For many Canadians, homeownership is a key financial milestone. However, for self-employed individuals, securing a mortgage comes with additional challenges compared to salaried employees. While traditional employees can provide T4 slips as proof of income, self-employed Canadians often face fluctuating earnings, business expenses, and non-traditional income documentation, which can make mortgage approval more difficult. According...
The Bank of Canada (BOC) announced another half-point, i.e. 50 bps interest rate cut, bringing its benchmark policy rate to a two-year low of 3.75%. This is the fourth rate drop this year, lowering interest rates for borrowers with loans connected to the prime rate. From 5% in the starting of the year to 3.75%...
Are you going to apply a mortgage to buy your first home? Getting a residential mortgage can greatly help in securing the funds you need to pay your seller or real estate broker. Before you apply a mortgage, it is important to understand the tips and tactics that can help you secure the best mortgage...
In a recent move, the Bank of Canada (BoC) announced a further cut to the overnight lending rate. This is the third time in a year that the bank has lowered the lending rate, bringing it down to 4.25%. This action has received various reactions from economists, homeowners, and businesses. Many are trying to understand...
