July 10, 2025
When it comes to managing debt, most people don’t realize their mortgage can be a powerful tool. You may have heard our ad about refinancing — but how does it actually help you pay off debt faster by adding it to your mortgage? Here’s a real client example that breaks down how it works. Meet Client A: They were 2 months away from renewing their mortgage. Right now, they have a low...
June 16, 2025
Global tariff uncertainty sidelines buyers Canadian existing home sales recorded over the MLS Systems climbed 3.6% between April and May, a normally strong month for housing, marking the first gain in activity since last November. The Greater Toronto Area (GTA), Calgary, and Ottawa led the monthly increase. “May 2025 not only saw home sales move higher at the national level f...
May 22, 2025
Six Home Upgrades That Will Make Spring Even Better. As the days get longer and your flowers begin to bloom, there’s no better time to transform your house into your dream home. If you want to unlock your home’s full potential, here are six renovations that can boost both your lifestyle and property value. Kitchen Transformation Imagine having a kitchen that not only looks...
May 1, 2025
Buying your first home is one of life’s most exciting—and sometimes overwhelming—milestones. At the Collin Bruce Mortgage Team, we understand how many questions come up during the early stages of the home buying process. That’s why we always recommend starting with one of the most valuable tools available to new buyers: a mortgage calculator. Whether you're just starting to explore...
April 15, 2025
As you enter retirement, financial stability may be top of mind. Whether you’re looking to cover unexpected expenses, help family members, or simply enhance your lifestyle, having access to additional income can make a difference. For Canadian homeowners aged 55 and better, the CHIP Reverse Mortgage by HomeEquity Bank provides a smart, flexible way to access tax-free cash from your home’s...
April 2, 2025
Canadian inflation surged to 2.6% in february, much stronger than expected The Consumer Price Index (CPI) rose 2.6% year-over-year (y/y) in February, following an increase of 1.9% in January. With the federal tax break ending on February 15, the GST and HST were reapplied to eligible products. This put upward pressure on consumer prices for those items, a...
February 6, 2025
Buying a home is one of the biggest financial decisions you'll ever make, and understanding how it fits into your budget is essential. Whether you’re a first-time buyer or a seasoned homeowner looking to refinance, a mortgage calculator is an invaluable tool that can help you make informed decisions. At Collin Bruce Mortgage Team, we’re dedicated to making sure you understand every step o...
February 4, 2025
Managing debt is challenging at any age, but it can be especially stressful in retirement when income is limited. Many Canadians turn to debt consolidation to simplify payments and lower interest rates. However, traditional options—such as personal loans, refinancing, or home equity lines of credit—often require a strong credit score and steady income, making them difficult for retirees t...
January 6, 2025
With the recent inflation and rising prices occurring across the country, it is time to take control of your finances. One of the quickest ways to understand where your money is going and where you can make changes, is to create a monthly budget. This will help you get a snapshot of your income compared to your spending, and provides an avenue to review all of your outgoing costs and helps yo...
December 16, 2024
Refinancing your mortgage can be a smart financial move for many reasons, and as your trusted mortgage advisor, I’ve seen how much it can benefit homeowners! Ideally, refinancing is done at the end of your mortgage term to avoid penalties, but the timing can vary depending on your goals. For some, it’s about unlocking the equity in their home to fund renovations or cover big expenses l...
November 13, 2024
Buying your first home is a significant milestone! While you’re thinking about your affordability and what type of home you want to own, we have some exciting updates around first-time homebuyer benefits: New or Pre-Construction Homes: Did you know? First-time buyers looking to purchase a new build or pre-construction home are eligible for 30-year amortization. This mortgage commitm...
October 29, 2024
With the Bank of Canada rate decreases throughout the summer and into September, I thought this would be a great opportunity to update you on what this means for your mortgage. If you’re on a variable-rate mortgage, this will result in a slight decrease in your mortgage payments to match the current rates giving you more cash flow each month! For example, if your mortgage balance...
October 25, 2024
Bank of Canada cuts policy rate by 50 bps After three consecutive 25 bp rate cuts, the BoC slashed the overnight rate by 50 bps this morning, bringing the policy rate down to 3.75%. The market had priced in 90% odds of a 50 bp move, where consensus coalesced. The combined slower-than-expected GDP growth and back-to-back weak inflation reports solidified the calls for a more ...
