• Home Purchase/Buying Basics
    Buying a home is a milestone in everyone's life. It symbolizes that you are independent and have achieved the stability of living a relatively comfortable life. Here are a few things
  • This means a couple of things. The most important thing to realize is that the lender will not just fork over a new, lower interest rate. You will be asked to bring in income documentation
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BOC Raised Interest By Another 0.25%

On Wednesday, October 24, 2018, Bank of Canada announced to raise the over night lending right by another 0.25%. Effectively, the mortgage prime rate has increased from 3.70% to 3.95% with most lenders. (TD mortgage prime increased from 3.85% to 4.10%).

Bank of Canada Raises Interest Rate by 0.25%

Bank of Canada (BOC) announced interest rate increase this morning by 0.25%.

That means the current mortgage prime rate of 3.45% will soon by 3.70% for most of the lenders.

For those of us who have variable rate mortgages, we should expect to receive a letter in early August from lenders to notify us of such changes.