Edmonton Blog

Canadian CPI Inflation Eased In April, Raising the Chances of a June Rate Cut.

May 21, 2024

Canadian inflation eased again in april, raising the chances of a june rate cut. The Consumer Price Index (CPI) rose 2.7% year-over-year (y/y) in April, down from 2.9% in March. This marks the fourth consecutive decline in core inflation. Food prices, services, and durable goods led to the broad-based deceleration in the headline CPI. The deceleration in the CPI was moderated ...

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Alternative Lending: Managing Mortgage Affordability

May 15, 2024

If you’re seeking a mortgage, but your application doesn’t fit into the box of the big traditional institutions, you’ll find yourself in what’s commonly referred to in the industry as the “Alternative-A” or “B” lending space. These lenders come in three classifications: Alt A lenders consist of banks, trust companies, and monoline lenders. These are large instituti...

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Edmonton’s Housing Market Continues to Heat Up

May 2, 2024

A busy spring is underway in the city. Familiar affordability struggles in pricey markets like Toronto and Vancouver have seen many homebuyers turn their attention to Alberta in recent years – and that’s a trend that shows little sign of slowing in 2024. Even with little sign of a big imminent drop in interest rates, sales of residential units in the Greater Edmonton Area (GEA) surg...

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What’s “one of the most prestigious awards you could win” in mortgage?

April 30, 2024

The CMAs are just over a week away. The wait is nearly over for the return of the Canadian Mortgage Awards (CMAs), with the hotly anticipated awards ceremony taking place next Thursday (May 2) at the Toronto Congress Centre. The best and brightest of Canada’s mortgage industry will be out in full force for the annual recognition of the top performers across the sector as leading broke...

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Yard Appeal Ideas for The Biggest ROI.

April 22, 2024

Summer is the time to get outside and enjoy your yard. To help you make the most of your space, I have broken down some of the top yard appeal ideas with the biggest ROI giving you the most bang for your buck and increasing your home’s equity and curb appeal at the same time! Embrace Sustainable Landscaping: Incorporating native plants, drought-resistant foliage, and xeriscaping te...

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Great News On The Canadian Inflation Front.

April 17, 2024

The Consumer Price Index (CPI) rose 2.9% year-over-year in March, as expected, up a tick from the February pace owing to a rise in gasoline prices, as prices at the pump rose faster in March compared with February. Excluding gasoline, the all-items CPI slowed to a 2.8% year-over-year increase, down from a 2.9% gain in February. Shelter prices increased 6.5% year over year in March, rising ...

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Ho Hum Housing Data In March Provides Hints Of Coming Strength In Spring

April 15, 2024

Recent signs show housing activity will strengthen meaningfully in April. The Canadian Real Estate Association (CREA) announced today that national home sales for March were roughly flat, while new listings fell and prices stagnated. CREA analysts are confident that recent activity will harken stronger housing markets for the rest of this year.  There is significant pent-u...

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Bank of Canada Holds Rates Steady for Sixth Consecutive Meeting

April 11, 2024

The Bank of Canada Cautious, but a Rate Cut in June is Possible Today, the Bank of Canada held the overnight rate at 5% for the sixth consecutive meeting and pledged to continue normalizing its balance sheet. Governor Macklem confirmed that inflation is moving in the right direction, labour markets are easing, and wage pressures appear to be dissipating. In today’s release of the April M...

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5 Tips to Manage Financial Stress

April 2, 2024

With the continued rise of inflation, interest rates and the overall cost of living, the uncertainty can be unnerving for many individuals. But don’t fret! We have some tips and suggestions to help you manage your financial stress and help you to power through these latest economic changes: Prioritize What You Can Control: It can be easy to feel like you have no control over your f...

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Inflation Falling

March 28, 2024

The Consumer Price Index (CPI) rose 2.8% year-over-year in February, down from the 2.9% January pace and much slower than the 3.1% expected rate. Gasoline prices rose in Canada for the first time in five months, which led many analysts to forecast a rise in February inflation as seen in the US. However, offsetting the increase in gas prices was a deceleration in the cost of cellular services,...

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Tapping into Your Home’s Equity with the CHIP Reverse Mortgage

March 26, 2024

Curious about the CHIP Reverse Mortgage by HomeEquity Bank? If you’re a Canadian aged 55 or older, this financial solution could hold the key to tapping into your largest asset, your home. It’s a unique opportunity that allows you to use your home equity for various purposes, from paying off debts to funding home renovations or supporting your loved ones financially. But what exactly is t...