September 25, 2024
More good news on the Canadian inflation front. The Consumer Price Index (CPI) rose 2.0% year over year in August, the slowest pace since February 2021, and down from a 2.5% gain in July 2024. Core inflation measures averaged 2.35% y/y and excluding mortgage interest, headline inflation was a mere 1.2%–well below the Bank’s target inflation level of 2.0%. This opens...
September 23, 2024
What does it mean to build a rich legacy? Many Canadians think of their legacy in terms of the assets they leave behind—in other words, money. However, legacy is not just about wealth; it’s about enhancing the lives of our loved ones and making meaningful contributions to our community. This blog will explore living legacies and how the CHIP Reverse Mortgage can support these goals. ...
August 23, 2024
Being on the path to purchasing your first home is one of the most exciting and most rewarding moments in life! To help make the mortgage process smoother, one of the things you can do is to get pre-approved for your mortgage. Getting pre-approved doesn’t commit you to a single lender, but it does guarantee the rate offered to you will be locked in from 90 to 120 days which helps if inte...
August 6, 2024
Whether you’re looking to sell your home this year, or just want to make some updates, I have put together six small home improvements that can make a BIG impact on your space! From improving saleability to refreshing your home, here are some simple and affordable ideas to help get you started: Painting: One of the easiest ways to spruce up your home for a refreshed vibe or sale is to a...
July 23, 2024
Buying a home is one of the most exciting ventures in life! To ensure it goes smoothly, you need to have a proper budget in place to protect your financial security and help you make the best decision for your future location. However, the cost of the home is not the only cost that you need to budget for! The temptation will always be to start looking at the very top of your budget but fees, ...
July 12, 2024
What is Aging in Place? Aging in place refers to living safely, comfortably, and independently in your home for as long as possible. It involves having access to necessary services, healthcare, and support to ensure security and comfort at home. The Benefits of Aging in Place More than 90% of Canadians dream of aging in place. Staying in your home allows you to remain roote...
July 9, 2024
Is your home in desperate need of an upgrade? Are you dying to renovate your bathroom, kitchen, or other space but not sure how to fund this renovation project? Did you find a home you’d like to buy but it needs work? We’ve got good news! When it comes to covering the costs of renovating, there are some options available to you outside of some good ole savings! Mortgage Refinancing ...
June 25, 2024
Canadian inflation rose in may, surprising markets. Inflation unexpectedly rose in May, disappointing the Bank of Canada as it deliberates the possibility of another rate cut next month. The Consumer Price Index (CPI) rose 2.9% in May from a year ago, up from a 2.7% reading in April. This increase primarily reflects higher prices for services and, to a lesser extent, food. Accordi...
June 17, 2024
With the anticipation of rates going down, some homeowners may be considering switching from a variable-rate mortgage to a fixed-rate mortgage to lock in their next term. Switching from a variable-rate mortgage to a fixed-rate mortgage can offer stability in your monthly payments, protecting you from potential interest rate hikes, along with some other benefits: Stability in Payments:...
June 10, 2024
Keeping up with rising living costs can be particularly challenging when you’re on a fixed income with limited cash flow. Many Canadians are taking out loans, using multiple credit cards, and delaying significant purchases to stay financially stable in retirement. However, juggling debts from different sources with varying interest rates and payment schedules can be stressful, leading Canad...
May 29, 2024
Lowering your interest rate can save you money over the life of a loan or credit card. Here are some proven strategies to help you accomplish that: Improve Your Credit Score: Lenders typically offer lower interest rates to borrowers with higher credit scores. Pay your bills on time, keep your credit card balances low, and avoid opening multiple new credit accounts to improve your credit s...
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 ...
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 institutional...
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...
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...
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...
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 ...
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...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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? ...
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...
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...
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 your...
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 is ...
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...
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...
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...
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...
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...
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...
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 ...
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...
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...
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...
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, ...
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. ...
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...
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 ...
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...
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...
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...
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...
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...
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...
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 ...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 ...
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...
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). ...
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...
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...
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...
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 ...
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...
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, ...
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...
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...
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...
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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“I have went through the Collin Bruce Mortgage Team 3 times since 2015 and every time has been flawless and so easy (twice for purchase, once for a renewal). They communicate very well and respond quickly. They also help sort out any issues with lenders quickly. I recommend Collin Bruce to all my family and friends when they talk about getting a mortgage. They have always represented my interests well by getting me the best possible rate and they have access to many lenders.”
Tyler (Edmonton)
