Mortgage Blog

By Axiom Mortgage Solutions

Overnight Rate Remains Unchanged

In their statement released today the Bank of Canada announced that they will not change the overnight rate. Currently sitting at 1.75% the overnight rate has remained unchanged since October of last year. The Bank had formerly been steadily increasing the overnight...

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Millennials Regret These Homebuying Mistakes

Millennials Regret These Homebuying Mistakes

Millennials are people born between 1981 and 1996. These people today are between the ages of 22 and 37, and worldwide they make up a large percentage of homeowners worldwide. In Canada more than 40% of homeowners are under the age of 35, and in Calgary in particular...

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Low Rates Mean It’s Time To Refinance

Low Rates Mean It’s Time To Refinance

The overnight rate has been 1.75% since October and on Wednesday the Bank of Canada announced that it will remain unchanged. Speculators suggest that this will be the case for most of the rest of this year if not part of next year as well. What this means for your...

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The Pre-Approval

The Pre-Approval

When you start your journey to buy your first home you'll notice there is a lot of information on how to do it. You might feel a little overwhelmed and not sure where to start. Take it from us; the first step is a pre-approval. What is it? A mortgage pre-approval is...

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CMHC to Give First-Time Buyers 5-10% Down

The Federal election is coming up this fall which means the office in power has released its proposed 2019 budget. It includes several bits of bait to encourage re-election, including two incentives for first-time home buyers. The first lure is a change to the...

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Understanding Credit Card Debt

Understanding Credit Card Debt

Ever wonder why one month you get your credit card statement and your interest charges are surprisingly low, and the next month they're higher than you expected? There's a reason for that. When do you pay interest When you make a charge on your credit card you have 21...

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How much down payment do you really need?

How much down payment do you really need?

How much do you need for a down payment on a house? For a long time it was common for housing professionals to suggest buyers plan to provide 20% down. But in the current economic climate it is far more common for buyers to provide 5% down. Some financial experts will...

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Bank of Canada Stands Pat

Bank of Canada Stands Pat

When the Bank of Canada (BoC) announced in 2017 that they were embarking on an upward trend on interest rates, there was some concern from consumers. The BoC insisted it would be necessary in order to keep inflation in check, but many in the finance industry...

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Trying to Float On Troubled Water

Trying to Float On Troubled Water

Back near the end of 2017 the Office of the Superintendant of Financial Instituions (or OSFI if you'd like to get to the point) introduced a mortgage stress test. And ever since, it's been near impossible for many in the market to get approval to buy a residential...

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