MortgagesbyMehal

The Bank of Canada held its overnight target rate at 5.00% today.

Read the full statement here: https://ow.ly/OF6650QMA5O

The next BoC announcement is April 10.

If you’ve found your dream home but it needs a little sprucing up, it’s worth checking out the ‘Purchase Plus Improvements’ program. It could be the perfect solution to turn that house into your perfect home! 🏚️➡️🏡

Second mortgages are usually taken out to help with short-term cash requirements, pay off higher-interest debts or for investment opportunities. A second mortgage will allow you to access 80% - 95% of your home equity, depending on your qualifications.

One of the attractive things about second mortgages is the payment. In most cases, you can pay interest only or interest plus the amount of principal you select.

For more information, reach out now

https://www.canadianmortgagetrends.com/2024/01/bank-of-canada-sends-dovish-signals-keeping-mid-year-rate-cut-forecasts-in-play/

Bank of Canada sends dovish signals, keeping mid-year rate cut forecasts in play - Mortgage Rates & Mortgage Broker News in Canada As was widely anticipated by markets, the Bank of Canada today held its overnight target rate at 5.00%, where it's been since July.

Every homeowner was once a first-time home buyer, and Canada offers many programs to help first-time home buyers. Ranging from incentive programs to rebates and tax credits, even down payment assistance.

Contact me to learn what is available to you.

While some buyers are waiting on the sidelines, others are jumping in. What you might not realize is that there are benefits to buying in a slower market, such as;

📌 Less competition, which gives the buyer more edge.
📌 Prices are coming down from the record highs, making homes more affordable.

What goes up must come down, and when rates do come down, those who got into the market today will be able to restructure their mortgage and save on interest in the long run.

High interest credit card debt can take years to pay off when making the minimum payment. Did you know that you can consolidate high interest debt into your mortgage by refinancing? A strategy like this can potentially free up hundreds of dollars a month depending on your situation.

Call me today to see if refinancing to pay off high interest debt is the right solution for you. Clink the link in the bio 🏡

Merry Christmas and happy holidays 🍻

Apply Now…
https://www.mortgagealliance.com/mortgage-broker/mehalchintan/?utm_source=old_broker_url&utm_medium=redirect&utm_campaign=brokers_url&utm_campaign=mehalchintan&selectedProvince=ON

https://www.canadianmortgagetrends.com/2023/12/mortgage-interest-payments-up-nearly-90-since-start-of-boc-rate-hikes-statcan/

Mortgage interest payments up nearly 90% since start of BoC rate hikes: StatCan - Mortgage Rates & Mortgage Broker News in Canada Mortgage interest payments have now soared nearly 90% since the Bank of Canada started hiking interest rates in early 2022.

https://www.bankofcanada.ca/2023/12/fad-press-release-2023-12-06/

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.

Understanding self employed mortgage options. 🏡

https://royallepageleadingedge.ca/royal-lepage-2023-mortgage-renewal-survey/

Royal LePage 2023 Mortgage Renewal Survey The 2023 Mortgage Renewal Survey analyzed key trends among Canadian mortgage holders, and their concerns surrounding their impending mortgage renewals.>

#ᴍᴏʀᴛɢᴀɢᴇᴀɢᴇɴᴛ 🏡

Purchasing your first home comes with a lot of responsibilities both financial and mental.

This is why the federal government has programs for the first time home buyers to help you achieve your dream home.
Those benefits are..

▪️First time home buyer tax credit
▪️RRSP home buyer’s plan
▪️Green house program
▪️First time home buyer’s incentive
▪️GST/HST new housing rebate

▪️Mehal Chintan
▪️Mortgage Agent
▪️(647)9949915
▪️[email protected]