks for dinin ...

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Canada's New Updated Mortgage Charter

Canada's New Updated Mortgage Charter

November 23, 2023 | Posted by: Shannon Mayhew

The Canadian Mortgage Charter spells out the rights consumers have when they are renegotiating mortgages. It calls on financial institutions to provide better relief measures over the next three y ...

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Understanding Fixed vs. Variable Rate Mortgages

Understanding Fixed vs. Variable Rate Mortgages

November 15, 2023 | Posted by: Shannon Mayhew

If you're on the cusp of getting a mortgage, or if you're considering refinancing, you've likely encountered the terms "fixed rate" and "variable rate" mortgage. These are the two primary pathways i ...

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6 things to know about capital gains and taxes for people across Canada

6 things to know about capital gains and taxes for people across Canada

November 2, 2023 | Posted by: Shannon Mayhew

So, you made some cash selling your property or stocks at a higher price than you bought them for? High five! But before you start celebrating, there's this thing called capital gains that might show ...

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Bank Of Canada Rate Update October 25, 2023

Bank Of Canada Rate Update October 25, 2023

October 25, 2023 | Posted by: Shannon Mayhew

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5% ...

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Mortgage Strategies in a Rising Interest Rate Environment

Mortgage Strategies in a Rising Interest Rate Environment

October 24, 2023 | Posted by: Shannon Mayhew

Hello dear readers, Let's have a coffee chat, shall we? If we were sitting in a cozy café, sipping on lattes (or your beverage of choice), today's hot topic of conversation would undoubtedly revol ...

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Leveraging Your Home Equity to Help Purchase a Home For Your Children: A Prudent Move?

Leveraging Your Home Equity to Help Purchase a Home For Your Children: A Prudent Move?

October 6, 2023 | Posted by: Shannon Mayhew

Navigating Parental Assistance in Home Purchases The concept of parents aiding their children in stepping onto the property ladder is not a new one yet it is not ubiquitously adopted. A 2021 ...

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Understanding and Utilizing Home Equity

Understanding and Utilizing Home Equity

October 1, 2023 | Posted by: Roar Solutions

If you've consistently made mortgage payments over the years, you've been accumulating home equity. As this equity grows, homeowners can access it, converting it into cash for various purposes, from h ...

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Can a first-time home buyer have a mortgage co-signer?

Can a first-time home buyer have a mortgage co-signer?

September 17, 2023 | Posted by: Shannon Mayhew

Can New Home Buyers in Canada Use a Mortgage Co-Signer? Struggling to secure a mortgage or need a financial boost? Consider bringing in a co-signer. Dive deeper into this and other home-buying tact ...

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Bank of Canada maintains policy rate, continues quantitative tightening

Bank of Canada maintains policy rate, continues quantitative tightening

September 6, 2023 | Posted by: Shannon Mayhew

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. Infl ...

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Top Reasons To Refinance Your Home And Reasons Why You Maybe Should Not.

Top Reasons To Refinance Your Home And Reasons Why You Maybe Should Not.

August 23, 2023 | Posted by: Shannon Mayhew

Refinancing a mortgage means replacing your existing loan with a new one, either with your current lender or a different one. Canadians often consider refinancing for various reasons, such as ...

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Navigating High-Interest Rates and Inflation: Your Path to Mortgage Resilience

Navigating High-Interest Rates and Inflation: Your Path to Mortgage Resilience

August 5, 2023 | Posted by: Shannon Mayhew

Introduction As your trusted mortgage broker, I understand that the current economic backdrop in Canada is presenting challenges for many homeowners. With interest rates on the rise and inflation p ...

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Understanding Credit Scores and Maximizing Mortgage Opportunities in Canada

Understanding Credit Scores and Maximizing Mortgage Opportunities in Canada

July 27, 2023 | Posted by: Shannon Mayhew

Introduction In Canada, your credit score plays a crucial role in your financial life, especially when it comes to major transactions like securing a mortgage. A credit score is a numerical r ...

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Bank of Canada raises policy rate 25 basis points, continues quantitative tightening

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening

July 12, 2023 | Posted by: Shannon Mayhew

The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. G ...

