Meagan McKeage Mortgage Associate - Apex Mortgage

10/24/2023

07/31/2023

Still curious about the First Home Savings Accounts, here is the breakdown of the simple terms. If you have questions feel free to reach out. If home buying is in your future this is a great way to start saving today. $8000 a year maximum and $40,000 lifetime max contribution can make a nice dent in a down payment.

07/13/2023

https://www.bnnbloomberg.ca/what-mortgage-owners-need-to-know-about-the-bank-of-canada-s-rate-hike-1.1944875

Following the Bank of Canada’s latest interest rate hike, experts say Canadian mortgage owners will feel the impact of higher borrowing costs, either in the form of higher monthly payments, extended amortizations or at renewal.

06/12/2023

https://www.canadianmortgagetrends.com/2023/06/prime-rate-reaches-22-year-high-of-6-95-could-rise-further-as-rate-hike-expectations-grow/

Variable-rate borrowers will see their interest cost on their next mortgage payment rise as banks and other financial institutions have lifted their prime rates to a 22-year high of 6.95%.

06/08/2023

https://www.bnnbloomberg.ca/are-more-interest-rate-hikes-on-the-way-here-s-what-experts-say-1.1930034

In the wake of the Bank of Canada’s unexpected rate hike, economists are pointing to further tightening in the near term.

06/07/2023

https://www.bankofcanada.ca/2023/06/fad-press-release-2023-06-07/

The Bank of Canada today increased its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%.

06/05/2023

https://www.canadianmortgagetrends.com/2023/06/chance-of-a-rate-hike-this-week-but-july-is-more-likely-economists/

The odds of the Bank of Canada hiking rates at this week's monetary policy meeting vs. another hold are basically down to a coin toss, economists say.

05/23/2023

05/17/2023

https://www.bnnbloomberg.ca/david-rosenberg-the-odds-of-an-interest-rate-hike-have-tilted-1.1920933

Canada’s hotter than expected inflation read in April could force the Bank of Canada’s hand to hike rates yet again, one prominent economist says.

05/09/2023

Credit Scores

We all know they matter, but when applying for a mortgage they really matter. A good credit score generally above 680 quite often gets you access to better rates. Many lenders will also increase the ratios they will lend at for those with good credit. Which means a higher loan amount.

More often then bad credit, I see no credit. Are you married and have joint accounts with your spouse who is the primary, or just hate debt and pay cash for everything? You may not have any personal credit history. It’s a good idea to start building a credit history. Get a credit card in your name and pay it off right away after making a purchase. This will help build up a credit history without building up debt.

Have bad credit, let’s chat about options and how to build your credit back up.