Mortgage Blog
Victoria - Saanich - Vancouver Island Mortgages Done the Smart Way
Category: Mortgage (43 posts)
Mortgage Renewals in Early 2025 – Where Might Rates End Up?
May 4, 2025 | Posted by: Bobby Smart
A friendly guide for Canadian homeowners who are about to renegotiate one of the biggest contracts of their lives. Introduction - Why Everyone Is Talking About 2025 Renewals If your mortgage is co ...
read moreApril 16 - 2025 - Bank of Canada holds policy rate at 2.75%
April 16, 2025 | Posted by: Bobby Smart
The Bank of Canada today maintained its target for the overnight rate at 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%. The major shift in direction of US trade policy a ...
read moreTariffs and Their Effect on Interest Rates: What Canadian Homeowners Should Know
April 5, 2025 | Posted by: Bobby Smart
You might be surprised to learn how tariffs-taxes on imported goods-can affect your mortgage or home-buying plans. Tariffs can indirectly influence interest rates, which impacts mortgage payments and ...
read morePros & Cons of Paying Off Your Mortgage Before Retirement
March 21, 2025 | Posted by: Bobby Smart
If retirement is approaching, you may be considering whether it's wise to pay off your mortgage early. As with many significant financial decisions, there isn't a one-size-fits-all answer. However, ...
read moreMarch 12-2025 - Bank of Canada reduces policy rate by 25 basis points to 2.75%
March 12, 2025 | Posted by: Bobby Smart
The Bank of Canada today reduced its target for the overnight rate to 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%. The Canadian economy entered 2025 in a solid position, with infl ...
read moreMortgage Renewal Coming UP and rates higher than 5 yrs ago - Consider increasing your amortization?
March 7, 2025 | Posted by: Bobby Smart
If your mortgage renewal date is approaching, it's important to take action. You might notice something that's hard to ignore: interest rates are significantly higher now than five years ago. You're n ...
read moreHow will tariffs potentially affect Interest rates
February 26, 2025 | Posted by: Bobby Smart
As a mortgage broker in Canada, I often get questions about how global economic events might affect our financial landscape, particularly when it comes to interest rates and the cost of borrowing. One ...
read moreIs Now the Right Time to Refinance Your Mortgage?
February 5, 2025 | Posted by: Bobby Smart
With interest rates in Canada decreasing, many homeowners are considering whether this may be the ideal time to refinance. Refinancing involves replacing your current mortgage with a new one, idea ...
read moreBank of Canada reduces policy rate by 25 basis points to 3%, announces end of quantitative tightening
January 29, 2025 | Posted by: Bobby Smart
The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 3.25% and the deposit rate at 2.95%. The Bank is also announcing its plan to complete the no ...
read moreFixed-Rate vs. Adjustable-Rate Mortgages: Which Might Be Right for You?
January 21, 2025 | Posted by: Bobby Smart
Hello there, and welcome! As a mortgage broker here in Canada, I know that diving into the world of mortgages can feel like stepping into a labyrinth of numbers and jargon. Today, let's have a fri ...
read moreGovernment announces boldest mortgage reforms in decades to unlock homeownership for more Canadians
December 16, 2024 | Posted by: Bobby Smart
Canadians work hard to be able to afford a home. However, the high cost of mortgage payments is a barrier to homeownership, especially for Millennials and Gen Z. To help more Canadians, particularly ...
read moreDec 11-2024 - Bank of Canada reduces policy rate by 50 basis points to 3.25%
December 11, 2024 | Posted by: Bobby Smart
The Bank of Canada today reduced its target for the overnight rate to 3¼%, with the Bank Rate at 3¾% and the deposit rate at 3¼%. The Bank is continuing its policy of balance sheet no ...
read moreUnlocking Home Ownership: What Canadian Homebuyers Need to Know About Property Value
November 4, 2024 | Posted by: Bobby Smart
The Canadian dream of home ownership is evolving. With fluctuating property values and shifting market dynamics, understanding the real estate landscape is more crucial than ever for prospective hom ...
read moreOctober 23-2024: Bank of Canada reduces policy rate by 50 basis points to 3.75%
October 23, 2024 | Posted by: Bobby Smart
The Bank of Canada today reduced its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is continuing its policy of balance sheet normalization. ...
read moreIs a Reverse Mortgage Right for You?
