Ottawa real estate blog

Oh my, qualifying, renewing, and refinancing! Mortgages may seem like a riddle. Fortunately, things aren't always as difficult as they seem. If you're feeling overwhelmed, you have a lot of tools at your disposal, such as the advice of your REALTOR®.

Let's look closely at the mortgage refinancing process, including what it involves, when it happens, and why it happens.

What exactly is refinancing?

To put it simply, when you refinance a mortgage, you end the old loan agreement and start a new one....

If you own a home and have recently glanced at the headlines, it's likely that you've considered what an increase in interest rates may entail for your mortgage.

The number of headlines about rising interest rates and increasing inflation is increasing. The Bank of Canada raised benchmark rates as inflation reached historical highs to help prevent high inflation from becoming entrenched. The benchmark rate set by the Bank of Canada also serves as a baseline for the interest rates that financial i...

The Bank of Canada stated on January 25 that its overnight lending rate would increase by 0.25% to 4.50%. In light of the most recent disclosure, Economists examine the effects of rising interest rates on inflation, mortgages, and the outlook for the coming year.

The hot subjects of 2022 were rising inflation, interest rate hikes, and rumours of an imminent recession. Some of these themes seem likely to persist in 2023.

The Bank of Canada began boosting its overnight lending rate in March...

Ready for some real talk about getting a mortgage this fall/winter?

As rates inch higher, more homeowners are buying down their interest rates.

Curious about what that means and if it’s right for you?

Here’s the rundown on mortgage rate buydowns:

▪️ A mortgage buydown is a way to lower your interest rate by paying discount points at closing. Discount points are a one-time, upfront fee. 

▪️ Each point costs 1 percent of the mortgage. For example, one point on a $200,000 mortgage would...