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Tips to Improve Your Credit Score

March 21, 2024

One of the important factors in home ownership is understanding things like your credit score. Some people don’t pay much attention to this metric until they begin the mortgage discussion! However, you will find that your credit score is one of the most important factors when it comes to qualifying for a mortgage at the best rate – and with the most purchasing power. Credit scores rang...

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Amortization Options

March 7, 2024

Your mortgage amortization period is the number of years it will take you to pay off your mortgage. Depending on your choice of amortization period, it will affect how quickly you become mortgage-free as well as how much interest you pay over the lifetime of your mortgage (a longer lifetime equals more interest, whereas a shorter lifetime equals less interest but also bigger payments). Amo...

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Making Your Home Workspace More Productive

February 13, 2024

Fall in love with your home and your workspace again with these tips to help you make your home office space more productive!  1. Establish Boundaries: A key component of being more productive at home is to establish proper boundaries between work and personal life. While not all of us at home have space for a dedicated home office, it helps to create a dedicated area in your house su...

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Pantone of the Year

January 31, 2024

As we enter the New Year, it’s always fun to reflect on the previous twelve months and take a look at what is trending as we move forward.  If you’re unfamiliar with the Pantone of the Year, it is more than just a colour to paint your walls. Since 2000, the Pantone Colour Institute has been indicating a colour of the year and, for many, this is seen as a representation of the curr...

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Unlocking a Year of Possibilities: Achieve Your 2024 Resolutions with the CHIP Reverse Mortgage

January 24, 2024

It’s a brand-new year, and if you’re up for it, a chance for a brand-new version of you. No matter how you plan to start 2024, you might have a few ideas about changing things up in the months ahead. Whether you dream of fixing up your home, going on exciting trips, or getting rid of some debts, there’s a helpful option – the CHIP Reverse Mortgage! The CHIP Reverse Mortgage is designe...

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Estate Planning: Are You Covered? 

January 16, 2024

“New Year, new you” may be a cliché but it is for a reason! The New Year always has us thinking about where we are now, and where we want to end up. When it comes to your personal goals, a review of your finances and estate should be at the top of your list. Proper estate planning can ensure that you have a stress-free year knowing you are covered!  Is your will up-to-date? ...

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Mortgage Renewal Benefits 

January 9, 2024

Is your mortgage coming up for renewal? Do you know about all the incredible options renewing your mortgage can afford you? If not, we have all the details here on how to make your mortgage renewal work for you as we start to think about 2024.  Get a Better Rate  Are you aware that when you receive notice that your mortgage is coming up for renewal, this is the best time to sh...

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Avoid Costly Mistakes When Building a New Home

January 2, 2024

Building a new home is a super exciting endeavor as you opt to create the perfect space for you and your family. However, building a home is not without its costs and potential surprises… to mitigate bumps on your homebuilding journey and avoid costly mistakes, consider the following tips:  Set a Realistic Budget  When building your own home, it is vital to be realistic abou...

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Winterizing Your Home 

December 26, 2023

We Canadians are no strangers to the chill of the winter season! As we shift into the final few months of 2023, now is a great time to check your home before the cold front hits. Below I have included a few tips that could help you save on bills, prevent future repair costs, and be more comfortable all winter long.  ● Inspect Your Fireplace: There is no better time than now to have ...

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Favourite Holiday Desserts

December 20, 2023

The holidays are a wonderful time of year for the merriment, music, lights… and treats! You’ll need to throw out the scale for this list of scrumptious holiday dessert ideas.  Gingerbread Cookies: Did you know? The oldest recorded gingerbread recipe, dating to the 16th century, is kept in the Germanic National Museum in Nuremberg! A tried-and-true classic for a reason, gingerbread...

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Let Your Home Work for You

December 19, 2023

As Canadians approach their retirement years, many are exploring the potential of the CHIP Reverse Mortgage solution to allow them to enjoy the retirement they’ve worked so hard for. Many retirees face financial challenges with lower Canada Pension Plan payments, diminished or non-existent company pensions, inadequate retirement savings, and the ever-rising cost of living. However, there is...

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Mortgage Types 101

December 12, 2023

Get to know the important basics before you choose your mortgage.  You have to be sure you select what is most important to you – lower rates or flexibility. Before you choose a mortgage, take some time to study mortgage types:  Closed Mortgage: If you want consistency with respect to rates and the length of your mortgage agreement, a closed mortgage is best for you. Interes...

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Advice on Buying Historic Homes

December 5, 2023

For those of us with a flair for aesthetics or a penchant for history, historic homes offer a unique chance to own something special.  What is a Historic Home?  Typically, for a home to be considered “historic”, it needs to demonstrate rare or outstanding architecture. Typically, historic homes are at least 50 years of age, but it can be younger depending on what it repres...

