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
The Bank of Canada today kept the key lending rate at 0.25% as forecasted. However, more importantly it continues to maintain its conditional commitment that they will not raise rates until the second quarter of 2010. This is welcome news to everyone in variable rate mortgages or have outstanding amounts in their lines of credit.
