With the recent increase that TD has made to their Prime rate, it leaves a lot of mortgage holders with a variable rate questioning what this means to them. Let me tell you. First, it is only TD that has recently changed their Prime rate from 2.7% to 2.85% – so far anyway. Typically once … Read More
mortgage
Home Inspections
What are their purpose and why are they important? The purpose of a home inspection is to reveal any defects or flaws that a property has, so that potential buyers can make an informed decision and avoid costly surprises down the road. During an inspection, the inspector will investigate every room in the home to … Read More
How to Use Prepayments to Be Mortgage Free, Faster!
Using your mortgage prepayment options can drastically reduce the total amount you spend on your mortgage and shorten the time it takes to pay it down.. If you follow these three steps, you can be mortgage free sooner than ever! 1. Know your prepayment privileges Most mortgages have allowances for you to prepay down your … Read More
5 Ways to Damage Your Credit Score
1) Making Late Payments In general, your payment history has the strongest impact on your credit score. About 35 percent of your Equifax Credit Score, for example, is based on your payment history. That means that any late payments – whether on your credit cards, an auto loan, your mortgage, or another credit account – … Read More
Property Tax Payment Explained
June 30 – a dreaded day in Brandon. The day property taxes are due for the current calendar year. If you own a home and you have not already received your property tax bill in the mail, be sure to contact the city as they are due whether you receive your bill or not! Since … Read More
Financing An Acreage
Some people love the big city life but others long for a big beautiful home in the country. Financing country homes on numerous acres can be a little tricky so there are a few things you need to be aware of if this is your dream. The first thing to look at is the zoning … Read More
Not All Mortgage Penalties Are Equal
This is a story about Joe and Sue. Two different people with similar mortgages, but very different prepayment penalties. Joe and Sue each buy a house at the exact same time for the exact same price and get a mortgage for the exact same amount. The only difference is Joe uses a Big Bank, and … Read More
Understanding Why Mortgage Rates Are Dropping
The Bank of Canada announced a surprise quarter-percentage-point cut to its key interest rate Wednesday – a move it calls “insurance†against the potentially destructive effects of the oil price collapse. The reduction in the bank’s overnight rate to 0.75 per cent from 1 per cent – its first move since September, 2010 – comes as … Read More
Interest Rate Hike: 4 Ways Canadians Should Prepare
The Bank of Canada is expected at some point in the year to hike interest rates, and even a small and gradual hike would affect millions of Canadians with car loans, mortgages and lines of credit. “Definitely not going to take much of a hike to make a difference and impact your payments,” says Toronto-based financial planner Jason Heath. “As soon as there’s a quarter-point increase in interest rates, I … Read More
2015 Westman Wedding Expo
Being asked to blog first for the Westman Wedding Expo makes me aware of a common question readers might ask: Why is Brandon’s only Mortgage Brokerage a part of a wedding show anyway? I like to think of it this way; you’re going to the Westman Wedding Expo because you want to plan for your … Read More