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Is your financial game on point? We’ve got tips!

November 29, 2023

November is Financial Literacy Month and we have the tips to ensure your financial game is on point this Fall as we head into the New Year!  Nail Down Your Budget  Understanding the basics of budgeting and tracking your income versus spending is a fundamental part of financial literacy and control. Building a budget can help you define your spending habits, and determine where...

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Spooktacular Home Tips

November 24, 2023

It is hard to believe it is Halloween already! Even though Fall has already started, there are a few things you can do still to ensure your home is well-prepared for the season:  ● Examine Your Gutters: This time of year it is important to clean and inspect your gutters (replacing as needed) to ensure they are working properly as the rain and snow season hits. If they are clogged or...

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Escrow and What You Need to Know 

November 17, 2023

Let’s talk about escrow! While this arrangement may not necessarily impact your mortgage, it can be helpful to understand should anything come up throughout your term.  What is Escrow  Starting with the basics, what IS escrow exactly?  Escrow refers to a financial agreement where assets or finances are held by a third party on behalf of two other parties (such as a h...

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So, you need a tenant

November 10, 2023

If you have a basement suite or rental property and you are currently looking for a tenant, there are some things to know! Whether this is your first tenant or you have other rental properties, it is a good idea to familiarize yourself with the specifics to ensure a harmonious tenancy.  As always, your responsibility as the landlord is to keep your rental properties in good condition ...

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Avoiding a Fall Financial Storm!

November 3, 2023

A July 7 report from Statistics Canada on the financial state of Canadians says that, “Middle-income earners were affected most by inflationary pressures over the last year, as they spent an average of $1,306 more than they earned in income in the first quarter of 2023, while they had positive net saving of $521 in the first quarter of 2022.”  2022 was financially difficult for ma...

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6 Things for Co-Signers to Consider

October 31, 2023

Are you thinking about co-signing on a loan? If you’re looking to help out a family member or loved one, this is a great way to do that as a co-signer can help overcome stress testing and borrowing limits.  However, it is important to be aware of the implications when co-signing on any loan.  1. Credit History: If you are acting as a co-signor or guarantor on any loan, you e...

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Your RRSP Contribution Deadline

October 25, 2023

When it comes to your money, RRSPs are one of the best ways to save. Known as a “Registered Retirement Savings Plan”, RRSPs have tons of benefits including: reducing your taxable income, earning compound interest, savings protection and more.  One major component of RRSPs are your contributions! You have a maximum contribution amount that is equal to 18% of your total income for t...

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Fall Market Update

October 20, 2023

As you may have heard, The Bank of Canada opted to maintain its policy rate at 5% as of September. The recent rate hikes over the spring and summer have slowed the housing and mortgage markets as potential buyers were unsurprisingly spooked by the rise in mortgage rates. More recently, fixed-rate loans have become more expensive because of the rise in longer-term interest rates. As a result, ...

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Converting Your Basement to an Income Suite

October 14, 2023

With the current interest rates and economic scenarios, many Canadians may be looking for ways to bring in some extra cash. One option for this is to put your home equity to work and consider renovating your basement into a legal income suite! You can do this by using a secured credit line (home equity line of credit or HELOC) to help fund the upfront cash to make changes to your home.  ...

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Going away? Vacation checklist for your home 

October 12, 2023

Whether you’re jetting off to sunshine and warm sand, an international adventure, or a weekend getaway, before you go there are a few things you can do to protect your home while you’re away!  1. Unplug all electronics and appliances: To reduce energy costs while you are traveling (and mitigate any risk of unexpected fires), it is a good idea to unplug all electronics and applianc...

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How do you Measure Your Financial Growth? 

October 5, 2023

If you are reading this you probably have a keen interest in improving your financial situation — but how are you going to measure your progress?  The easiest way is by setting and achieving a goal. This could be short-term and focused, like wiping out a credit card debt. On the other hand, it could be a long-term goal like burning the mortgage five years ahead of time after twenty ...

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Countertop Materials for Your Kitchen 

September 30, 2023

They say the kitchen is the heart of every home, and what better way to treat this important space than by ensuring you have all the right materials?  When it comes to your kitchen, there are a variety of options for cupboards, appliances, and countertops. What you may not realize, is how much you actually utilize your countertop space and the importance of choosing the right material...

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Mortgage Portability

September 26, 2023

When it comes to getting a mortgage, one of the more overlooked elements is the option to be able to port the loan down the line.  Porting your mortgage is an option within your mortgage agreement, which enables you to move to another property without having to lose your existing interest rate, mortgage balance and term. Thereby allowing you to move or ‘port’ your mortgage over to...

