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Posted by: Yen (Frank) Feng
An investment (rental) property can be an excellent option for generating additional monthly income. It can also grow your wealth over time if done correctly. This strategy has multiple options and outcomes that can benefit you: Supplementing income now and boosting pension in the future create more financial freedom. Allowing you to buy your dream […]
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It can get exciting to see campaigns around “cash-back mortgages.” Before you get too far along, here are three things you might not know about these types of mortgages: 1. Occasionally you will see campaigns on cash-back mortgages. These types of mortgages are available through a few lenders. It can be helpful to shop around […]
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What is the difference between pre-qualification and pre-approval? A pre-qualification can give you a ballpark estimate of what you can afford. A pre-approval is where the real magic happens. Mortgage pre-approval usually specifies a term, interest rate, and mortgage amount. Lenders will project the details based on your current income and credit history at the […]
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Bank of Canada announced to increase its overnight rate by 1% on July 13, 2022. Here are some tips you should know: What if I have a fixed-rate mortgage? No changes to your current mortgage. What if I have a variable mortgage? 1. If you have a variable rate mortgage, no changes in the payment. […]
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What are variable and fixed-rate mortgages? Fixed mortgage is a fixed interest rate for a set term with fixed payments. Variable-rate mortgage fluctuates with the Prime Rate. It can mean fluctuations in your payment or the interest portion on a set payment plan. Historical Trends In the last ten years, the prime rate has gone from 2.50% to 3.95% […]
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WHAT ARE THE RATE HIKES? The Bank of Canada increased its overnight rate to 0.5% on March 2, 2022. The central bank watches the economy and ensures it performs smoothly and efficiently. One of its great tools is the interest rate adjustment. When inflation increases, the central bank can choose to ease the market […]
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It is an exciting time to purchase a home and get approved for a mortgage. However, things can change in life before the completion date. Any changes in your credit usage and score could affect the mortgage amount you qualify for. Before reversing your mortgage approval status or jeopardizing your financing, here are the 10 […]
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Life is constantly changing from your career to your family as we climb up the ladder of life. With these life changes, your current home may no longer be working for you. When you find yourself cramped in your tiny apartment or have a little one on the way, it may be time to look […]
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Most people know they need a stable employment and a down payment to purchase a home. There are a few other factors which may help you realize you are ready. Perhaps even earlier than you thought! Here are four main things that can help you determine if you are ready for home ownership: DOWN PAYMENT […]
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The number one question for any home buyer to the mortgage process is “what does this process entail?”. Here is a simple outline to give you an idea of the process and help you understand what to expect as you embark on your home buying journey! STEP 1: BE PREPARED Before meeting with your mortgage […]
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