LavaRates is hiring full-time, smart, money savvy writers to keep our users updated with valuable information about finance, mortgages, credit, and the real estate markets in Canada. If you are up to date with the market trends and/or work in the industry with a burning desire to help people make informed choices, we want to hear from you. Please contact us directly here.
Bank of Canada announced today that they would keep the overnight lending rate at 1%. Projections that Prime would increase in mid 2015 are now being postponed by another 6 months until the end of the year. The rate of inflation determines the overnight BOC rate and inflation is currently sitting around 1%. As the economy strengthens, inflation gets higher and so will the overnight lending rate. Poloz, head of the central bank had hoped for exports and investments to drive up the economy. Neither has preformed well enough to […]
Shopping for a home and don’t know if you want wood frame or concrete? What is the difference and would it really matter to you? Wood frame buildings are usually smaller buildings up to a maximum of 4 floors. Anything over 4 floors and high-rise condominiums are almost always concrete. Advocates of concrete say that concrete provides people with less noise disturbance in their home, more privacy, durability and energy efficiency. Especially with our west coast humid weather, more are comfortable with concrete, as wood tends to expand and contract. […]
Many people are faced with this decision when purchasing and obtaining a mortgage for their home. Each have their own pros and cons and each are suitable for the right situation and the right borrower. As of November of 2011 the B20 guidelines made it much more difficult and impossible for some to borrow a variable term mortgage. One of the major rule changes was that in order to qualify for a variable term mortgage or a fixed mortgage of less than 5 years, the borrower needed to get qualified […]
Some mistakes can and should be avoided especially if they end up costing you lots of cash. Mortgage mistakes fall in that category, as the amount on any mortgage borrowed is usually far greater than the total liability most people have. What are these mistakes and how can they be avoided? 1- I’m loyal to my bank and they will provide me with the best mortgage out there! So you have been loyal to your bank and have banked with them all of your life. Are they going to […]
Many people simply sign over the dotted line when their current mortgage lender sends them their renewal. It is usually a simple letter that conveniently comes around about 6 months before the mortgage is up for renewal. It’s common to believe that since the client has been with the bank for the term and has made their payments regularly, they would automatically get the best rates. What can come as a shock to people is that their loyalty to their bank will not get them the best rate or service. […]
You’ve owned your home for a few years and perhaps it is starting to look a little outdated. Maybe you are going into a home that needs a little TLC and some good renovations to make it more current and functional. Whatever the required or wanted changes, it is important to keep in mind that just because you put in the money to renovate, it doesn’t mean that you would get it back. Instead of making a home YOUR dream home to increase value, focus on what buyers are looking […]