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What do Your Teenagers Need to Know about Money?

September 22, 2023

As adults, we all know the critical importance of managing money wisely and the impact our financial situation has on our overall well-being. As parents we do our best, but there are plenty of life lessons we need to teach our kids, and personal finance doesn’t always top the list. We may also not be the best person for the job since around 50% of adult Canadians live paycheque-to-paycheque...

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How to Talk to Your Kids about Finances 

September 19, 2023

Financial independence is a critical skill for future success that your children will not learn anywhere else. Not only does financial literacy help your children have more success in life, but it allows them to move out sooner and it avoids delaying your retirement with additional expenses to support them.  So, how do you teach your children about money?  1. Review Your Attit...

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Choosing Your Ideal Payment Frequency

September 15, 2023

Your payment schedule is the frequency that you make mortgage payments and ranges from monthly to bi-monthly, bi-weekly, accelerated bi-weekly or even weekly payments. Below is a quick overview of what each of these payment frequencies mean:  Monthly Payments: A monthly payment is simply a single large payment, paid once per month; this is the default that sets your amortization. A 25...

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It’s Time to Crush Your Credit Card Blues

September 12, 2023

Although credit card interest rates have not been affected by the recent surge in the prime lending rate, the fact remains that credit card debt is usually the most expensive debt you can have. The average is around 20% and even the so-called ‘low interest’ cards carry a rate in excess of 10%. Expediting the demise of your credit card balance should be the number one focus for anyone look...

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Market Beware: Subject Free Offers 

September 8, 2023

When it comes to purchasing a home, most offers include conditions or subjects, which are requirements or criteria to be met before the sale can be finalized and the property is transferred. Some of the most common subjects include:  ● Financing approval  ● Home inspection  ● Fire/home insurance protection  ● Strata document review if appliable  ...

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Should You Hire an Interior Designer?

September 4, 2023

When it comes to furnishing a new home, building from scratch, or simply choosing to redecorate, there are many ways you can go about it. However, one of the first questions a lot of people consider is whether or not to hire an interior designer or do it themselves.  As with anything, there are certain expectations when it comes to hiring a professional in terms of experience and qual...

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What’s being done about title fraud?

August 31, 2023

Your home is one of the greatest investments you’ll make in life. The idea of something happening to it is one of the worst images you can have as a homeowner. You can protect your property from damage or even break-ins, but identity thieves can threaten your ownership.  Title fraud can leave you out tens or even hundreds of thousands of dollars. Depending on what the fraudster is a...

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Using the CHIP Reverse Mortgage to Supplement your RRIF

August 28, 2023

As you near retirement age, the years of diligently contributing to RRSPs are about to pay off. Understanding Registered Retirement Income Funds (RRIFs) becomes crucial, especially if you have registered retirement savings or pension plans.  What exactly is a RRIF?  Unlike a Registered Retirement Savings Plan (RRSP), which serves as a retirement savings account where you contr...

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Home Renovations – Reality vs. Television

August 25, 2023

Watching home renovation shows is inspiring, often providing us with ideas for our own spaces. However, there is a bit of a downside when it comes to these shows – they can be misleading when it comes to the renovation process.  While we may want to recreate something from one of these shows, without knowing all of the ins and outs, you could be starting a project you’re not ready...

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RESP a No-Brainer when it Comes to Education Savings

August 22, 2023

Another school year is over, and we all know what that means…. your kids have inched another year closer to graduation and in many cases, heading off to another “school” to further their education and skills. Whether it’s university, career college or vocational school, it would be nice to be in a position to help them out with the cost, but it isn’t going to be cheap!  A qu...

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Strata Insurance: The Importance of Deductible Coverage

August 15, 2023

Strata insurance has been steadily rising across Canada, but many homeowners are unaware of changes to their policies. In some areas, deductibles are doubling (or even tripling!), which can result in extremely high costs if you are not updating your individual policy.  To ensure that you remain up-to-date with your strata insurance policies, it is vital that homeowners living within a...

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Empowering Aging in Place with the CHIP Reverse Mortgage

August 12, 2023

As we age, maintaining independence and staying in the home we love can be a challenge, especially when faced with reduced mobility and the need for costly home modifications and personal care services. However, with the CHIP Reverse Mortgage by HomeEquity Bank, aging in place becomes more feasible and attainable. Here are three ways in which this unique financial solution can support you:&nb...

