Neighbourhood Mortgage Source - Michelle Stewart

03/27/2026

10/31/2025

It’s the ultimate matchup tonight — Blue Jays Game vs Trick or Treating!

Whether you’re cheering from the couch or chasing candy down the street, I hope you have a home run of a Halloween night! 🎃⚾

Michelle Stewart
Mortgage Broker
▪️613.264.7406
▪️[email protected]
DLC Neighbourhood Mortgage Source FSRA #11764
Independently Owned & Operated.

10/29/2025

Before you reach out to your Mortgage Broker to inquire about how you can snag an interest rate of 2.25%, be sure to know what this rate really refers to.

If your mortgage is not currently a variable rate product or a Heloc, this rate announcement has no effect on your mortgage.

The terms overnight rate/key policy rate and prime rate mistakingly get assumed to mean the same thing.
Although they are closely connected as the prime rate is influenced from this policy rate, there are some key factors to understand.

Here is how they are connected:

𝟏. 𝐏𝐎𝐋𝐈𝐂𝐘 𝐑𝐀𝐓𝐄
▪️The 𝙥𝙤𝙡𝙞𝙘𝙮 𝙧𝙖𝙩𝙚 (also known as the overnight rate) is set by the central bank (like the 𝘽𝙖𝙣𝙠 𝙤𝙛 𝘾𝙖𝙣𝙖𝙙𝙖).
▪️ It’s the interest rate at which the central bank lends money to commercial banks.
▪️The 𝙥𝙤𝙡𝙞𝙘𝙮 𝙧𝙖𝙩𝙚 is a tool used by central banks to manage the economy—raising it can help slow down inflation, while lowering it can stimulate spending and borrowing.

𝟐. 𝐏𝐑𝐈𝐌𝐄 𝐑𝐀𝐓𝐄
▪️The 𝙥𝙧𝙞𝙢𝙚 𝙧𝙖𝙩𝙚 is the interest rate that commercial banks charge their best, most creditworthy customers for loans, including mortgages.
▪️The prime rate is often 𝙩𝙞𝙚𝙙 𝙩𝙤 𝙩𝙝𝙚 𝙥𝙤𝙡𝙞𝙘𝙮 𝙧𝙖𝙩𝙚. If the central bank raises or lowers its policy rate, the prime rate typically moves in the same direction.
▪️The prime rate is a benchmark, and most variable-rate mortgages are based on it. For example, a mortgage might be 𝙋𝙧𝙞𝙢𝙚 + 1%, meaning your rate is 1% higher than the prime rate.

𝐄𝐗𝐀𝐌𝐏𝐋𝐄:
▫️𝙋𝙤𝙡𝙞𝙘𝙮 𝙍𝙖𝙩𝙚: The central bank sets the policy rate at 2.25%.
▫️𝙋𝙧𝙞𝙢𝙚 𝙍𝙖𝙩𝙚: Your bank sets the prime rate at 4.45%, based on the policy rate.
▫️𝙑𝙖𝙧𝙞𝙖𝙗𝙡𝙚 𝙈𝙤𝙧𝙩𝙜𝙖𝙜𝙚: Your mortgage is set at Prime - 1%, meaning your rate is 3.45% (4.45% prime - 1%).

Long story short, the term that you want to keep your eye on when rate shopping is "Prime Rate of 4.45%." This is the benchmark for what your variable mortgage/Heloc rate will be.

Please reach out with any questions! 🙂
Michelle Stewart
Mortgage Broker
▪️613.264.7406
▪️[email protected]
DLC Neighbourhood Mortgage Source FSRA #11764
Independently Owned & Operated.

05/01/2025

Did you know that when it comes to the 𝑑𝑜𝑤𝑛 𝑝𝑎𝑦𝑚𝑒𝑛𝑡 𝑜𝑛 𝑦𝑜𝑢𝑟 𝑛𝑒𝑤 𝑝𝑢𝑟𝑐ℎ𝑎𝑠𝑒, the number of units in the building or whether you plan to live in one of those units, will dictate how much down payment you need?

A single family owner occupied dwelling will fall under the minimum 5% down payment, however if you are considering a duplex, triplex or fourplex the minimum down payment will fall between 5-10%.

𝙊𝙬𝙣𝙚𝙧-𝙊𝙘𝙘𝙪𝙥𝙞𝙚𝙙 𝙍𝙚𝙣𝙩𝙖𝙡 𝙋𝙧𝙤𝙥𝙚𝙧𝙩𝙮 (𝙔𝙤𝙪 𝙡𝙞𝙫𝙚 𝙞𝙣 𝙤𝙣𝙚 𝙪𝙣𝙞𝙩)
•1–2 units: Minimum 5% down payment.
•3–4 units: Minimum 10% down payment.

