Home Is Home Blog
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The Bank of Canada lowers its benchmark rate to 4.75%
The Bank of Canada has delivered its first rate cut, lowering its key lending rate by 25 basis points to 4.75% (previously noted as 5.00%).This is the central bank’s first rate cut since the pandemic in March 2020. In its statement, the Bank said, "With continued...
What the Bank of Canada rate hold means for you
The Bank of Canada leaves benchmark rate at 5.00% As was widely expected, the Bank of Canada has left its key lending rate unchanged at 5.00%.This marks the Bank’s fifth straight rate hold since it last raised rates back in July.In its statement, the Bank said it is...
Thinking of a home renovation? Unlock the potential of your mortgage
Given today’s affordability challenges, finding your perfect dream home right off the bat isn’t always feasible. But did you know there are financing options that allow you to incorporate renovation costs directly into your mortgage? This means as long as you...
When can mortgage interest be tax-deductible in Canada?
Wouldn’t it be nice if your mortgage interest could be tax deductible? What if I were to tell you it is possible in Canada. Maybe not in all cases, but I’d like to share some situations where it can be. Let’s demystify this seemingly complex topic and break it down to...
Unravelling the benefits of choosing a mortgage broker
One of the first big decisions prospective homebuyers face is how they plan to obtain their mortgage. Should they work with their bank, go direct-to-lender or choose a mortgage broker? As a mortgage professional, you can probably assume the option I would...
Understanding mortgage default insurance in Canada
If you are currently in the market for a mortgage, you should be familiar with the term “mortgage default insurance.” For those who aren’t or if you need a bit of a refresher, I’m going to outline some of the basics about mortgage default insurance and how...
Mortgage Brokers: A resource
to help achieve all of your financial goals
Some people think that the only time to reach out to a mortgage broker is when they’re in the market for a new house. But as you’ll see below, mortgage brokers can assist you with a variety of financing needs at every stage of your (adult) life. In 2023,...
How to prepare your home for the upcoming spring home buying market
The longer days and warmer temperatures of spring herald an awakening not only in nature, but typically also in the country’s housing market. And with housing inventory being tighter than normal, a newly listed property is sure to generate some interest....
The Bank of Canada leaves rates unchanged
The Bank of Canada delivered a rate pause this morning, leaving its key lending rate unchanged at 4.50%.This is the Bank’s second pause following eight consecutive rate increases, which raised the overnight target rate by 425 bps since March 2022. In its...
Coming soon: Canada’s new Tax-Free First Home Savings Account. Here’s what you need to know.
If you’re a first-time buyer (or know somebody who is), you may be interested in knowing more about Canada’s brand new Tax-Free First Home Savings Account, of FHSA for short. The FHSA will let you save up to $8,000 tax-free annually—up to a $40,000...
Ringing in the new year: here’s what I’ll be watching in 2023
With 2022 now in our rear-view mirror, it’s time to look ahead at what the coming year may have in store. I think it’s fair to say 2022 is a year many of us won’t soon forget. It was a year that started with Canadian house prices reaching their highest...
What should you focus on this tax season: your mortgage or your RRSP?
Now that the holidays are behind us, we’re quickly approaching the next period that brings our finances into focus—tax season. A common question I receive from homeowners is, should I put money in my RRSP (Registered Retirement Savings Plan) or use it to pay down...
Is it time for a mortgage check-up? (Hint: the answer is probably yes)
Once you have your mortgage secured and your payments set up, it may be tempting to ignore it until you get your renewal letter from your lender. But I’m going to outline some reasons why there is no better time than the present to undergo a mortgage check-up to...
Your Mortgage Renewal Questions Answered
Many homeowners dread mortgage renewal time, especially when interest rates are rising as they are today.It means you’ll likely be resetting your mortgage at a higher rate, with higher monthly payments. But as always, you have options. Should you renew early to...
Is now a good time to refinance your mortgage?
The big news in the mortgage world these days has been the steady increase in fixed mortgage rates. Since the start of the year, fixed rates have risen approximately one percentage point or 100 basis points. As a general guide, for every 0.25% increase in mortgage...
The Value of Working with Me, a Mortgage Professional
Securing financing to purchase a home can be a major undertaking. This is even more true for first-time buyers and particularly in today’s housing market. Having a licensed and experienced professional on your side throughout the mortgage process can bring...
Rate Hikes Are Coming, What Should You Do?
The Bank of Canada may not have raised rates at its recent January meeting, but it’s clear that interest rates are headed higher tout suite. Those with a variable-rate mortgage may be understandably on edge these days, despite the fact many will still come out...
What to Expect from Canada’s Housing Market in 2022
I'd like to wish you a very happy, healthy and prosperous 2022!Not many forecasters anticipated the extent of the housing market's performance in 2021. The year ended with both home sales and average prices up over 20% compared to the previous year, driven...
The Debt Solution May Well Be Within Your Home
You can pay off debts, take out money from your home….AND still, lower your total monthlypayments. Does this sound too good to be true…It’s not!!! Homeowners saved almost $1,800 in monthly debt payments. Please see the attached refinancethe solution that may be yours...
10 Habits Will Help You Reach Financial Freedom
What does financial freedom mean to you? Achieving financial freedom is a goal for many people. It generally means having enough savings, investments, and cash on hand to afford the lifestyle we want for ourselves and our families—and a growing nest egg that will...
7 Tips To Improve Your Purchasing Affordability
How to improve your purchasing affordability The reality is that a possible reduction in home prices is outside of anyone’s control. People looking to buy a home, especially first-timers, should remember the following seven tips which are in their control to improve...
First-Time Home Buyers’ The Outlook
First-Time Home Buyers: Mortgage Update June 2020 In spite of recent headlines about stricter mortgage rules, first-time homebuyers may have a unique purchasing opportunity. Current challenges of buying a home include: The minimum 5% down-payment (for homes under...
Reverse Mortgages: A way to help you live your life on your terms
You have worked your entire life and now you have entered or are entering your golden years. You are excited but at the same time, you may be apprehensive. You may be asking yourself if you will have enough money for your retirement. You may have a “bucket list” of...
The Right Strategy at the Right Time
Your mortgage isn’t just a piece of paper but instead, it’s a changing and important part of your overall financial strategy. Your home is probably the largest investment and therefore it needs to be considered in your entire portfolio. Here are the main...
What payment frequency should you choose?
Paying down your mortgage but not making headway... Are you one of the many Canadians who feel like it is taking forever to pay down your mortgage balance? You receive your annual mortgage statements and your mortgage balance seems to decrease “just a bit” and you...
Credit Score: Passport to Buying a Home
Why is your credit score so important? Your credit score is sometimes referred to as your passport to buying a home. The majority of adults have a credit score, and should know how to maintain a high score. However, not everyone knows how a credit score can affect a...
Top Questions to Ask Your Mortgage Agent
So many questions for your mortgage agent It's an exciting time! You are ready to take that step and become a homeowner. There is so much information out there, so I wanted to answer some of the questions that I regularly get from clients and share them with you. What...
Are you buried by debt?
Tackle your debt using the equity in your home Debt is a four-letter word Canadians don't want to talk about. According to a recent poll released by CIBC, 26 percent of Canadians say paying down debt is their top personal finance priority for 2019. It's the ninth...
Home Is Home
Helping people is the reason Home is Home exists. Hi, my name is Steve Tallo and I am an independent mortgage agent with Home is Home Steve Tallo Mortgages. I partner with a great boutique mortgage brokerage company called Oriana Financial Group where our service...
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