…well not quite. I know most of you have already heard that the Bank of Canada increased it’s Prime rate this morning for the first time in 7 years! The Bank of Canada Prime rate now sits at 0.75%, a quarter point higher than the 0.50% it was at yesterday. Most banks and lenders will… Read more »
Posts Tagged: Mortgages
Now Is The Time To Get Aggressive
The great majority of us are in mortgage contracts that contain a prepayment privilege of some sort. “Privilege” being the key word here. Not all mortgage contracts contain such privileges, but that’s a story for another day. Those mortgages who do allow prepayment privileges, usually allow at least 15% of your mortgage to be paid… Read more »
Down Payment Rule Change – Dec. 2015
Finance Minister, Bill Morneau, announced changes to the minimum down payment required on owner occupied homes this morning. Effective February 15th, 2016, homes between $500,000 and $1 Million will have a sliding scale utilized for the minimum down payment required. On the first $500,000 of purchase price, 5% down is still the minimum. On any… Read more »