October 8, 2024 | Posted by: Bobby Smart
A reverse mortgage is a great financial tool for homeowners over 55 who want to stay in their homes while accessing the value they've built up over the years. It provides additional income, eliminates ...
read moreWith Lower Interest Rates, Is Now a Good Time to Refinance My Mortgage?
September 6, 2024 | Posted by: Bobby Smart
With interest rates dropping, many homeowners ask the same question: Is now the right time to refinance my mortgage?* The simple answer? It could be! But as with most financial decisions, a few factor ...
read moreSept 4th, 2024 - Bank of Canada reduces policy rate by 25 basis points to 4.25%
September 4, 2024 | Posted by: Bobby Smart
The Bank of Canada today reduced its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is continuing its policy of balance sheet normalization. ...
read moreHow Lower Interest Rates Could Benefit Canadian Homeowners: Is Now the Time to Refinance?
August 23, 2024 | Posted by: Bobby Smart
As a Canadian homeowner, you're probably hearing a lot of buzz about falling interest rates. You might be wondering, "Is this the right time to refinance my mortgage?" The short answer is, it could be ...
read moreWhat are Alternative Mortgage Lenders?
August 8, 2024 | Posted by: Bobby Smart
In the dynamic world of real estate, securing a mortgage can often be daunting, especially for individuals with unique financial situations. This is where alternative mortgage lenders come into play ...
read moreJuly 7, 2024 - Bank of Canada reduces policy rate by 25 basis points to 4.5%
July 24, 2024 | Posted by: Bobby Smart
The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization. ...
read more7 Things to Know When You Are Looking to Purchase a Cottage or Vacation Home
July 8, 2024 | Posted by: Roar Solutions
Purchasing a cottage or vacation home can be an exciting venture, offering a perfect getaway from the hustle and bustle of city life. However, it's essential to approach this purchase with careful con ...
read moreBank Of Canada Rate Update June 1, 2022
June 1, 2022 | Posted by: Bobby Smart
Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 1½%, with the Bank Rate at ...
read moreHow a Mortgage Pre-Approval Can Protect You from Rising Rates
May 26, 2022 | Posted by: Bobby Smart
With interest rates rising, it's important to lock in a lower rate as soon as possible. You can do this with the right home mortgage pre-approval. Find out how! Do you plan on searching for and buy ...
read moreHow is a Private Mortgage Different Than a Traditional Bank Mortgage
May 4, 2022 | Posted by: Bobby Smart
Understanding the difference between private mortgages and traditional bank mortgages can help you make the best decision for financing a new home. Each option provides the money to secure real estate ...
read moreBank Of Canada Rate Update April 13, 2022
April 13, 2022 | Posted by: Bobby Smart
Bank of Canada increases policy interest rate by 50 basis points, begins quantitative tightening The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1¼% ...
read moreBank Of Canada Rate Update March 2, 2022
March 2, 2022 | Posted by: Bobby Smart
Bank of Canada Increases Policy Interest Rate The Bank of Canada today increased its target for the overnight rate to ½ %, with the Bank Rate at ¾ % and the deposit rate at ½ %. The Bank is contin ...
read moreBank Of Canada Rate Update January 26, 2022
January 26, 2022 | Posted by: Bobby Smart
Bank of Canada maintains policy rate, removes exceptional forward guidance The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ %, with the Bank Rate at ...
read moreTop 10 Questions to Ask Your Mortgage Broker in Victoria, British Columbia
January 19, 2022 | Posted by: Bobby Smart
Top 10 Questions to Ask Your Mortgage Broker The mortgage world can sometimes be difficult to navigate when buying a home. However, an experienced Mortgage Broker can help walk you through the proces ...
read moreHow Much of A Mortgage Can You Afford?
