I saw a video today that was very interesting and features BNN interviewing Brad McLister, editor of Canadian Mortgage Trends. He does a great job of explaining why 35 year amortizations are not all evil, and what home buyers should be aware of regarding future rates, future payments, and the use of mortgage brokers over
During the process of getting a mortgage approval, you broker may require you to get an appraisal. Many times, clients respond with, “but I already did a building inspection. Does the bank want that report?” NO. Appraisal and building inspection are two different things. An Appraisal is the process whereby the bank sends in a
The Bank of Canada announced yesterday that they were holding their overnight rate steady. This means prime rate will remain at the ultra low level of 2.25% for a while yet. What is more important is the bank’s commentary. They reiterated their commitment to hold rates at the current level until the end of the