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Some great tips to help you save for a home

Some great tips to help you save for a home

June 13, 2023 | Posted by: Shannon Mayhew

A home for most all Canadians is likely the most significant purchase you will make in your lifetime, so it is essential to be well-prepared. It is crucial to understand how to budget and save for ...

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Strategies for Speeding Up Mortgage Repayment

Strategies for Speeding Up Mortgage Repayment

June 3, 2023 | Posted by: Shannon Mayhew

Those of us who desire to own a home often long for the time when our mortgage is paid off. Although the majority of Canadian mortgages are usually amortized over the course of 25 years, there are a ...

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First-Time Home Buyer Budgeting: What You Need to Know

First-Time Home Buyer Budgeting: What You Need to Know

April 20, 2023 | Posted by: Shannon Mayhew

As a first-time home buyer, budgeting is an essential part of the home buying process. By carefully planning your finances and considering all of the costs associated with purchasing a home, you can e ...

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Bank Of Canada Rate Update April 12, 2023

Bank Of Canada Rate Update April 12, 2023

April 12, 2023 | Posted by: Shannon Mayhew

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 4.5%, with the Bank Rate at 4.75% and the deposit rate at 4. ...

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Bank of Canada Rate Update March 8, 2023

Bank of Canada Rate Update March 8, 2023

March 8, 2023 | Posted by: Shannon Mayhew

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 4.5%, with the Bank Rate at 4.75% and the deposit rate at ...

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Selling Your Home in the Winter: How You Can Make the Most of It

Selling Your Home in the Winter: How You Can Make the Most of It

March 5, 2023 | Posted by: Shannon Mayhew

Selling your home in the winter can be a challenging task, but it can also be an opportunity to stand out in a crowded market. With fewer houses on the market and motivated buyers who are eager to mov ...

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Title insurance and home insurance–protect what matters most

Title insurance and home insurance–protect what matters most

February 27, 2023 | Posted by: Shannon Mayhew

When something goes wrong with your home and you suffer a loss, you need to be able to rely on your insurance coverage. Knowing which of your insurance policies to turn to isn't always easy. Title ins ...

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Where is the housing market going in 2023?

Where is the housing market going in 2023?

February 10, 2023 | Posted by: Shannon Mayhew

With 2023 underway, and the latest Bank of Canada rate increase to 4.5%, combined with the stress of the increased cost of living on Canadian households, the questions that are on everyone's minds are ...

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Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening

Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening

January 25, 2023 | Posted by: Shannon Mayhew

The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening ...

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This year create financial resolutions that you can stick to

This year create financial resolutions that you can stick to

January 5, 2023 | Posted by: Shannon Mayhew

A new year brings a host of new year's resolutions. It's very common for people to make these resolutions around family, friends, eating better, or even the cliché going to the gym more. This year, e ...

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Should You Spend the Full Mortgage Amount You're Approved For?

Should You Spend the Full Mortgage Amount You're Approved For?

December 28, 2022 | Posted by: Shannon Mayhew

Before you start shopping for a new home, you'll need to know exactly how much house you can afford. Otherwise, you could end up in a home that is way out of your budget. What you qualify for may not ...

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The Pros and Cons of Fixed vs. Variable Mortgages

The Pros and Cons of Fixed vs. Variable Mortgages

December 8, 2022 | Posted by: Shannon Mayhew

When it comes to choosing a mortgage, borrowers in Canada have two main options: a fixed rate mortgage or a variable mortgage. But which type is best for you? Here, we'll take a look at the pros and c ...

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The Pros and Cons of Locking In your Mortgage Rate

The Pros and Cons of Locking In your Mortgage Rate

December 8, 2022 | Posted by: Shannon Mayhew

The Pros and Cons of Locking In The holiday season is upon us, bringing an end to a tumultuous year. 2022 saw inflation reach levels not seen for 40 years, followed by substantial interest rate hik ...

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Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening

December 7, 2022 | Posted by: Shannon Mayhew

The Bank of Canada today increased its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is also continuing its policy of quantitative tightening ...

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Thinking of buying? Don't be put off by high rates.

Thinking of buying? Don't be put off by high rates.

November 3, 2022 | Posted by: Shannon Mayhew

2022 has already been tough on Canadians' wallets, and recent economic data shows the pain is unlikely to end soon. Inflation continues to run hot, and on October 26 the Bank of Canada further r ...

