You have likely heard a lot of talk about your “trigger rate” and “trigger points”. How will another Prime Increase affect your mortgage?
Everything you need to know about Trigger Rates.
Increasing interest rates are pushing most borrowers closer to their trigger rate – a level at which their regular monthly payments will not be sufficient to cover the interest.
July 13th Rate Announcement: Bank of Canada increases the Prime Rate rate by 1%.
With recent Bank of Canada interest rate hikes, here is what you need to know about how these fiscal policy changes affect your mortgage. First and foremost, the interest rate hikes directly affect individuals that currently have an adjustable-rate mortgage.
Refinance and Use the Equity in your Home to Consolidate your Debt.
In this current inflationary market, rising costs of living can make it difficult to manage your finances. Debt consolidation can help if you have an existing mortgage, high-interest credit card balances and personal loans. However, if you have equity in your home, you can utilize it to your benefit. Equity … Read More
Bank of Canada Increases the Prime Rate to 3.7%
The Bank of Canada (BoC) has once again raised the Prime Rate by 50 basis points, or 0.5%, bringing the current Canadian Prime Rate as of June 1st, 2022 to 3.7%.
Thinking About Locking Into a Fixed Rate Mortgage?
To Lock in or Not to Lock in? That is the Question. Locking into a fixed-rate mortgage has been a hot topic. It’s without a doubt that since the beginning of 2022 the mortgage world has fluctuated and caused quite a stir amongst Banks, Private Lenders, Mortgage Brokers, and Mortgage … Read More
The Latest Bank of Canada Rate Increase and its Effects on Housing Affordability.
The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1.25% and the deposit rate at 1%. Housing affordability has been a long-run Canadian concern. Since its last announcement in March, the Bank continues to set its course for increased Quantitative … Read More
Top Canadian Banks Are Raising Their Prime Rates
Major banks have decided to raise their prime rates to compensate for the rise in the cost of borrowing money. The top 5 banks, Scotiabank, CIBC, BMO, RBC, and TD have all raised their prime rates to 2.7% from its past 2.45%.
The Bank of Canada (BOC) has raised the overnight rate for the first time since October 2018.
The Bank of Canada today increased its target for the overnight rate to 0.5% from its previous 0.25% where it has been since March 2020. This change will roughly equate to an increase of $12 per every $100,000 borrowed, depending on the Lender. The Bank is continuing its reinvestment phase, keeping … Read More
How Interest Rates Have Been Transformed Since the Last Mortgage Rule Changes
Just eight months ago it was easy to quote a mortgage rate on any given day and be confident that’s the rate our client would pay. But that all changed when the federal government’s latest mortgage rules came into effect in October 2016. Previously, multiple lenders would advertise their rates … Read More