Month: May 2021

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The Benefit of Rate Holds

The term “rate hold” may be something you are familiar with if you have worked with me in the past. If not, it is a term that all prospective buyers should know!

A rate hold is offered by the majority of lenders to clients who are purchasing a new home and need a mortgage. The purpose of the rate hold is to secure the interest rate on your mortgage application for a certain time period. Often, these holds range from 90-120 days. Bear in mind, these are typically not provided for anyone refinancing their mortgage or looking to transfer it from one lender to another. Only those looking to purchase a home or establish a brand-new mortgage.

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Looking to Upsize Your Home?

According to RE/MAX, one of the biggest trends for Canadian homeowners in 2021 are move-up buyers looking to purchase a home that offers more space for them and their families. In fact, this is true for a whopping 29% of Canadians! Unsurprisingly, this demographic is made up mostly of younger Canadians (under 35) with growing families.

If you are someone who fits this bill and is desperate for a home with more space because you’re feeling cramped or have a little one on the way, it may be time to consider moving on up! Before making this change, there are a few factors to consider from your existing mortgage to requalifying to upsizing costs!

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