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Bank of Canada Rate Update October 26, 2022

Bank of Canada Rate Update October 26, 2022

October 26, 2022 | Posted by: Shannon Mayhew

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 3.75%, with the Bank Rate a ...

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Best Ways to Plan for Your Down Payment

Best Ways to Plan for Your Down Payment

October 19, 2022 | Posted by: Shannon Mayhew

Best Ways to Plan for Your Down Payment Do mortgages seem unaffordable? These tips will help you plan for your down payment so you can start talking to a private lender mortgage broker in no time. ...

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A fresh look at the opportunities in today's housing market from a mortgage perspective

A fresh look at the opportunities in today's housing market from a mortgage perspective

October 11, 2022 | Posted by: Shannon Mayhew

When news reports present a consistently gloomy view of rising rates and the distinctly negative impact on the housing market, it's easy to feel discouraged. But the news frequently doesn't tell the f ...

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How Mortgage Rates Affect Buying Power?

How Mortgage Rates Affect Buying Power?

September 16, 2022 | Posted by: Shannon Mayhew

How Mortgage Rates Affect Buying Power? Do You Know How Your Mortgage Rate Affects Buying Power? To maximize your purchasing power, you should understand how interest rates impact your home buying p ...

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A look at how rate increases impact different mortgage types

A look at how rate increases impact different mortgage types

September 8, 2022 | Posted by: Shannon Mayhew

With inflation at its highest level in almost 40 years, the Bank of Canada continues to take drastic action to cool the economy with the latest of five consecutive rate increases announced on Septembe ...

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Bank Of Canada Rate Update September 7, 2022

Bank Of Canada Rate Update September 7, 2022

September 7, 2022 | Posted by: Shannon Mayhew

Bank of Canada increases policy interest rate by 75 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 3.25%, with the Bank Rate ...

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Should You Pay Off Your Mortgage Early?

Should You Pay Off Your Mortgage Early?

August 24, 2022 | Posted by: Shannon Mayhew

It's a dream to be able to pay off your mortgage early, but is there a downside? While it sounds like a great idea, there are some factors to consider before doing so. This article will explore some o ...

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Budgeting for Inflation

Budgeting for Inflation

August 4, 2022 | Posted by: Shannon Mayhew

If you thought the end of the pandemic would bring a return to economic normalcy, 2022 has certainly been surprising. Summer has seen inflation return to the forefront of consumers' economic worries f ...

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Bank Of Canada Rate Update July 13, 2022

Bank Of Canada Rate Update July 13, 2022

July 13, 2022 | Posted by: Shannon Mayhew

Bank of Canada increases policy interest rate by 100 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 2.5%, with the Bank Rate ...

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Mortgage Fundamentals for Home Purchases

Mortgage Fundamentals for Home Purchases

July 7, 2022 | Posted by: Shannon Mayhew

Mortgage Fundamentals for Home Purchases With interest rates continuing to rise, and housing markets beginning to cool, if you're considering a home purchase anytime soon, it's a good idea to revisit ...

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Mortgage Fundamentals for Home Purchases

Mortgage Fundamentals for Home Purchases

July 7, 2022 | Posted by: Shannon Mayhew

With interest rates continuing to rise, and housing markets beginning to cool, if you're considering a home purchase anytime soon, it's a good idea to revisit some mortgage fundamentals to ensure you' ...

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How Rising Rates Can Affect Your Mortgage

How Rising Rates Can Affect Your Mortgage

June 3, 2022 | Posted by: Shannon Mayhew

The one-two-punch of supply chain issues and the war in Ukraine has pushed inflation in Canada to its highest level in 30 years and spurred the Bank of Canada to move toward a tighter monetary polic ...

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Bank Of Canada Rate Update June 1, 2022

Bank Of Canada Rate Update June 1, 2022

June 1, 2022 | Posted by: Shannon Mayhew

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 1½%, with the Bank Rate at ...

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How a Mortgage Pre-Approval Can Protect You from Rising Rates

How a Mortgage Pre-Approval Can Protect You from Rising Rates

May 26, 2022 | Posted by: Shannon Mayhew

With interest rates rising, it's important to lock in a lower rate as soon as possible. You can do this with the right home mortgage pre-approval. Find out how! Do you plan on searching for and buy ...