January 5, 2022 | Posted by: Bobby Smart
How Much of a Mortgage Can You Afford? Mortgage Application: How Much of A Mortgage Can You Afford? The mortgage application process involves a buyer's due diligence in calculating how much mortgage ...
read morePrequalification and Pre-Approval—What is the Difference? Home Buying in Victoria, British Columbia
December 15, 2021 | Posted by: Bobby Smart
What is the Difference Between Pre-Qualification and Pre-Approval? Prequalification and Pre-Approval-What is the Difference? Prequalification is a basic review of the borrower's information to deter ...
read moreBank Of Canada Rate Update December 9, 2021
December 8, 2021 | Posted by: Bobby Smart
Bank of Canada maintains policy rate and forward guidance The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent ...
read moreWhat to do if You Are Denied a Mortgage
November 24, 2021 | Posted by: Bobby Smart
What to do if You Are Denied a Mortgage Main reasons Why your mortgage application is Denied and What to do If Mortgage lenders reject Yours Mortgage lenders often reject loan application requests f ...
read moreHow to Know if it's Time to Refinance
November 3, 2021 | Posted by: Bobby Smart
How to Know if it's Time to Refinance According to mortgage advisors, mortgage refinancing is one of the ways to make and save money from your home loan. When done right mortgage refinancing benefits ...
read moreBank Of Canada Rate Update Oct 27, 2021
October 27, 2021 | Posted by: Bobby Smart
Bank of Canada maintains policy rate and forward guidance, ends quantitative easing The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with ...
read moreWhat Is Home Equity and How Can I Build It?
October 6, 2021 | Posted by: Bobby Smart
Home equity is an essential asset for creating wealth and income. Learn how home equity is calculated, why it's important, and five steps you can take to build it. As you make monthly mortgage paymen ...
read moreBank Of Canada Rate Update Sept 8, 2021
September 8, 2021 | Posted by: Bobby Smart
Bank of Canada maintains policy rate, continues forward guidance and current pace of quantitative easing The Bank of Canada today held its target for the overnight rate at the effective lower boun ...
read moreGetting a Mortgage as a Student
August 18, 2021 | Posted by: Bobby Smart
Purchasing a home is most likely one of the most sizable purchases most of us will ever make, and finally, buying a home is a dream come true for most. For students, it may seem like this dream is fo ...
read moreWhat Happens if You Lose Your Job Before Closing?
August 4, 2021 | Posted by: Bobby Smart
A job loss a few days or weeks prior to closing your home purchase can be distressing; especially when you have no alternative source of income. Getting a new job can ease the situation, but it's not ...
read moreHow a Funding Condition Can Secure Purchasers From Financial and Legal Penalties in Victoria, British Columbia
July 21, 2021 | Posted by: Bobby Smart
When you make a deal to buy a home, in addition to thinking about how much money to provide, you likewise need to think about any conditions that you want to include. Some common conditions deal with ...
read moreBank Of Canada Rate Update July 14, 2021
July 14, 2021 | Posted by: Bobby Smart
Bank of Canada maintains policy rate and forward guidance, adjusts quantitative easing program The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ per ...
read moreRisks of Putting Down a Firm Offer with a Pre-Approval Victoria, British Columbia
July 7, 2021 | Posted by: Bobby Smart
Risks of Putting Down a Firm Offer with a Pre-Approval Today, the real estate market is competitive and homebuyers need all the help they can get to secure their home at the right price. Once you fin ...
read moreLow Rates in Victoria, British Columbia Helping Buyers Pay Off Their Mortgages at Record Pace
June 28, 2021 | Posted by: Bobby Smart
Home prices may be astronomical in certain parts of the country, but historically low mortgage rates are allowing borrowers to pay off their mortgages faster than ever. At today's average rates, 61% ...
read moreBank Of Canada Rate Update June 9, 2021
June 9, 2021 | Posted by: Bobby Smart
Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, continues quantitative easing The Bank of Canada today held its target for the overnight rat ...
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