Uncategorized 29 Dec 2023 What is the Prime Rate in Canada? What is the Prime Rate (or prime lending rate) you ask? The prime lending rate in Canada is a base rate used by commercial banks to determine the rate at which they lend you money.… CMSpeople
Uncategorized 15 Dec 2023 What is Mortgage Portability? Mortgage Portability Defined: Mortgage portability is when you sell your existing home and transfer your mortgage to your newly purchased home. So just like you, your mortgage can move too! Imagine being in a scenario… CMSpeople
Uncategorized 08 Dec 2023 Everything you need to know about Mortgage Payment Frequency While monthly mortgage payments are the standard for many homeowners, choosing a different mortgage payment frequency can help pay off your mortgage sooner, or at the very least, make it easier to manage your household… CMSpeople
Uncategorized 24 Nov 2023 What’s the Difference Between a Guarantor and Co-signer? To better understand the differences, we should first understand how a Guarantor and Co-signer are the same. A guarantor and co-signer are both used to help obtain mortgage financing on a property - whether it… CMSpeople
Blog 16 Nov 2023 2024 Mortgage Rate Forecast Questions of hope… and for some, desperation. Are mortgage rates going to drop in 2024? Will the Bank of Canada continue with quantitative tightening, or begin with ever-so-needed easing once again? On October 25th, 2023,… CMSpeople
Uncategorized 26 Aug 2023 New Cap on Home Equity Lines of Credit in Canada – October 31, 2023 Today, clients with a revolving portion of their mortgage (or collateral mortgage as it’s often referred to) can use or reuse up to 80% loan-to-value as the mortgage is paid down. This is inclusive of both mortgage… CMSpeople
Uncategorized 25 May 2023 The New First Home Savings Account (FHSA) – What is it? Recently the government of Canada announces the launch of a First Home savings account which is geared towards first-time home buyers and designed to help them save for their down payments. The best way to… CMSpeople
Uncategorized 25 May 2023 I’m Behind on My Mortgage Payment – What Should I Do? Although have the best of intentions, sometimes we find ourselves in financial constraints that cause us to fall behind. Most homeowners will tend to make the difficult choice of having non-payments on their other debts… CMSpeople