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Category: Mortgage (61 posts)

When to Consider a Private Mortgage: A Guide for Canadian Homebuyers

When to Consider a Private Mortgage: A Guide for Canadian Homebuyers

May 23, 2024 | Posted by: Harold Hagen

Navigating the world of Canadian mortgages can be scary, especially when traditional lenders, like banks and credit unions, close their doors. This is where private mortgages come into play. For ... [read more]

5 Great Ways to Improve Your Credit Score

5 Great Ways to Improve Your Credit Score

May 8, 2024 | Posted by: Harold Hagen

As a mortgage professional, we often work with clients who are eager to improve their credit scores. A higher credit score not only increases your chances of getting approved for a mortgage bu ... [read more]

RRSP Home Buyers Plan

RRSP Home Buyers Plan

April 24, 2024 | Posted by: Harold Hagen

In 2024, the Canadian government made significant changes to the Registered Retirement Savings Plan (RRSP) Home Buyers' Plan (HBP), aiming to make homeownership more accessible, particularly for ... [read more]

Paying off your mortgage early - The Pros and Cons

Paying off your mortgage early - The Pros and Cons

April 10, 2024 | Posted by: Harold Hagen

Certainly! Paying off your mortgage early is a significant financial decision that many Canadians grapple with. It can be an appealing goal, offering both financial freedom and peace of mind. That sai ... [read more]

April 10-2024 - Bank of Canada maintains policy rate, continues quantitative tightening

April 10-2024 - Bank of Canada maintains policy rate, continues quantitative tightening

April 10, 2024 | Posted by: Harold Hagen

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The Bank ... [read more]

The Impact of Canadian Economic Trends on Mortgage Rates: What You Need to Know

The Impact of Canadian Economic Trends on Mortgage Rates: What You Need to Know

March 27, 2024 | Posted by: Harold Hagen

Navigating the world of mortgages can sometimes feel like trying to predict the weather in Canada: just when you think you've got it figured out, things change. But unlike the weather, understanding ... [read more]

Unlocking the Door to Home Ownership: Simple Tips to Boost Your Credit Score

Unlocking the Door to Home Ownership: Simple Tips to Boost Your Credit Score

March 20, 2024 | Posted by: Harold Hagen

Hello, homebuyers and financial enthusiasts! Today, we're diving into a topic that's as crucial as it is misunderstood: your credit score. Think of your credit score like a key. The higher it is, the ... [read more]

Bank of Canada maintains policy rate, continues quantitative tightening

Bank of Canada maintains policy rate, continues quantitative tightening

March 6, 2024 | Posted by: Harold Hagen

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. Global e ... [read more]

Managing Your Mortgage Renewal in a High-Rate Environment

Managing Your Mortgage Renewal in a High-Rate Environment

February 10, 2024 | Posted by: Harold Hagen

Hello homeowners. With interest rates higher than they have been in many years, many of you might be anxious about your upcoming mortgage renewal. It's completely understandable, and you're not alon ... [read more]

Bank of Canada maintains policy rate, continues quantitative tightening

Bank of Canada maintains policy rate, continues quantitative tightening

January 24, 2024 | Posted by: Harold Hagen

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. Global e ... [read more]

Navigating High Interest Rates: Strategies for New Home Buyers Across Canada

Navigating High Interest Rates: Strategies for New Home Buyers Across Canada

December 19, 2023 | Posted by: Harold Hagen

Introduction In today's economic landscape, we're seeing a trend that can be quite intimidating for anyone looking to step into the world of home ownership – high interest rates. But fear not! This ... [read more]

Navigating Your Mortgage: Practical Tips from the Experts

Navigating Your Mortgage: Practical Tips from the Experts

December 14, 2023 | Posted by: Harold Hagen

Managing a mortgage is a journey that requires careful navigation. Mortgage brokers understand the challenges and uncertainties homeowners face when it comes to their mortgage payments. Today's e ... [read more]

Bank of Canada maintains policy rate, continues quantitative tightening

Bank of Canada maintains policy rate, continues quantitative tightening

December 6, 2023 | Posted by: Harold Hagen

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The ... [read more]

Navigating the New Normal: How Remote Work is Reshaping the Canadian Mortgage and Real Estate Landscape

Navigating the New Normal: How Remote Work is Reshaping the Canadian Mortgage and Real Estate Landscape

December 3, 2023 | Posted by: Harold Hagen

In recent years, we've witnessed a seismic shift in our work lives, notably the rise of remote work catalyzed by the COVID-19 pandemic. This change isn't just about swapping office desks for dinin ... [read more]

Canada's New Updated Mortgage Charter

Canada's New Updated Mortgage Charter

November 23, 2023 | Posted by: Harold Hagen

The Canadian Mortgage Charter spells out the rights consumers have when they are renegotiating mortgages. It calls on financial institutions to provide better relief measures over the next three y ... [read more]

