Karen's Mortgage News Lic#12856

12/22/2025

Happy holidays!
🎄

12/13/2024

Bank of Canada cuts rates, good news for some borrowers to provide more relief. Read more on this on my blog, enjoy the day: https://www.mortgagesbykaren.ca/another-rate-cut-to-3-25/

The Bank of Canada today reduced its target for the overnight rate to 3¼%, with the Bank Rate at 3½% and the deposit rate at 3¼%. This marks the fifth consecutive rate cut this year. The Bank said the decision to cut by 50 basis points was made “with inflation around 2%, the economy in excess [...

10/25/2024

Bank of Canada makes biggest rate cut since beginning of pandemic, read more on my blog: https://www.mortgagesbykaren.ca/bank-of-canada-makes-biggest-rate-cut-since-beginning-of-pandemic/

09/29/2024

Had lunch here today at East Izakaya & it was amazing! I highly recommend if you're in St. Catharines, they have very unique items on their all you can eat. My faves were the skewers of calamari & AAA sirloin steak bites, fried octopus, hand rolls with salmon & eel, eel sushi cake. They even pack leftovers for you to take home. Free parking on weekends. Hope you're enjoying this long weekend and great weather!

09/18/2024

The Federal government raises insured mortgage cap to $1.5M & expands 30-year amortizations. More on my blog: https://www.mortgagesbykaren.ca/federal-government-raises-insured-mortgage-cap-to-1-5m-expands-30-year-amortizations/

04/25/2024

Ask me about CMHC's Enhancements for those that recently became self employed. Some quick points:
* Down payments as low as 5% of the purchase price.
* Down payment can come from sources such as savings, the sale of a property, or a non-repayable financial gift from a relative
* Down payment-5% of the first $500,000 of lending value and 10% of the remainder of the lending value.
* For small rental loans, the minimum down payment requirement is 20%
* Maximum purchase price / lending value or as-improved property value must be below $1,000,000.
* At least one borrower (or guarantor) must have a minimum credit score of 600. CMHC may consider alternative methods of establishing creditworthiness for borrowers without a credit history.
* The property must be located in Canada and must be suitable and available for full-time, year-round occupancy. The property must also have year-round access (via a vehicular bridge or ferry if it is on an island).
* For Non-permanent residents too, must be legally authorized to work in Canada (e.g. work permit).

04/05/2024

Say hello to the CHIP Reverse Mortgage - your key to accessing up to 55%* of your home equity without moving, selling, or worrying about monthly mortgage payments.

Qualifications for the CHIP Reverse Mortgage:

• Canadian Homeowner: Own a home in Canada? You're on the right track!

• Age Requirement: You and your spouse must be at least 55 years old.

• Primary Residence: Your home has to be your primary residence.

• Home Maintenance: You must keep the property in good maintenance, pay your property taxes and property insurance, and your property is not in default.

If you meet these criteria, you can unlock tax-free cash to receive either a lump sum or scheduled monthly advances. The possibilities are endless with the CHIP Reverse Mortgage. From paying off debts and tackling unexpected expenses to renovating your dream home, funding that special vacation, or securing your family's future.

Have questions or want to check your eligibility? Contact me today! [email protected]

Did you know the CHIP Reverse Mortgage requires no monthly mortgage payments? Receive the funds as tax-free cash and spend it how you like!

02/09/2024

Happy Lunar New Year!

12/26/2023

Merry Christmas & Happy New Year!

If you're passing by, you might find these places worth dropping in, the famous ghost towns of Calico, CA & Oatman, Arizona on Route 66 with buros roaming freely in Oatman. Then Red Rock Canyon & Valley of Fire, more great places to walk around. Wishing you and your family a safe and happy holiday! 🎡

07/12/2023

This is a good quick read and what happened to those holding variable rate mortgages amidst these rate hikes. Some borrowers took the option of not paying the full amount of interest they pay each month therefore it's added to the principal. This process is called negative amortization because as the loan increases the bank extends the total time for it to be repaid.

Just let me know if you need any mortgage help.

Canada’s banking regulator is proposing to make it more costly for lenders to accommodate mortgage borrowers who stretch out their loans in an effort to limit housing-market risks in the financial system.

06/15/2023

I'm here to help make it all easier.