Okay, you’ve dealt with the same bank for 30 years, never missed a payment, and always thought the bank has your best interest at heart. Perhaps they do. But just imagine you missed one or two payments on your mortgage or you tell them when you apply for a new mortgage that you just lost your job and need funds to tide you over for a few months or more. How much do you think they love you now? Read More
Hello Everyone! It’s been a very hectic year so far and I know it’s been some time since my last blog. I promise to be more diligent in my blogging with more mortgage information and insight in future.
Here are some interesting stats from OMREB (Okanagan Mainline Real Esate Board). There seems to be a trend to a lower inventory level and with homebuyers continuing to take advantage at this time of a good selection and pricing along with securing a great mortgage rate (it’ll be very interesting to see where rates will be a year from now!).
Quite expectedly (most economists were predicting this), The Bank of Canada has again raised their rate by 0.25%. Due to improved personal and corporate spending in the previous quarters and forseeable future, justifies for the increase at this time. However, the Bank of Canada suggests that this could be the last one we will see for some time and going forward they will take a wait-and-see approach regarding any further interest rate changes.
Perhaps one of the most major decisions each of us makes with regards to our mortgage is which term to choose from: variable or fixed. Definitely not an easy task as we’re all wanting to pay the least amount of interest over time, yet have some comfort that the type of mortgage we do choose is the best choice overall. Read More
Today, Mark Carney, the governor of Bank of Canada, announced that they have raised the overnight rate by 0.25%. This was definitely anticipated by most economists as the feds did indicate they would do so once the economy rebounded from the recession. I guess the bigger question is what they will do on July 20th, which is the next meeting date to discuss whether or not another rate hike is necessary. Read More