Renovation Refinance Mortgage
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Renovation Refinance Mortgages
(...what you need to know)
Many times, the house of your dreams is the one you’re already living in. Maybe it just needs an updated kitchen, some money saving windows, or a new roof. Or maybe that old basement can be converted into an income suite. Record numbers of Canadians have taken advantage of these historic low mortgage rates and have tapped into their home equity in order to add value to their biggest asset.
There’s never been a better time to take your home to the next level. Consider refinancing to access the cash you need for the renovations and improvements you’ve been dreaming about. Give us a call today.
How It Works:
Step 1: Your Unique Situation
Step 2: Debt Service Calculation
Step 3: Get Your Funds Fast
Unlike a purchase with a critical closing date refinancing often happens on an arbitrary timeline. But to you the timing is just as critical. Whether you are planning to be in full renovation mode or traveling the world on a dream vacation, or somewhere in between, you’ll want your funds fast. We help you streamline the entire process and can often expedite the application upon request.
Victoria Mortgage News and Information
Bank of Canada to maintain current level rate policy
Bank of Canada will keep present level of policy rate until inflation objective is achieved, recalibrates its quantitative easing program The Bank of Canada today maintained the target of its for the overnight price on the highly effective lower bound of ¼ %, with the Bank Rate at ½ %
2020 Thoughts on Fixed vs Variable
Fixed or adjustable – it is the ongoing mortgage product decision many mortgage buyers are faced with. And it has only been made more complex since the beginning of the pandemic. Towards the second half of 2019, variable rates have been the most obvious and popular choice. But a great
Affordability and Alternative Lending Options Part 1
Motions within the rental market are excellent signs of the state of housing affordability. When folks cannot find the money to purchase, they rent, and also when there is an influx of renters in a field with constrained housing supply, landlords are in a position to demand more. In Victoria
Mortgage Stress Test Rate Drops to 4.79%
The Canadian national mortgage benchmark qualifying rate, or stress-test rate, has dropped for the second time in the past three months after 5-year fixed posted rate cuts by Canada’s major banks. The qualifying rate is now 4.79%, down from 4.94%. The current benchmark rate of 4.79% is just 0.15% above
Canadian & U.S. Central Banks Respond to Covid-19
On Friday afternoon March 13, 2020, Canadian policymakers from the Department of Finance, the Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI) announced a coordinated response to alleviate economic stress caused by the COVID-19 pandemic. The emergency measures, which are intended to ensure that the
