A 50 bps cut from the BOC this morning
-variable mtg holders will either see a drop in payment (approx $13/$100K) or have more $ going towards their principal balance
-no changes for fixed mortgages
-buying or renewing? Compare with a professional & see what’s best for you
As of Dec 15th the max purchase price for an insured mortgage jumps from $1M to $1.5M. Here’s what the minimum down payment requirements will look like, subject to qualification of course.
CRA has opened consultations on income verification for mortgage borrowers. Interested parties can give input through this online form until Dec 6: https://t.co/VmXxTnVVCk… cc
@ronmortgageguy@BenRabidoux
Huge opportunities to save for those currently in the 5.50% range or higher mortgage rates. Spoke to a client who can keep the same payment and pay the mortgage off 5 years faster. Prepayment penalties factored in. This is why annual calls are important.
Showed a client how he could increase his rental property purchase price by more than $100K. Nothing fancy, just changed the lender. Every lender has their own guidelines (including rental calculations) so knowing where to go can play a big role for your situation.
"You’re going to die one day, and none of this is going to matter.
So enjoy yourself.
Do something positive.
Project some love.
Make someone happy.
Laugh a little bit.
Appreciate the moment.
And do your work."
@naval
Reminder that just because your colleague qualified for a certain mortgage amount doesn’t necessarily mean you will too. Savings, gifted down payments, credit, and co-signers will make a massive difference.
No change to Bank of Canada’s Overnight Rate (still 5%). Great news for anyone with variable mortgages, lines of credit, and construction mortgages. 🏦 🇨🇦
The real question is have we reached the end of the rate hike cycle ?
Last night, as a part of #Canucks Diwali celebrations, Partap Sandhu hosted a minor hockey skate for boys and girls between the ages of 6-15, as well as coaches, at @RogersArena for members of the South Asian community!