The Bank of Canada may have raised its inflation forecasts, but it didn’t raise interest rates this week as many had expected. At its first rate policy meeting of the year, the Bank of Canada confirmed that slack in the economy has now been absorbed, signaling the way for interest rates to start rising…just not […]
Author: langfinancial
Five reasons every Canadian should make a (legally valid) Will
As a lawyer who formerly specialized in advising clients about estate planning, I’ve seen firsthand how important it is for Canadians to make a Will. Continue blog post at blog.EmpireLife.ca
Stress Test Change
New stress test for both insured and uninsured mortgages coming June 1, 2021. Using the higher of the contract rate plus 2% or 5.25%, up from the current 4.75%. Call for more information and how it affects you.
Fixed or Variable in These Unusual Times?
Fixed or variable—it’s the classic rate decision many mortgage shoppers are faced with. And it’s only been made more complicated since the start of the pandemic. Towards the latter half of 2019, variable (AKA “floating”) rates were flying off the shelves. At that time, for many qualified borrowers they were going for as low as […]
Refinancing Your Mortgage – What You Need to Know
This year has seen a rise in the number of homeowners who are considering refinancing their mortgage. Approximately 20% of Canadian homeowners say they plan to refinance their mortgage in the next 12 months, according to a recent poll. What exactly is a mortgage refinance? Simply put, it’s the act of paying out your current […]
The Urban Exodus…A Long-Term Trend or a Fad?
It’s now well-known that homebuyers are leaving urban markets for the suburbs in droves in search of larger and more affordable properties. While homebuyers have been trading in big-city life for more affordable living in outlying regions for years as prices have risen, the pace picked up substantially with the onset of the pandemic and […]
HOW SUDDEN LOSS OF EMPLOYMENT CAN AFFECT YOUR MORTGAGE APPROVAL
If you’ve been thinking about buying a house, you’ve probably considered how much you can afford in mortgage payments. Have you also thought about what would happen if you lost your source of income? While the sudden loss of employment is always a possibility, the current uncertainty of our economy has made more people think […]
Getting your down payment ready
Buying a house? If you don’t buy property regularly—and most people don’t—you may need a refresher on the rules for mortgages and down payment sources. Not only will you need to prove that you can afford the mortgage, you’ll need to show your lender where you’re getting the money for your down payment. DOWN PAYMENTS […]
UNLOCKING EQUITY THROUGH REFINANCING
With all the financial upheaval in recent months, many clients are looking to refinance their mortgage. If you have taken on more debt than usual due to less work or unforeseen expenses then refinancing equity out of you house at a much lower interest rate is a great long term solution. RENEWING VS. REFINANCING A […]
PURCHASING AN INVESTMENT OR VACATION PROPERTY: WHAT YOU NEED TO KNOW
Did you know that the process to purchase a second property depends on whether you’re buying a vacation home or an investment property? While many of the steps are the same, there are some important differences that are specific to the type of property you’re purchasing. SECOND HOME VS. INVESTMENT PROPERTY A second home (or […]