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How to Keep Debt Low as Interest Rates Rise

Canadians will soon no longer be able to enjoy low-interest mortgage rates. A recent key rate increase by the Bank of Canada means that after nearly a decade, borrowing costs are on the rise for Canadian consumers. Household debt in Canada is at a near all-time high — and this debt is only expected to […]

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Why do Variable rates go up?

What factors influence Variable rate mortgages? There are many factors that influence mortgage rates from: social, and political issues, the health of the economy, unemployment, inflation, consumer confidence, and the housing market. Variable Rates and the Overnight Rate Overnight interest rate is the rate which banks borrow and lend one-day funds amongst themselves. Overnight rate […]

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Top 4 reasons to Refinance your mortgage

You don’t need to wait until your next renewal.  With interest rates still at historic lows, you can yield substantial savings & gain some financial breathing room — in many cases even after considering the breaking penalties on your current mortgage. At team Rick Sekhon, we are standing by to analyze your options and ensure that refinancing […]

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Up To 7% cashback on your new mortgage?

What is Cash Back Mortgage? A Cash Back Mortgage offers a cash rebate at the time of closing between 1% – 7% of the total mortgage.  Cash Back Mortgages are available for Purchase loans as well as Refinance loans. Benefits of a Cash Back Mortgage Purchasing a home and need extra funds? Settling closing costs Buying furniture […]

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Beware of Hidden Closing costs!

Everything you need to know about closing costs. When you’re shopping for a home never assume that the price of a property or the simple down payment is what you’ll need to close, there are many other costs to consider. Common Closing Costs: Appraisal Land Transfer Tax Title Insurance Legal Fees Lender Fees Brokerage Fees Property Tax […]

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Energy-Efficient Advantage — 💲1000’s in rebates

Little Known fact –  Get $1000’s in Rebates for Energy-Efficient Homes. CMHC, Canada Guaranty, and Genworth all offer partial Mortgage Loan Insurance Rebate of 15% or 25% to borrowers who buy energy efficient homes! A Buyer, who acquires an energy-efficient home will receive a 15% or 25% reimbursement of mortgage insurance premiums as part of […]

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What is Reverse mortgage 🤔❓

Is Reverse Mortgage a Solution if you retire cash-poor? Reverse mortgages have never been this popular in Canada.  As a wave of baby boomers crosses the work-life finish line, those who are feeling house-rich and cash-poor, Reverse Mortgage might seem like a good financial alternative. The basic idea of a reverse mortgage is simple. Instead of making payments to build up equity […]

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What you need to know about Private Mortgages!

CAN’T QUALIFY FOR A BANK MORTGAGE? Not everyone can qualify for bank mortgages today. With the mortgage rules constantly changing, private or alternative mortgages are becoming the only way some people can refinance or buy. HOW DO PRIVATE MORTGAGES WORK? Private mortgages are short-term, interest-only loans, ranging in length from 1 to 3 yrs. Private […]

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Take advantage before mortgage rates hike!

Brokers will have a leg-up on the competition – at least for the next few weeks – and should look to take advantage. Monoline rates will definitely increase in the near future … but until then brokers will benefit from RBC and other banks increasing their own rates. Once a lot of monoline business comes in, […]

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Market Update: June 1, 2015

Interest rates remain squarely in the crosshairs of market watchers. The latest, very weak, GDP numbers have even casual observers perking up over the prospect of another Bank of Canada rate cut. The 0.6% contraction in first quarter GDP is significantly worse than forecast, but it was not wholly unexpected. Bank Governor Stephen Poloz had […]

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