Category: Uncategorized
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It’s worthwhile taking a look at your mortgage each year
Mortgages are often overlooked after signing, yet they represent a significant investment. Canadians should consider an annual mortgage check-up to assess their financial fitness, especially as life circumstances change. Regular reviews can reveal whether your current mortgage still meets your needs and can help you utilize it for various financial goals, such as building wealth…
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How Will the BoC’s Rate Cut Affect the Housing Market? | Get Your Mortgage for a LilLez!
The 50-basis point cut aims to stimulate buying activity in the housing market. Increased buyer interest may lead to rising home prices as demand outpaces supply.
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5 Options if You Can’t Afford Your Mortgage | Get Your Mortgage for a LilLez!
Contact your lender immediately to explore options, such as skipping a payment or renegotiating terms. Extend your amortization to lower monthly payments, but note this increases long-term interest costs.
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Mortgage Broker vs. Bank: Which Is Better for You? | Get Your Mortgage for a LilLez!
Mortgage brokers are licensed intermediaries matching borrowers with lenders, while banks are direct lenders setting their own rates.Brokers provide access to multiple lenders, while banks limit options to their own mortgage products.
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Are New Mortgage Changes Boosting Home Accessibility? | Get Your Mortgage for a LilLez!
New mortgage rules in Canada take effect December 15, 2024, marking a significant policy shift. The price cap for insured mortgages increases from $1M to $1.5M, enhancing accessibility.
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Toronto’s Mortgage Delinquencies Could Hit Historic Highs | Get Your Mortgage for a LilLez!
Toronto's low sales-to-new-listings ratio signals rising mortgage arrears, with levels approaching 2012 highs. Buyers’ market conditions in Toronto limit distressed homeowners' ability to sell amid increasing non-mortgage arrears.
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Canada’s New Mortgage Rules May Impact Buyers | Get Your Mortgage for a LilLez!
Canada’s mortgage qualification rules eased, with insured mortgage cap raised to $1.5M and 30-year amortizations available.Borrowers face a decision between three-year fixed or five-year variable rates, with a 0.9% differential currently.
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What Does Mortgage Refinancing in Toronto Involve? | Get Your Mortgage for a LilLez!
Mortgage refinancing in Toronto replaces your current mortgage with a new one, paying off the original loan. Refinancing can consolidate debt, lower interest rates, increase loan amounts, or access home equity.
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Builder sentiment slumps as mortgage rates continue to stall new home sales
Builder sentiment in Canada remains low, with the Canadian Home Builders’ Association (CHBA) reporting a decline in the Housing Market Index (HMI) for both single-family and multi-family homes. Despite some recovery in the resale market, new home sales are stalling due to high mortgage rates affecting affordability. The CHBA emphasizes the need for policy changes…
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Will 2025 Rate Cuts Ease Mortgage Costs? | Get Your Mortgage for a LilLez!
Analysts expect multiple interest rate cuts in Canada, with two more anticipated by year-end 2024. Further cuts in 2025 could lower the benchmark rate to 2.75%, benefiting variable mortgage rates.