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Find Your Perfect Home Type

August 3, 2023

When it comes to finding your perfect home, there are so many more options for potential homeowners! From a single-family dwelling to a townhouse to a modular home, the choices are seemingly endless. But, before you start widening your search, let’s take a look at what makes these home types different – and which one is perfect for you!  Single-Family Detached: These homes provide...

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After You Buy – Closing Tips

July 26, 2023

Now that you have finished signing your mortgage paperwork and getting the keys to your first home, there are a few things to keep in mind after you buy to protect your investment and ensure future financial success!  1. Maintaining your home and protecting your investment: Becoming a homeowner is a major responsibility. It’s up to you to take care of your home and protect what is l...

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Second Mortgages: What You Need to Know 

July 19, 2023

One of the biggest benefits to purchasing your own home is the ability to build equity in your property. This equity can come in handy down the line for refinancing, renovations, or taking out additional loans – such as a second mortgage.  What is a second mortgage?  First things first, a second mortgage refers to an additional or secondary loan taken out on a property for w...

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The Two Most Costly Words in Personal Finance

July 12, 2023

Most of us have experienced how YOLO (You Only Live Once) is the one word that often leads to a pile of unpaid credit card bills and more than a few regrets down the road. However, YOLO has a contender for the world’s most expensive word, and that word is procrastination.  Enriched Academy are huge believers in education, fact finding, and analysis before making any important financ...

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What is Alternative Lending?

July 10, 2023

When traditional lenders (such as banks or credit unions) deny mortgage financing, it can be easy to feel discouraged. However, it is important to remember that there is always an alternative!  If you’re seeking a mortgage, but your application doesn’t fit into the box of the big traditional institutions, you’ll find yourself in what’s commonly referred to in the industry as t...

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What insurance protection does your new home need? 

July 7, 2023

With interest rate hikes on pause, more buyers are coming off the sidelines and looking to enter the market. Prices are high, so protecting your investment and your home is more important than ever.  What insurance will you need to protect your new home? A quick Google search will turn up entries for title insurance, as well as for home insurance. They each protect consumers, but from...

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Debt Reduction Key as Interest Rates Soar

July 2, 2023

There are lots of reasons people fall into debt but only one way out — and it requires a combination of planning, discipline, and persistence. With the rise in interest rates, there is no better time to map out an action plan to reduce your debt.  Start by gathering information about all of your debts — student loans, credit cards, lines of credit, car loans, overdue bills — eve...

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Understanding Mortgage Rates

June 30, 2023

While not the only factor to look at when choosing a mortgage, interest rates continue to be one of the more prominent decision criteria with any mortgage product. Understanding how mortgage rates are determined and the differences between your typical fixed-rate and variable-rate options can help you make the best decision to suit your needs.  HOW RATES ARE DETERMINED  The ch...

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Alberta title fraud caught: why expertise matters

June 20, 2023

Think title fraud is just a risk in places like Toronto and Vancouver? Think again. FCT just prevented $400,000 of fraud in a city of 20,000.  It seemed like a standard refinance deal from a community east of Calgary, just a homeowner leveraging some of their equity. But the owner had nothing to do with the deal.  The underwriter working on the transaction spotted an issue wit...

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How Job Loss Affects Your Mortgage Application

June 7, 2023

Whether you’ve made an offer on a home already or are still in the process of looking, you already understand that buying a home is likely the largest investment you’ll ever make.  When it comes to your mortgage application, there are a few things that you should avoid doing while you’re waiting for approval – such as making large purchases (i.e. a new car), applying for new c...

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Unlocking Home Equity: The Benefits of a Reverse Mortgage vs a HELOC

June 2, 2023

Do you need help to meet your retirement income needs? With rising inflation, accessing sufficient cashflow for your desired lifestyle can be challenging. However, with over 70% of Canadians owning their homes, tapping into home equity can be the cashflow solution you need.  Tapping into Home Equity  If you want to remain in your current home, a home equity line of credit (HEL...

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Don’t Be House Poor 

May 30, 2023

Having the biggest and best home on the block sounds great – but not if it is at the expense of your life and monthly finances! Be smart about your budget and avoid buying a home at the very top of your pre-approval value, which might lead to cash flow issues and being “house poor” down the line.  Home Expenses  When it comes to your home, it is more than just your purch...

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How to Pay Off Your Mortgage Faster

May 25, 2023

When it comes to homeownership, many of us dream of the day we will be mortgage-free. While most mortgages operate on a 25-year amortization schedule, there are some ways you can pay off your mortgage quicker!  1. Review Your Payment Schedule: Taking a look at your payment schedule can be an easy way to start paying down your mortgage faster, such as moving to an accelerated bi-weekly...