Understanding Fixed vs. Variable Rate Mortgages

Understanding Fixed vs. Variable Rate Mortgages

November 15, 2023 | Posted by: Harold Hagen

If you're on the cusp of getting a mortgage, or if you're considering refinancing, you've likely encountered the terms "fixed rate" and "variable rate" mortgage. These are the two primary pathways i ... [read more]

6 things to know about capital gains and taxes for people across Canada

6 things to know about capital gains and taxes for people across Canada

November 2, 2023 | Posted by: Harold Hagen

So, you made some cash selling your property or stocks at a higher price than you bought them for? High five! But before you start celebrating, there's this thing called capital gains that might show ... [read more]

Bank Of Canada Rate Update October 25, 2023

Bank Of Canada Rate Update October 25, 2023

October 25, 2023 | Posted by: Harold Hagen

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5% ... [read more]

Mortgage Strategies in a Rising Interest Rate Environment

Mortgage Strategies in a Rising Interest Rate Environment

October 24, 2023 | Posted by: Harold Hagen

Hello dear readers, Let's have a coffee chat, shall we? If we were sitting in a cozy café, sipping on lattes (or your beverage of choice), today's hot topic of conversation would undoubtedly revol ... [read more]

Leveraging Your Home Equity to Help Purchase a Home For Your Children: A Prudent Move?

Leveraging Your Home Equity to Help Purchase a Home For Your Children: A Prudent Move?

October 6, 2023 | Posted by: Harold Hagen

Navigating Parental Assistance in Home Purchases The concept of parents aiding their children in stepping onto the property ladder is not a new one yet it is not ubiquitously adopted. A 2021 ... [read more]

Understanding and Utilizing Home Equity

Understanding and Utilizing Home Equity

October 1, 2023 | Posted by: Harold Hagen

If you've consistently made mortgage payments over the years, you've been accumulating home equity. As this equity grows, homeowners can access it, converting it into cash for various purposes, from h ... [read more]

Can a first-time home buyer have a mortgage co-signer?

Can a first-time home buyer have a mortgage co-signer?

September 17, 2023 | Posted by: Harold Hagen

Can New Home Buyers in Canada Use a Mortgage Co-Signer? Struggling to secure a mortgage or need a financial boost? Consider bringing in a co-signer. Dive deeper into this and other home-buying tact ... [read more]

Bank of Canada maintains policy rate, continues quantitative tightening

Bank of Canada maintains policy rate, continues quantitative tightening

September 6, 2023 | Posted by: Harold Hagen

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. Infl ... [read more]

Top Reasons To Refinance Your Home And Reasons Why You Maybe Should Not.

Top Reasons To Refinance Your Home And Reasons Why You Maybe Should Not.

August 23, 2023 | Posted by: Harold Hagen

Refinancing a mortgage means replacing your existing loan with a new one, either with your current lender or a different one. Canadians often consider refinancing for various reasons, such as ... [read more]

Navigating High-Interest Rates and Inflation: Your Path to Mortgage Resilience

Navigating High-Interest Rates and Inflation: Your Path to Mortgage Resilience

August 5, 2023 | Posted by: Harold Hagen

Introduction As your trusted mortgage broker, I understand that the current economic backdrop in Canada is presenting challenges for many homeowners. With interest rates on the rise and inflation p ... [read more]

Understanding Credit Scores and Maximizing Mortgage Opportunities in Canada

Understanding Credit Scores and Maximizing Mortgage Opportunities in Canada

July 27, 2023 | Posted by: Harold Hagen

Introduction In Canada, your credit score plays a crucial role in your financial life, especially when it comes to major transactions like securing a mortgage. A credit score is a numerical r ... [read more]

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening

July 12, 2023 | Posted by: Harold Hagen

The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. G ... [read more]

Some great tips to help you save for a home

Some great tips to help you save for a home

June 13, 2023 | Posted by: Harold Hagen

A home for most all Canadians is likely the most significant purchase you will make in your lifetime, so it is essential to be well-prepared. It is crucial to understand how to budget and save for ... [read more]

Strategies for Speeding Up Mortgage Repayment

Strategies for Speeding Up Mortgage Repayment

June 3, 2023 | Posted by: Harold Hagen

Those of us who desire to own a home often long for the time when our mortgage is paid off. Although the majority of Canadian mortgages are usually amortized over the course of 25 years, there are a ... [read more]

First-Time Home Buyer Budgeting: What You Need to Know

First-Time Home Buyer Budgeting: What You Need to Know

April 20, 2023 | Posted by: Harold Hagen

As a first-time home buyer, budgeting is an essential part of the home buying process. By carefully planning your finances and considering all of the costs associated with purchasing a home, you can e ... [read more]

