Mortgage Protection Plan (MPP): Lastly in our insurance series, we look at mortgage protection plan coverage.  This is optional coverage, but should be a priority when purchasing property. The purpose of this coverage is to protect your investment, and cash flow, should you or your co-borrower be unable to work due to illness or an accident, […]

Title Insurance: Another insurance policy mortgage borrowers will encounter is title insurance.  Banks require title insurance to protect their interests should issues arise with how the property is registered, or fraudulent activity calling ownership into question. As a property owner, you have the option of purchasing this for yourself as well.  Title fraud typically involves stolen […]

The Bank of Canada Slowed the Pace of Monetary Tightening The Governing Council of the Bank of Canada raised its target for the overnight policy rate by 50 basis points today to 3.75% and signalled that the policy rate would rise further. The Bank is also continuing its policy of quantitative tightening (QT), reducing its holdings […]

This week in our Insurance Primer Series, we’re looking at property insurance.   Home (Property & Fire) Insurance: Home insurance, as most people know it, must be in place before you complete your mortgage transaction whether you’re buying a property or refinancing it.  Not all homes or properties are insurable, so if you don’t already own the […]

Part I: Default Loan Insurance The four main insurance product options you will encounter through the mortgage process are often confused for each other, and not all are relevant for every property owner: Default Loan Insurance, Home Insurance, Title Insurance and Life/Disability Insurance.  This week we’ll review default loan insurance. Default Loan Insurance: First time home […]

Most people thinking about transferring or switching their mortgage want to take advantage of a lower interest rate or to get a new mortgage with terms that better suit their needs.   Up for Renewal? If your mortgage is approaching renewal and you are considering a transfer or switch – great news! You won’t be […]

Buying a home is an exciting experience for anyone, and even more of a milestone when you’re doing it solo, but it can be a little different when you’re purchasing on your own.   In addition to closely evaluating your mortgage options and working with a trusted realtor, here are some other tips that can help […]

Inflation Cooled Again in August, But Higher Rates Still Coming Canada’s headline inflation rate cooled again in August, even a bit more than expected. The consumer price index rose 7.0% from a year ago, down from 7.6% in July and a forty-year high of 8.1% in June, mainly on the back of lower gasoline prices. […]

Cash Back and Cash Back Mortgages   How do they Differ?   A “Cash Back” promotion is an offer of funds credited to you after your mortgage completes.  The funds are an incentive for borrowers to move lenders by offsetting the closing costs involved in transferring.  A Cash Back can in since cases impact the mortgage […]

The Bank of Canada Hiked Rates Again And Isn’t Finished Yet   The Governing Council of the Bank of Canada raised its target for the overnight policy rate by 75 basis points today to 3.25% and signalled that the policy rate would rise further. The Bank is also continuing its policy of quantitative tightening (QT), […]