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10 Questions to Ask Your Home Inspector

May 18, 2023

While home inspections might not be the most exciting part of your home-buying journey, they are extremely important and can save you money and a major headache in the long run.  In a competitive housing market, there can sometimes be pressure to make an offer right away without conditions. However, no matter how competitive a market may be, you should never skip out on things designe...

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In Search of Financial Wellness?

May 16, 2023

Financial wellness is fast becoming the latest buzzword as soaring inflation and interest rates pile the pressure on Canadians. There is a strong connection between mental health and financial health, and financial stress is taking a heavy toll. So, what exactly does it mean to be “financially well”?  Financial wellness is described as a state of well-being where an individual or ...

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Make Sure to Stress-Test Your Financial Advisor! 

May 15, 2023

Whether you use an investment firm or rely on the services available at your local bank, a lot of us have someone we commonly refer to as our “financial advisor”. It’s a generic term, but it usually equates to the person who “handles our investments”. However, the reality is that their level of professional training, experience, and the scope of services they offer varies greatly.&n...

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What You Should Know About Mortgage Amortization

May 10, 2023

Your mortgage amortization period is the number of years it will take you to pay off your mortgage. Depending on your choice of amortization period, it will affect how quickly you become mortgage-free as well as how much interest you pay over the lifetime of your mortgage (longer lifetime equals more interest, whereas a shorter lifetime equals less interest but also bigger payments).  ...

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Frequently (and not so frequently!) Asked Mortgage Questions 

May 5, 2023

New to mortgages? Have questions but not sure where to start? We have the answers!  1. What is the best interest rate I can qualify for?  Your credit score plays a big role in the interest rate you can qualify for. The riskier you appear as a borrower, the higher your rate will be. While it is important to understand rate is NOT the most important aspect of your mortgage, it d...

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Five ways to refresh your home this spring

May 2, 2023

Are you looking to upgrade your home? With warmer weather and extended sunlight hours, spring is the perfect time to give your home a bit of extra TLC. Here are five renovation projects you can do this spring that can increase your home’s appeal, inside and out:  1. Repave your driveway.  You may have noticed that your driveway is beginning to sink, or the snow, mud, salt an...

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5 Steps to Getting a Mortgage

April 25, 2023

While the mortgage process can be daunting, we have broken it down into 5 easy steps to help you get started! Plus, a DLC mortgage expert is happy to help guide you every step of the way so it is even easier to make your dreams of home ownership happen.  1. Options: Your mortgage professional has access to 90+ lenders with dozens of solutions to suit your mortgage needs. During our in...

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Mortgage Pre-Approval vs Pre-Qualification

April 18, 2023

When it comes to getting a mortgage, there are a few things you can do in advance to make the mortgage process easier!  Getting pre-qualified  The purpose of mortgage pre-qualification is to help you get a general idea of what you can afford when shopping for your new home.  Pre-qualification will take your own assessment of your financial status and allow you to come ...

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Self-Employed and Seeking a Mortgage

April 13, 2023

Approximately 20% of Canadians are self-employed, making this an important segment in the mortgage and financing space. When it comes to self-employed individuals seeking a mortgage, there are some key things to note as this process can differ from the standard mortgage.  Qualifying for a Mortgage  In order to obtain a mortgage as a self-employed individual, most lenders requi...

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Top 8 Questions About Reverse Mortgages

April 8, 2023

Written by Mich Sneddon, CPA, CA – Reverse Mortgage Pros  Having completed dozens of reverse mortgage deals, there are some questions that I find I get over and over again.  So today I thought I’d write a piece on the 8 most common reverse mortgage questions that people in Canada have regarding reverse mortgages.  1. if i have an existing mortgage on the property, ...

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What is the First Time Homebuyer Incentive? 

April 4, 2023

The first-time homebuyer incentive program is a shared-equity mortgage with the Canadian government that helps qualified first-time buyers reduce their monthly mortgage payments to better afford a home!  The Incentive: This program allows you to obtain an incentive from the government to assist with your down payment, thereby lowering your overall mortgage amount and, in turn, your mo...

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Make Your Mortgage Work for You.

April 1, 2023

When it comes to mortgages, it can be easy to get overwhelmed by the sheer number of options! Fortunately, we are here to help! Below are some of the mortgage details that you should understand to ensure that you are getting the best mortgage for YOU:  Interest Rate Type  Interest rate is one of the major components to your mortgage and it is important to decide whether you wa...

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What is an Uninsurable Mortgage?