Bank Of Canada Rate Update April 12, 2023

Bank Of Canada Rate Update April 12, 2023

April 12, 2023 | Posted by: Harold Hagen

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 4.5%, with the Bank Rate at 4.75% and the deposit rate at 4. ... [read more]

Bank of Canada Rate Update March 8, 2023

Bank of Canada Rate Update March 8, 2023

March 8, 2023 | Posted by: Harold Hagen

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 4.5%, with the Bank Rate at 4.75% and the deposit rate at ... [read more]

Selling Your Home in the Winter: How You Can Make the Most of It

Selling Your Home in the Winter: How You Can Make the Most of It

March 5, 2023 | Posted by: Harold Hagen

Selling your home in the winter can be a challenging task, but it can also be an opportunity to stand out in a crowded market. With fewer houses on the market and motivated buyers who are eager to mov ... [read more]

Title insurance and home insurance–protect what matters most

Title insurance and home insurance–protect what matters most

February 27, 2023 | Posted by: Harold Hagen

When something goes wrong with your home and you suffer a loss, you need to be able to rely on your insurance coverage. Knowing which of your insurance policies to turn to isn't always easy. Title ins ... [read more]

Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening

Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening

January 25, 2023 | Posted by: Harold Hagen

The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening ... [read more]

Another BoC rate increase... Now what?

Another BoC rate increase... Now what?

January 25, 2023 | Posted by: Harold Hagen

The Bank of Canada increased their overnight rate this week by another 0.25%, bringing our prime lending rate to 6.70% with most Lenders. The Bank also stated that it expects to hold off on further ra ... [read more]

Should You Spend the Full Mortgage Amount You're Approved For?

Should You Spend the Full Mortgage Amount You're Approved For?

December 28, 2022 | Posted by: Harold Hagen

Before you start shopping for a new home, you'll need to know exactly how much house you can afford. Otherwise, you could end up in a home that is way out of your budget. What you qualify for may not ... [read more]

The Pros and Cons of Fixed vs. Variable Mortgages

The Pros and Cons of Fixed vs. Variable Mortgages

December 8, 2022 | Posted by: Harold Hagen

When it comes to choosing a mortgage, borrowers in Canada have two main options: a fixed rate mortgage or a variable mortgage. But which type is best for you? Here, we'll take a look at the pros and c ... [read more]

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening

December 7, 2022 | Posted by: Harold Hagen

The Bank of Canada today increased its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is also continuing its policy of quantitative tightening ... [read more]

Bank of Canada Rate Update October 26, 2022

Bank of Canada Rate Update October 26, 2022

October 26, 2022 | Posted by: Harold Hagen

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 3.75%, with the Bank Rate a ... [read more]

Best Ways to Plan for Your Down Payment

Best Ways to Plan for Your Down Payment

October 19, 2022 | Posted by: Harold Hagen

Best Ways to Plan for Your Down Payment Do mortgages seem unaffordable? These tips will help you plan for your down payment so you can start talking to a private lender mortgage broker in no time. ... [read more]

How Mortgage Rates Affect Buying Power?

How Mortgage Rates Affect Buying Power?

September 16, 2022 | Posted by: Harold Hagen

How Mortgage Rates Affect Buying Power? Do You Know How Your Mortgage Rate Affects Buying Power? To maximize your purchasing power, you should understand how interest rates impact your home buying p ... [read more]

Bank Of Canada Rate Update September 7, 2022

Bank Of Canada Rate Update September 7, 2022

September 7, 2022 | Posted by: Harold Hagen

Bank of Canada increases policy interest rate by 75 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 3.25%, with the Bank Rate ... [read more]

Should You Pay Off Your Mortgage Early?

Should You Pay Off Your Mortgage Early?

August 24, 2022 | Posted by: Harold Hagen

It's a dream to be able to pay off your mortgage early, but is there a downside? While it sounds like a great idea, there are some factors to consider before doing so. This article will explore some o ... [read more]

Bank Of Canada Rate Update July 13, 2022

Bank Of Canada Rate Update July 13, 2022

July 13, 2022 | Posted by: Harold Hagen

Bank of Canada increases policy interest rate by 100 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 2.5%, with the Bank Rate ... [read more]

Bank Of Canada Rate Update June 1, 2022

Bank Of Canada Rate Update June 1, 2022

June 1, 2022 | Posted by: Harold Hagen

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 1½%, with the Bank Rate at ... [read more]