𝙉𝙤𝙣-𝙊𝙬𝙣𝙚𝙧 𝙊𝙘𝙘𝙪𝙥𝙞𝙚𝙙 𝙍𝙚𝙣𝙩𝙖𝙡 𝙋𝙧𝙤𝙥𝙚𝙧𝙩𝙮 (𝙔𝙤𝙪 𝙙𝙤 𝙣𝙤𝙩 𝙡𝙞𝙫𝙚 𝙞𝙣 𝙖𝙣𝙮 𝙪𝙣𝙞𝙩)
•1–4 units: Minimum 20% down payment.

𝙄𝙢𝙥𝙤𝙧𝙩𝙖𝙣𝙩 𝙉𝙤𝙩𝙚𝙨:
•Canada Mortgage and Housing Corporation (CMHC) insurance is required for down payments less than 20%. 

•Lenders may require additional down payments or mortgage insurance even if a home falls within the lower tiers. 
Michelle Stewart
Mortgage Broker
▪️613.264.7406
▪️[email protected]
DLC Neighbourhood Mortgage Source FSRA #11764
Independently Owned & Operated.

03/24/2025

𝙒𝙝𝙖𝙩 𝙞𝙨 𝙖 𝙧𝙚𝙛𝙞𝙣𝙖𝙣𝙘𝙚? A refinance differs from your renewal at maturity, or a mortgage switch/transfer (where your balance remains the same but you switch lenders to take advantage of a lower rate/different product.)

During a refinance your mortgage balance can increase or your amortization can increase, usually to help consolidate debts and open up monthly cashflow. You can complete a refinance at any time during your current term, however there will be penalty for breaking before your maturity date. (Let your mortgage broker runs some estimated numbers for you, as majority of the time, you will still end up saving more than what this penalty amount is.. plus this penalty doesn’t have to come out of your pocket at closing!)

In the second photo of this post you will see an example of a clients scenario. By consolidating the additional debts, this client will be able to save just shy of $500 a month!
(As a comparison, if this clients credit card balance was closer to $20k instead of the combined $6200 in the example, that would yield savings closer to $840 a month!)

𝙄𝙣𝙩𝙚𝙧𝙚𝙨𝙩𝙚𝙙 𝙞𝙣 𝙝𝙚𝙖𝙧𝙞𝙣𝙜 𝙝𝙤𝙬 𝙢𝙪𝙘𝙝 𝙮𝙤𝙪 𝙘𝙖𝙣 𝙤𝙥𝙚𝙣 𝙪𝙥 𝙞𝙣 𝙢𝙤𝙣𝙩𝙝𝙡𝙮 𝙘𝙖𝙨𝙝 𝙛𝙡𝙤𝙬? Reach out today and we can run some approximate figures, without the need for filling out an application upfront.

(And I assure you, there is no fees to have a mortgage broker review your mortgage options with you!)
Michelle Stewart
Mortgage Broker
▪️613.264.7406
▪️[email protected]
DLC Neighbourhood Mortgage Source FSRA #11764
Independently Owned & Operated.

03/18/2025

Working with a mortgage broker instead of a bank can offer several advantages:

𝟏. 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐌𝐮𝐥𝐭𝐢𝐩𝐥𝐞 𝐋𝐞𝐧𝐝𝐞𝐫𝐬: A broker works with a variety of lenders, not just one. This gives you access to a broader range of mortgage options, potentially helping you find better rates or more suitable loan terms compared to what a single bank might offer.

𝟐. 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥𝐢𝐳𝐞𝐝 𝐒𝐞𝐫𝐯𝐢𝐜𝐞: Mortgage brokers take the time to understand your financial situation and help you navigate the mortgage process. They can offer tailored advice and recommend products that best meet your needs, while banks may only offer their own limited options.

𝟑. 𝐓𝐢𝐦𝐞-𝐒𝐚𝐯𝐢𝐧𝐠: Brokers do the legwork for you by comparing rates, terms, and different mortgage products. They also handle much of the paperwork and communication with lenders, saving you time and reducing the complexity of the process.

𝟒. 𝐁𝐞𝐭𝐭𝐞𝐫 𝐑𝐚𝐭𝐞 𝐍𝐞𝐠𝐨𝐭𝐢𝐚𝐭𝐢𝐨𝐧: Brokers often have established relationships with lenders and can negotiate better rates or terms on your behalf, potentially saving you money over the life of the loan.

𝟓. 𝐄𝐱𝐩𝐞𝐫𝐭 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞: Mortgage brokers are experts in the field and can guide you through complicated processes, helping you avoid costly mistakes, whether you’re a first-time homebuyer or refinancing.

While banks can provide competitive rates for some, a mortgage broker offers a more flexible and personalized approach.

Michelle Stewart
Mortgage Broker
▪️613.264.7406
▪️[email protected]
DLC Neighbourhood Mortgage Source FSRA #11764
Independently Owned & Operated.

03/13/2025

Many of you may be seeing posts similar to this one, waiving around a flashy rate of 2.75%… and as great as that would be, I want to expand on what this rate is referring to.