March 21, 2023

When it comes to mortgages, insurance is necessary to protect the lender on these types of loans, which deal in large sums of money. There are three different tiers relating to insurance, which all have different minimum down payment amounts and varying premium insurance fees.  1. Insured mortgages typically have a less than 20% down payment and are insured with mortgage default insur...

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Why You Should Have a Power of Attorney.

March 18, 2023

You work a lifetime building your nest egg, so the thought of losing financial control can be difficult at any point in life. However, having a trusted document like a power of attorney (POA) can bring you and your loved ones peace of mind. Contrary to what some believe, the reality is that your POA does not own your money or property, and they cannot change your will, make a will, or change ...

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Selling Your Home in the Spring 

March 16, 2023

Are you looking to sell your home? We have a few tips to help you make the most of the spring season!  1. Hire an Experienced Realtor: Before preparing your home for the Spring market, you will want to hire an experienced realtor! A good realtor will serve as your guide through the entire sales process, helping you get your home ready for listing, showing potential buyers and finalizi...

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How to Stage Your Home

March 2, 2023

Are you finding that your current home is no longer meeting your needs and are looking to upsize, downsize or simply relocate? We have some tips for you on staging your home so you can get the best results (and the best offer!):  1. Utilize Mirrors: Mirrors can really help to open up a space to make it seem much larger and brighter, which are two aspects that really appeal to most buyers....

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Do you need title insurance for a new-build home?

February 28, 2023

The housing supply shortage is one of the top issues in Canada’s real estate market. To address it, cities like Calgary are seeing a massive boom in new-build housing.  New construction offers many advantages, like more energy-efficient heating and cooling systems. Their titles can also feel less risky to transfer. After all, if the land was previously vacant, there’s no chance of...

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Need an Appraisal? Tips for Success

February 24, 2023

If you are looking to buy a home or want a current value of your property, you will need an appraisal.  Before banks or lending institutions can consider loaning money for a property, they need to know the current market value of that property. The job of an appraiser is to check the general condition of your home and determine a comparable market value based on other homes in your ar...

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Mortgages and Corporations

February 21, 2023

If you are a self-employed client who owns your own business, you may have chosen to set that business up as a corporation. This means the business operates as essentially its own person. They have income through business revenue and expenses from marketing costs, materials, office space, etc.  When it comes to getting a mortgage, there are a few benefits to putting that mortgage unde...

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How to provide a tax-free gift to your children with the CHIP Reverse Mortgage

February 19, 2023

The current economic landscape can be challenging for young Canadians to navigate as they face great uncertainty with heightened interest rates and inflation. It can be frustrating as they are just starting to build their career, considering buying a home or starting a family. If you are a parent, you may be thinking about how you can help your child during this period. The CHIP Reverse Mortg...

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Title insurance and home insurance–protect what matters most

February 17, 2023

When something goes wrong with your home and you suffer a loss, you need to be able to rely on your insurance coverage. Knowing which of your insurance policies to turn to isn’t always easy. Title insurance and home insurance both offer important protection, but many get them confused. So, what’s the difference between home insurance and title insurance?  what is home insurance?&n...

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Fall in Love with Your Home… All Over Again

February 15, 2023

Most of us like where we live, but we might not love it. Have you fallen out of love with your home? No sweat! We have tips to help you fall in love with your home, all over again!  Cleanse and Purge  Depending on how long you have lived in your home, you have probably gathered up a number of items that you no longer need, want, or use. One of the first steps to falling in lov...

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Change of Address Checklist

February 13, 2023

So, you’re moving! Before you hunker down in your new home, there are a few things you will want to take care of regarding your new address.  Personal Contacts  First and foremost, if you haven’t yet, make sure to tell all your personal contacts about your address change, including:  ● Relatives  ● Friends  ● Employer  ● Schools, col...

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How can homeowners protect themselves against title fraud?

February 10, 2023

With news stories surrounding title fraud breaking weekly, more homeowners are asking what they can do to protect their homes before they become the next headline. Daniela DeTommaso, President of FCT, addressed the issue in a recent interview on CBC’s Metro Morning with Ismaila Alfa.  “We’re seeing a level of sophistication in these frauds we’ve never seen before,” Daniela e...

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Recession Proofing Your Finances

February 2, 2023

The latest news has been focused on rising interest rates, surging inflation, and economic uncertainty with suggestions that the Canadian economy could be tripped into recession.  With all this information circulating, now is a good time to discuss ways to adapt your finances and protect your future. Fortunately, there are a few key things you can do to get started today!  1. ...

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4 Key Things to Know about a Second Mortgage.

