Mortgage Fit

Mortgage Fit We make it our business to take care of every aspect of your mortgage needs – seeking out the best

The Bank of Canada has held its overnight rate at 2.25%, keeping rates steady once again.What does this mean for you? 🏡•...
09/02/2026

The Bank of Canada has held its overnight rate at 2.25%, keeping rates steady once again.

What does this mean for you? 🏡
• Variable-rate mortgages and HELOCs: With no change to the policy rate, there is no immediate change to rates tied to prime.
• Fixed-rate mortgages: If you already have a fixed rate, today’s announcement does not affect your current mortgage rate.

For anyone buying, renewing, or refinancing, a rate hold means some continued stability as we head into the fall.

Have questions about what today’s announcement means for your mortgage? We’re happy to help!

Getting pre-approved is a smart first step when you’re thinking about buying a home, but do you know what lenders actual...
08/28/2026

Getting pre-approved is a smart first step when you’re thinking about buying a home, but do you know what lenders actually look at? 🏡

It’s about more than just how much you earn. Lenders look at the bigger picture, including:
• Income & employment – Your income, employment history and how you’re paid
• Credit – Your credit history and how you manage existing credit
• Debt – Car payments, credit cards, lines of credit and other obligations
• Down payment – How much you have available and where the funds are coming from
• Property details – Once you find a home, the property type, value, location and associated costs can also affect the final approval

Understanding what matters ahead of time can help you feel more prepared when it’s time to start your home search!

You may not hear the term TDS every day, but it plays an important role in determining how much of a mortgage you can qu...
08/25/2026

You may not hear the term TDS every day, but it plays an important role in determining how much of a mortgage you can qualify for.

TDS looks at how much of your gross household income goes toward your housing costs plus other debt obligations, such as car loans, credit cards, and lines of credit.

Lenders use this number alongside your GDS to get a better picture of how comfortably you can manage your overall debt.

In simple terms: the more debt you're already carrying, the more it can affect your mortgage qualification.

You don’t have to automatically renew with your current lender. Renewal is an opportunity to compare what’s available an...
08/21/2026

You don’t have to automatically renew with your current lender. Renewal is an opportunity to compare what’s available and see if another lender, rate, term, or mortgage product may be a better fit for you.

Before signing your renewal offer, it’s worth taking a look at your options! 🏠

Thinking about buying a home and making a career change? 🏡A new job can be an exciting step, but it can also affect how ...
08/17/2026

Thinking about buying a home and making a career change? 🏡

A new job can be an exciting step, but it can also affect how lenders look at your income, especially if there’s a probationary period or a change in how you’re paid.

That doesn’t mean you need to put your plans on hold. If buying a home is on your radar, talk to us before making a big employment change.

We can help you understand how the change may affect your mortgage qualification and make sure the timing works with your plans!

Thinking about buying a condo? 🏢Your mortgage payment is an important part of your budget, but it’s not the only cost to...
08/12/2026

Thinking about buying a condo? 🏢

Your mortgage payment is an important part of your budget, but it’s not the only cost to keep in mind.

You’ll also want to plan for things like:
• Strata fees
• Property taxes
• Home insurance
• Utilities

Some of these costs, including strata fees and property taxes, can also factor into how much you qualify to borrow.

Knowing the full picture ahead of time can help you set a more realistic budget before you start your condo search!

Victoria Market Update – July 2026 🏡The Greater Victoria real estate market remained balanced in the month of July, with...
08/07/2026

Victoria Market Update – July 2026 🏡

The Greater Victoria real estate market remained balanced in the month of July, with steady sales and plenty of inventory giving buyers more choice than we've seen in recent years.

Here's a quick snapshot:
• 673 properties sold in July
• Sales down 6.4% from June and 1% from July 2025
• 3,847 active listings on the market
• Inventory up 3.9% compared to July 2025

Home prices:
• Single-family homes: ↓ 2.8% year over year
• Condos: ↓ 2.2% year over year

What this means:
Buyers continue to benefit from a wide selection of homes and have more time to compare properties before making a decision. For sellers, thoughtful pricing and strong presentation remain key to standing out in today's market.

Have questions about what this means for your plans? We're happy to help.

Saving for a down payment doesn't always mean keeping cash in a savings account 💰💵Depending on your situation, your down...
08/04/2026

Saving for a down payment doesn't always mean keeping cash in a savings account 💰💵

Depending on your situation, your down payment may come from a variety of sources, including:

• Personal savings
• A financial gift from family
• Investments, such as a TFSA or RRSP (through the Home Buyers' Plan, if eligible)
• Proceeds from the sale of another property

Every homebuyer's situation is different, and there are rules around how your down payment can be used and documented.

Not sure what options are available to you? We're happy to help you understand your choices.

A lower mortgage rate doesn't always mean a better mortgage 🏠Before choosing the lowest rate, it's worth asking a few qu...
07/28/2026

A lower mortgage rate doesn't always mean a better mortgage 🏠

Before choosing the lowest rate, it's worth asking a few questions:
• What happens if I need to break my mortgage early?
• Can I make extra payments without penalties?
• Can I take my mortgage with me if I move?
• Does this mortgage fit my long-term plans?

A mortgage is more than just an interest rate. Choosing the right product today could save you money and give you more flexibility down the road.

We're here to help you compare your options and find the mortgage that's the right fit for you!

If you're buying a home with less than a 20% down payment, you'll typically be required to have mortgage default insuran...
07/24/2026

If you're buying a home with less than a 20% down payment, you'll typically be required to have mortgage default insurance.

Although you're responsible for paying the premium, the insurance protects the lender if the mortgage goes into default.

The good news? It also makes homeownership possible for many Canadians by allowing qualified buyers to purchase a home with a smaller down payment.

Have questions about down payments or mortgage default insurance? We're here to help.

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