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August 14, 2020

The purpose of using a benchmark rate when qualifying for a mortgage is to ensure that one can still manage their mortgage payments if interest rates were to increase.

This Qualifying Benchmark Rate for insured mortgages has decreased from 4.94% to 4.79% effective August 17, 2020.

Benchmark r...

June 8, 2020

Mortgage Payments are often the most obvious thing we think about when looking for a house. But you may also want to consider the following when deciding on a home.

Down Payment

When putting less than a 20% down payment you will have to pay Default Mortgage Insurance which protects the bank....

June 6, 2020

Obtaining mortgage insurance for a home purchase is about to become more challenging on July 1, particularly for first-time buyers.

The Canada Mortgage and Housing Corporation (CMHC), Canada’s national mortgage insurance provider, unveiled stricter underwriting policies on Thursday for insur...

March 28, 2020

Bank of Canada has decreased their overnight rate by 0.50%, bringing it to 0.25%.

Which for most lenders will likely decrease their Prime rate to 2.45% from the previous 2.95%.

This change will have an impact on those with a Variable Rate Mortgage or Home Equity Line of Credit. It will mean...

March 14, 2020

Bank of Canada has decreased their overnight rate by 0.50%, bringing it to 0.75%, effective Monday, March 16, 2020. Which for most lenders will likely decrease their Prime rate to 2.95% from the previous 3.45%.

This change will have an impact on those with a Variable Rate Mortgage or Home Eq...

March 4, 2020

Bank of Canada has decreased their overnight rate by 0.50%, bringing it to 1.25%. Which for most lenders will likely decrease their Prime rate to 3.45% from the previous 3.95%.

This change will have an impact on those with a Variable Rate Mortgage or Home Equity Line of Credit. It will...

February 19, 2020

The purpose of using a benchmark rate when qualifying for a mortgage is to ensure that one can still manage their mortgage payments if interest rates were to increase.

This Qualifying Benchmark Rate for insured mortgages has decreased from 5.19% to 4.89% effective April 6, 2020 and will fluc...

February 14, 2020

Canadian Mortgage Default Insurance

You're buying a house but you don't have a 20% down payment? RELAX - Neither does anybody else!

This is a lot of money and is not a viable option for many Canadians.  Luckily there is something called Canadian Mortgage Default Insurance which al...

September 3, 2019

​First-Time Home Buyer Incentive (FTHBI)

​CMHC will provide an extra 5% of your down payment for the purchase of existing homes, or 10% for the purchase of a new build. This will be an interest and payment free loan that will be registered against the title of your home. The program was star...

July 20, 2019

The purpose of using a benchmark rate when qualifying for a mortgage is to ensure that one can still manage their mortgage payments if interest rates were to increase.

This Qualifying Benchmark Rate has decreased from 5.34% to 5.19%

Benchmark rates, in the long run, will help to create stabil...

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Krystal  250.219.3861
Kaela  250.219.3862
Email  info@themortgageduo.ca
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