February 2, 2023

A second mortgage is a mortgage that is taken out against a property that already has a home loan (mortgage) on it. Generally people take out second mortgages to satisfy short-term cash or liquidity requirements, have an investment opportunity or to pay off higher-interest debts (such as credit cards and student loans) that a second mortgage might offer.  If you are considering a seco...

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What to Know About Title Insurance

January 18, 2023

There are many insurance products when it comes to your home, but not all are created equal. One such insurance policy that potential homeowners may encounter is known as “title insurance”.  This particular insurance is designed to protect residential or commercial property owners and their lenders against losses relating to the property’s title or ownership. In fact, it is so i...

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Is a Reverse Mortgage Right for You?

January 14, 2023

A reverse mortgage is a versatile and flexible financial solution for Canadians in their retirement years. Homeowners 55+ are unlocking their home equity for tax-free funds that don’t have to be repaid until they decide to sell their homes.  Consider these four reasons Canadians 55+ turn to the CHIP Reverse Mortgage by HomeEquity Bank:  1. Alleviate the stress of debt. ...

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10 Money Saving Tips

January 11, 2023

When it comes to saving money, there are a lot of little things you can do that add up to make a big difference! Here are 10 of our favourite money-saving tips:  1. Automatic savings are one of the most effective ways to save because you can’t spend what you can’t access! Instruct your employer to transfer a certain amount from your paycheck each pay period into an RRSP or savings acc...

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Post-Holiday Debt? Consolidate Today!

January 9, 2023

The holidays are a season of giving and often times, households can often find themselves carrying some extra debt as we enter the New Year.  If you happen to be someone currently struggling with some post-holiday debt, that’s okay! Whether you’ve accumulated multiple points of debt from credit cards or are dealing with other loans (such as car loans, personal loans, etc.), you are li...

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New Year Resolutions for Your Home

January 4, 2023

Your finances aren’t the only thing that has room for new resolutions in 2023! Consider these great ideas to make your home feel brand new come January:  Purge Your Space  While most people think about purging when Spring comes around, the end of the year really is no better time. While cleaning your home is common around the holidays, purging takes that a step further. Make it ...

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5 House Hunting Mistakes to Avoid

December 21, 2022

Buying a home is one of the largest investments you will ever make! In order to make your home hunting experience the best it can be, there are a few key mistakes to avoid and be aware of before you start your journey:  1. Not Getting Pre-Approved: One of the most important aspects of buying a home is the mortgage application and approval process. No matter what type of home you are l...

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How the CHIP Reverse Mortgage helps you with your cash flow over the holiday season

December 17, 2022

The holiday season is certainly a time filled with joy, but it can be a very expensive time of year. Between gifts, travel, decorations, parties, and food, Canadians find themselves spending more during the season. According to a study by Ipsos, 46% of Canadians are stressed about the holiday season and think inflation will make it more difficult to buy gifts.  Despite inflationary co...

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Financial Mistakes to Avoid in Today’s Economy

December 12, 2022

2022 has been nothing but bad news financially for most Canadians. Our stock portfolios are worth a lot less, everything we buy costs more, and interest rates are making our mortgages and other loans a lot more expensive. More than ever it is time to tread carefully and avoid any financial mistakes, so we gathered up the top 5 missteps you definitely want to steer clear of for the rest of thi...

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Home Security Tips

December 5, 2022

Your home is your biggest asset and it is important to protect it. When it comes to the various areas in your home, some key points for security are your windows, doors and exterior of your home.  We have put together some top tips to help get you started and avoid any unwanted attention!  Securing Windows  ● Reinforce the windows on your first floor with window stop...

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What to Know Before You Sell Your Home

December 1, 2022

So, you are ready to sell your home! Whether you are up or down-sizing, selling your home can feel like a large undertaking – that’s where we come in. To help make this process as smooth as possible, we have put together a list of a few things to know before you sell:  Improve Your Curb Appeal  When it comes to selling your home, first impressions matter. If a potential bu...

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10 “Must Know” Credit Score Facts

November 25, 2022

If you are in the market for a home or a new car, you are probably very familiar with your credit score. Lenders are one of the primary users of credit scores and it can have a huge impact on whether you get approved for a loan and just how much interest it is going to cost you. What isn’t well known about credit scores is where they come from, what makes them go up (or down!), and who else...

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Facts About Using a Guarantor

November 22, 2022

In the mortgage world, a “guarantor” is someone who guarantees the mortgage on behalf of the mortgage holder in the case that the mortgage holder cannot pay back the loan.  Typically, a guarantor is used in a situation where the buyer has damaged or poor credit history or they lack sufficient income to qualify for the value of the loan. Adding a guarantor can help get these types ...

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