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The Tax Free First Home Savings Account (FHSA) explained

The Tax Free First Home Savings Account (FHSA) explained

May 5, 2022 | Posted by: Shannon Mayhew

The Tax Free First Home Savings Account (FHSA) explained If you or someone you know is saving for a down payment on their first home, the Federal government announced a new program aimed at first-tim ...

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How is a Private Mortgage Different Than a Traditional Bank Mortgage

How is a Private Mortgage Different Than a Traditional Bank Mortgage

May 4, 2022 | Posted by: Shannon Mayhew

Understanding the difference between private mortgages and traditional bank mortgages can help you make the best decision for financing a new home. Each option provides the money to secure real estate ...

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Bank Of Canada Rate Update April 13, 2022

Bank Of Canada Rate Update April 13, 2022

April 13, 2022 | Posted by: Shannon Mayhew

Bank of Canada increases policy interest rate by 50 basis points, begins quantitative tightening The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1¼% ...

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Higher Interest Rates are Here. What Does That Mean for You?

Higher Interest Rates are Here. What Does That Mean for You?

March 9, 2022 | Posted by: Shannon Mayhew

The Bank of Canada has been signaling for a while now that they will respond to inflation by raising interest rates. Sure enough, on March 2nd they announced a hike in the overnight rate by 0.25%. H ...

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Bank Of Canada Rate Update March 2, 2022

Bank Of Canada Rate Update March 2, 2022

March 2, 2022 | Posted by: Shannon Mayhew

Bank of Canada Increases Policy Interest Rate The Bank of Canada today increased its target for the overnight rate to ½ %, with the Bank Rate at ¾ % and the deposit rate at ½ %. The Bank is contin ...

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Bank Of Canada Rate Update January 26, 2022

Bank Of Canada Rate Update January 26, 2022

January 26, 2022 | Posted by: Shannon Mayhew

Bank of Canada maintains policy rate, removes exceptional forward guidance The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ %, with the Bank Rate at ...

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Top 10 Questions to Ask Your Mortgage Broker in Canada

Top 10 Questions to Ask Your Mortgage Broker in Canada

January 19, 2022 | Posted by: Shannon Mayhew

Top 10 Questions to Ask Your Mortgage Broker The mortgage world can sometimes be difficult to navigate when buying a home. However, an experienced Mortgage Broker can help walk you through the proces ...

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How Much of A Mortgage Can You Afford?

How Much of A Mortgage Can You Afford?

January 5, 2022 | Posted by: Shannon Mayhew

How Much of a Mortgage Can You Afford? Mortgage Application: How Much of A Mortgage Can You Afford? The mortgage application process involves a buyer's due diligence in calculating how much mortgage ...

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Sensible strategies to help you thrive in 2022

Sensible strategies to help you thrive in 2022

December 23, 2021 | Posted by: Shannon Mayhew

Canadians keep talking about the housing market! Are we in a housing bubble, will rates rise in 2022 and by how much, is this the right time to buy or refinance, is a lender's renewal offer the best ...

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Prequalification and Pre-Approval—What is the Difference? Home Buying in Canada

Prequalification and Pre-Approval—What is the Difference? Home Buying in Canada

December 15, 2021 | Posted by: Shannon Mayhew

What is the Difference Between Pre-Qualification and Pre-Approval? Prequalification and Pre-Approval-What is the Difference? Prequalification is a basic review of the borrower's information to deter ...

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Bank Of Canada Rate Update December 9, 2021

Bank Of Canada Rate Update December 9, 2021

December 8, 2021 | Posted by: Shannon Mayhew

Bank of Canada maintains policy rate and forward guidance The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent ...

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Preparing for Higher Rates

Preparing for Higher Rates

November 26, 2021 | Posted by: Shannon Mayhew

Given inflationary pressures, the Bank of Canada indicated in their last rate announcement that rate hikes could take place earlier than previously indicated, in mid-2022, which means variable rates t ...

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What to do if You Are Denied a Mortgage

What to do if You Are Denied a Mortgage

November 24, 2021 | Posted by: Shannon Mayhew

What to do if You Are Denied a Mortgage Main reasons Why your mortgage application is Denied and What to do If Mortgage lenders reject Yours Mortgage lenders often reject loan application requests f ...

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