How a Mortgage Pre-Approval Can Protect You from Rising Rates

How a Mortgage Pre-Approval Can Protect You from Rising Rates

May 26, 2022 | Posted by: Harold Hagen

With interest rates rising, it's important to lock in a lower rate as soon as possible. You can do this with the right home mortgage pre-approval. Find out how! Do you plan on searching for and buy ... [read more]

How is a Private Mortgage Different Than a Traditional Bank Mortgage

How is a Private Mortgage Different Than a Traditional Bank Mortgage

May 4, 2022 | Posted by: Harold Hagen

Understanding the difference between private mortgages and traditional bank mortgages can help you make the best decision for financing a new home. Each option provides the money to secure real estate ... [read more]

Inflationary Sentiment

Inflationary Sentiment

April 26, 2022 | Posted by: Harold Hagen

Inflationary Sentiment Sentiment /ˈsen(t)əmənt/   a view of or attitude toward a situation or event; an opinion. Seems inflation has turned into a runaway horse lately. From being lar ... [read more]

Bank Of Canada Rate Update April 13, 2022

Bank Of Canada Rate Update April 13, 2022

April 13, 2022 | Posted by: Harold Hagen

Bank of Canada increases policy interest rate by 50 basis points, begins quantitative tightening The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1¼% ... [read more]

Bank Of Canada Rate Update March 2, 2022

Bank Of Canada Rate Update March 2, 2022

March 2, 2022 | Posted by: Harold Hagen

Bank of Canada Increases Policy Interest Rate The Bank of Canada today increased its target for the overnight rate to ½ %, with the Bank Rate at ¾ % and the deposit rate at ½ %. The Bank is contin ... [read more]

Bank Of Canada Rate Update January 26, 2022

Bank Of Canada Rate Update January 26, 2022

January 26, 2022 | Posted by: Harold Hagen

Bank of Canada maintains policy rate, removes exceptional forward guidance The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ %, with the Bank Rate at ... [read more]

Top 10 Questions to Ask Your Mortgage Broker in Alberta

Top 10 Questions to Ask Your Mortgage Broker in Alberta

January 19, 2022 | Posted by: Harold Hagen

Top 10 Questions to Ask Your Mortgage Broker The mortgage world can sometimes be difficult to navigate when buying a home. However, an experienced Mortgage Broker can help walk you through the proces ... [read more]

4 Homebuyer Tips To Make House Hunting More Efficient

4 Homebuyer Tips To Make House Hunting More Efficient

January 13, 2022 | Posted by: Harold Hagen

Going house hunting can be fun and exciting at first, but the more houses you look at, the more frustrating you might become -- especially if you just can't seem to find the perfect home. No one sai ... [read more]

Prequalification and Pre-Approval—What is the Difference? Home Buying in Alberta

Prequalification and Pre-Approval—What is the Difference? Home Buying in Alberta

December 15, 2021 | Posted by: Harold Hagen

What is the Difference Between Pre-Qualification and Pre-Approval? Prequalification and Pre-Approval-What is the Difference? Prequalification is a basic review of the borrower's information to deter ... [read more]

Bank Of Canada Rate Update December 9, 2021

Bank Of Canada Rate Update December 9, 2021

December 8, 2021 | Posted by: Harold Hagen

Bank of Canada maintains policy rate and forward guidance The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent ... [read more]

What to do if You Are Denied a Mortgage

What to do if You Are Denied a Mortgage

November 24, 2021 | Posted by: Harold Hagen

What to do if You Are Denied a Mortgage Main reasons Why your mortgage application is Denied and What to do If Mortgage lenders reject Yours Mortgage lenders often reject loan application requests f ... [read more]

How to Know if it's Time to Refinance

How to Know if it's Time to Refinance

November 3, 2021 | Posted by: Harold Hagen

How to Know if it's Time to Refinance According to mortgage advisors, mortgage refinancing is one of the ways to make and save money from your home loan. When done right mortgage refinancing benefits ... [read more]

Bank Of Canada Rate Update Oct 27, 2021

Bank Of Canada Rate Update Oct 27, 2021

October 27, 2021 | Posted by: Harold Hagen

Bank of Canada maintains policy rate and forward guidance, ends quantitative easing The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with ... [read more]

10 Commandments Of Applying For A Mortgage

10 Commandments Of Applying For A Mortgage

October 7, 2021 | Posted by: Harold Hagen

THOU SHALL NOT…   1. Change Jobs, become self-employed or quit your job.   2. Buy a car, truck or van. (Unless you wish to live in it)   3. Use credit cards excessive ... [read more]

What Is Home Equity and How Can I Build It?

What Is Home Equity and How Can I Build It?

October 6, 2021 | Posted by: Harold Hagen

Home equity is an essential asset for creating wealth and income. Learn how home equity is calculated, why it's important, and five steps you can take to build it. As you make monthly mortgage paymen ... [read more]

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