Investeng

Interest rates matter, but they’re just one piece of the puzzle.

When we bought this condo last year, plenty of friends and family wondered why we didn’t move further out for more space and a backyard. But for us, time > space. No long commutes, no hauling garbage to the curb, and everything we need just steps away. City life just works for us.
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Everyone has different priorities, and that’s what makes home choices so personal. What matters most to you? 👇🏻
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And yes, I bought the biggest kid size so I could twin with them 😂.

Breaking a mortgage can be costly, but sometimes it’s the right move. We paid $30K to break ours—and it paid off. Before you break, make sure the savings outweigh the cost!

Here are the Bank of Canada key interest rate announcement dates for the year! If you have a variable rate mortgage or are considering one, these dates matter.

How do interest rate announcements impact you?

In the grind of chasing the next milestone, I sometimes forget to appreciate how far I’ve come. Life moves fast, and there’s a clock ticking that we can’t see. This holiday season, I’m slowing down to take it all in—cherishing the blessings I have, spending time with the people I love, and enjoying the ride.
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Thank you for being part of my 2024. Here’s to a 2025 filled with growth, gratitude, and everything you’re working and praying for!

A pre-approval is just the first step in getting your mortgage.
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A pre-approval is usually issued before a specific property is identified, but it doesn’t guarantee final approval. Your lender will carefully evaluate the property’s type, location, and condition before making their decision.
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Also, changes in your financial situation—like a new job or a new loan—can affect your approval status.
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To avoid surprises, stay in touch with your mortgage agent. Before making an offer, especially without conditions, have them review the property details. This step can help you move confidently toward securing your new home.

Taking a moment to recharge, but always looking for ways to help you save!
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In today’s market, where every dollar counts, some lenders are offering cash-back incentives of up to $4,100! Whether you’re renewing, refinancing, or purchasing a new home, these extra funds can make a big difference.
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If you’re interested in learning more, feel free to reach out.

When considering a variable rate mortgage, it’s important to understand the difference between fixed payment and adjustable payment options. Here’s a quick breakdown:
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Fixed Payment Variable Rate Mortgage:
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🔒 Consistency: Your monthly payment stays the same, providing budget stability.
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🔒 Interest Fluctuations: While the payment amount is fixed, the split between interest and principal can change as interest rates adjust.
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🔒 Risk: If interest rates rise significantly, your fixed monthly payment might not cover the full interest due, causing your loan balance to increase (negative amortization). If this happens, your lender will contact you, and you may need to either increase your monthly payments or make a lump sum payment to reduce your principal balance.
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Adjustable Payment Variable Rate Mortgage:
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🔄 Flexibility: Both your interest rate and monthly payments can change periodically.
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🔄 Full Coverage: Payments adjust to ensure they cover both interest and principal, preventing negative amortization.
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🔄 Uncertainty: Payments can increase or decrease with interest rate changes, making budgeting a bit more challenging.

Looking to improve your credit score? Here are 5 rules to follow:
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1️⃣ On-time Payments are Key - The simplest yet most effective way to boost your score is by paying your bills on time, every time. Late payments will have a negative impact on your credit.
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2️⃣ Keep Credit Utilization Low - Using too much of your available credit can signal risk. Aim to keep your credit utilization under 30%. Not sure where you stand? Tools like myEquifax dashboard can help you monitor your usage easily.
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3️⃣ Slow Down on New Accounts - Tempted by a new credit card offer? Remember that applying triggers a hard inquiry, which might lower your score temporarily. It’s all about timing and necessity.
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4️⃣ Keep Old Accounts Open - Your credit score loves a good, long history. Even if you’ve paid off a card, think twice before closing it. Keeping it open can positively influence your score by maintaining a longer average account age.
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5️⃣ Monitor Your Credit Reports - Errors or unrecognized accounts can drag your score down. Regular checks ensure everything is accurate and you’re not a victim of identity theft. If you notice something off, address it immediately.