The policy rate and prime rate are closely connected as the prime rate is influenced from this policy rate. Prime rate acts as a benchmark for variable mortgages and Helocs. Here is how they are connected:

𝟏. 𝐏𝐎𝐋𝐈𝐂𝐘 𝐑𝐀𝐓𝐄
▪️The 𝙥𝙤𝙡𝙞𝙘𝙮 𝙧𝙖𝙩𝙚 (also known as the overnight rate or bank rate) is set by the central bank (like the 𝘽𝙖𝙣𝙠 𝙤𝙛 𝘾𝙖𝙣𝙖𝙙𝙖).
▪️ It’s the interest rate at which the central bank lends money to commercial banks.
▪️The 𝙥𝙤𝙡𝙞𝙘𝙮 𝙧𝙖𝙩𝙚 is a tool used by central banks to manage the economy—raising it can help slow down inflation, while lowering it can stimulate spending and borrowing.

𝟐. 𝐏𝐑𝐈𝐌𝐄 𝐑𝐀𝐓𝐄
▪️The 𝙥𝙧𝙞𝙢𝙚 𝙧𝙖𝙩𝙚 is the interest rate that commercial banks charge their best, most creditworthy customers for loans, including mortgages.
▪️The prime rate is often 𝙩𝙞𝙚𝙙 𝙩𝙤 𝙩𝙝𝙚 𝙥𝙤𝙡𝙞𝙘𝙮 𝙧𝙖𝙩𝙚. If the central bank raises or lowers its policy rate, the prime rate typically moves in the same direction.
▪️The prime rate is a benchmark, and most variable-rate mortgages are based on it. For example, a mortgage might be 𝙋𝙧𝙞𝙢𝙚 + 1%, meaning your rate is 1% higher than the prime rate.

𝐄𝐗𝐀𝐌𝐏𝐋𝐄:
▫️𝙋𝙤𝙡𝙞𝙘𝙮 𝙍𝙖𝙩𝙚: The central bank sets the policy rate at 2.75%.
▫️𝙋𝙧𝙞𝙢𝙚 𝙍𝙖𝙩𝙚: Your bank sets the prime rate at 4.95%, based on the policy rate.
▫️𝙑𝙖𝙧𝙞𝙖𝙗𝙡𝙚 𝙈𝙤𝙧𝙩𝙜𝙖𝙜𝙚: Your mortgage is set at Prime - 1%, meaning your rate is 3.95% (4.95% prime - 1%).

Please reach out with any questions! 🙂
Michelle Stewart
Mortgage Broker
▪️613.264.7406
▪️[email protected]
DLC Neighbourhood Mortgage Source FSRA #11764
Independently Owned & Operated.

03/03/2025

The idea behind this saying is that the long-term value of a property is more influenced by the neighbourhood it’s in than by the property itself.

Here’s the reasoning:
* Neighbourhood Quality: A well-maintained, desirable neighbourhood tends to increase in value over time, even if the individual houses might need some work. Good schools, safety, amenities, and proximity to businesses or transportation can make a neighbourhood more appealing.

* Potential for Growth: Buying in a neighbourhood with a lot of potential (even if the house itself isn’t perfect) means the value of the house will likely increase as the neighbourhood improves, either through development, gentrification, or other factors.

* Long-Term Investment: A house in a great neighbourhood will usually appreciate in value faster than a house in a less desirable area, so buying the “neighbourhood” means you’re investing in a location that has better long-term prospects.

02/24/2025

Think of your mortgage broker like your Alexa—always listening, always ready with the right answers, and working behind the scenes to make your life easier.

Just like you trust Alexa to find the best music, weather updates, or quick facts, your broker is there to find the best mortgage rates, explain the fine print, and guide you seamlessly through your mortgage process.

No stress, no guesswork—just expert advice on demand.
Michelle Stewart
Mortgage Broker
▪️613.264.7406
▪️[email protected]
DLC Neighbourhood Mortgage Source FSRA #11764
Independently Owned & Operated.

02/20/2025

Owning a home is more than just a dream—it’s a milestone. Whether you’re a first-time buyer or looking to upgrade, the journey begins with a single step.

With the right guidance and financing options, your dream home is closer than you think.

Let’s navigate the path together and make homeownership a reality for you. Are you ready to take the next step?
Michelle Stewart
Mortgage Broker
▪️613.264.7406
▪️[email protected]
DLC Neighbourhood Mortgage Source FSRA #11764
Independently Owned & Operated.

02/19/2025

When it comes to your current mortgage, I highly recommend chatting to a mortgage broker throughout the term of your mortgage and not just at renewal!

You may benefit from an early refinance to consolidate debt and open up monthly cash flow.

Or maybe your interest rate is higher than todays rate and you want to take advantage of a switch for a lower rate product?

With our mortgage calculators, we have the ability to run the numbers for you to see that even with a penalty fee, you can still come out ahead and gain a lower monthly payment, and cut your total interest down over the term of your loan.
Michelle Stewart
Mortgage Broker
▪️613.264.7406
▪️[email protected]
DLC Neighbourhood Mortgage Source FSRA #11764
Independently Owned & Operated.