Let’s talk about escrow! While this arrangement may not necessarily impact your mortgage, it can be helpful to understand should anything come up throughout your term. What is Escrow Starting with the basics, what IS escrow exactly? Escrow refers to a financial agreement where assets or finances are held by a third party on behalf […]

Is your financial game on point? We’ve got tips!. November is Financial Literacy Month and we have the tips to ensure your financial game is on point this Fall as we head into the New Year! Nail Down Your Budget Understanding the basics of budgeting and tracking your income versus spending is a fundamental part […]

With news stories surrounding title fraud breaking weekly, more homeowners are asking what they can do to protect their homes before they become the next headline. Daniela DeTommaso, President of FCT, addressed the issue in a recent interview on CBC’s Metro Morning with Ismaila Alfa. “We’re seeing a level of sophistication in these frauds we’ve never seen before,” Daniela […]

25 Secrets Your Banker Doesn’t Want You to Know. Twenty-five or thirty years can sound like an impossibly long time to service a loan – and for many of us, it is. If you are looking to pay off your mortgage faster, here are some tried-and-true tactics to get you to financial freedom that much […]

John Gomes Financial Test

  Fed Cuts Overnight Rate One Percentage Point But Markets Plummet In an unprecedented Sunday afternoon meeting, the US Federal Reserve cut their key policy rate by 100 basis points (bps) to a level of 0%-to-0.25% (see chart below). Also, the Committee announced increased access to the discount window where the Fed makes loans to […]

BULLYING ENDS HERE UPDATE FOR DECEMBER ONE MILLION!!!! If you had said to me seven years ago that I would share Bullying Ends Here with even 1,000 people, I would have laughed at you. Public speaking is not my ‘thing’ I would have told you. Fast forward to December 5, 2019 in Bonnyville AB, standing […]

Bank of Canada Holds Policy Rate Steady Amid Global Uncertainty     It is rare for the Bank of Canada and the US Federal Reserve to announce rate decisions on the same day, but today’s announcements highlight the stark differences in policy in the two countries. The Bank this morning announced they would maintain their […]

  Mortgages are complicated—we get it! But there are steps that you as a homebuyer can take to make the process a much smoother one (plus let you walk away with the sharpest rate!) 1. Use a Broker This should be the first step you take when getting a mortgage! Enlisting a trusted broker to […]

STRESS TEST RATE & RECENT DECREASE Currently, all borrowers in Canada need to qualify for a new mortgage at the current Bank of Canada Benchmark Qualifying Rate or at their approved mortgage interest rate plus 2.0%, whichever is higher. For more than a year, this Bank of Canada Benchmark Qualifying Rate has been 5.34%. Now, […]