Mortgage with Brittany - Complete Mortgage Services

10/05/2022

The central bank continues to take aggressive action on inflation

06/29/2022

06/20/2022

A high interest rate on your savings will help you keep your money from losing value over time.

06/06/2022

The central bank has now raised its benchmark rate three times in 2022

05/27/2022

Robert Hogue, assistant chief economist at RBC, told Canadian Mortgage Professional that there were still multiple factors working in the market’s favour even if home price appreciation begins to level off.

"This is more likely to be a soft landing than a severe correction or some kind of crash or meltdown"

05/13/2022

For the past two years, appraisal valuations have rarely fallen short.

04/14/2022

https://www.mpamag.com/ca/mortgage-industry/market-updates/bank-of-canada-announces-another-rate-hike/402469

The decision marks the central bank's first oversized rate increase for nearly 22 years

03/22/2022

With the Federal Reserve sounding more hawkish on inflation, Goldman Sachs is now forecasting a series of sharp rate hikes over the next 18 months.

03/22/2022

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03/21/2022

What does "Cash on Hand" mean in the mortgage world?

Cash you have for the down payment and all closing costs. An ideal down payment is between 10 - 20% of the purchase price of the home. You may be eligible to use money from your RRSP to help fund your home purchase. Starting in February 2016, there is a minimum down payment requirement of 5% for homes with a purchase price of $0 to $500,000. For amounts over $500,000 an additional 10% down payment is required for each dollar over $500,000. For amounts over $1,000,000 a 20% down payment is required. The down payment does not include mortgage insurance, which may be financed.

03/15/2022

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3 ESSENTIAL HEALTHY CREDIT CARD HABITS

A credit card is only a benefit if you have a good relationship with your spending. Otherwise, your shiny new financial tool can quickly turn into a burden. How do you make sure that doesn't happen? Try these three key money habits.

1. Pay off your purchases

When you use your credit card to make purchases, you're then responsible for paying it off. Each month, you'll receive a statement outlining how much you've spent on your card and how much you need to pay off. Paying off the entire balance each month will help you avoid costly interest charges, but if you can't afford that, at least make the minimum payment to prevent a ding on your credit score.

2. Manage your credit utilization ratio

Your credit card's limit is the maximum amount of debt you can carry at one time. Your limit will usually be between $1,000 and $10,000. You shouldn't spend right up to your credit card's limit, though. Getting too close to the limit will negatively affect your credit score due a calculation called your credit utilization ratio. Your credit utilization ratio is a measure of your credit card balance against your total credit limit. To maximize your credit score, keep your credit utilization ratio below 35%. For example, if you have a credit card with a $10,000 limit, try not to carry a balance higher than $3,500.

3. Choose the right credit limit

Choose a credit limit that accurately reflects your spending habits. If you only plan to use your credit card for occasional purchases and online shopping, a few thousand dollars should be enough. If you spend thousands of dollars per month on it, pick a higher credit limit to keep your credit utilization ratio in check. Be realistic about how you'll pay it back, as well. If you know that you occasionally carry a credit card balance and incur interest charges, choose a smaller credit limit to minimize the monthly interest you'll pay.

Manage your LIFE, not just your Mortgages. Talk to VERICO Mortgage Advisors today!