Mortgage renewals often come and go without much thought — but they’re an important opportunity to reassess your financial goals and secure a better deal. Here’s what to keep in mind when your mortgage renewal is approaching: Start Early: Lenders usually send renewal offers a few months before your term ends. Don’t automatically sign —…
The housing market in Newfoundland & Labrador remains steady this coming winter, showing more resilience than many other provinces. In early 2025, home sales surged by nearly 29% compared to last year, and while new listings have gradually increased, inventory remains tight — especially in St. John’s, where available homes are well below long-term averages. On the construction side, housing starts are up by almost…
If you’re buying a new home before selling your current one, you might run into a timing gap. That’s where a bridging loan comes in—a short-term financing option that helps you “bridge” the gap between buying and selling. What Is a Bridging Loan? A bridging loan is a temporary loan that gives you access to funds while you’re waiting for your current…
When interest rates are shifting, choosing between a fixed and variable mortgage can feel overwhelming — especially if you’re new to mortgages. Here’s a simple guide to help you decide what might work best in 2025. What’s the difference? Fixed-rate mortgage: Your interest rate stays the same for the term you choose (e.g. 1–5 years), so your payments remain predictable. Variable-rate mortgage: Your rate is tied…
If your mortgage is coming up for renewal soon, you may have a great opportunity to secure a lower rate — but timing is key. Most lenders allow you to lock in a new rate up to 120 days (about four months) before your current mortgage term ends. This “rate hold” protects you from potential…
As of April 1, 2025, the Government of Newfoundland and Labrador has implemented the Mortgage Brokerages and Brokers Act, introducing updated regulations for the province’s mortgage industry. These new rules are designed to protect homebuyers and homeowners by improving transparency, professionalism, and accountability among mortgage brokers and brokerages. What’s Changing Under the new Act, all…
Located on Canada’s east coast, Newfoundland and Labrador is known for its breathtaking scenery, welcoming communities, and affordable cost of living. With more than 29,000 km of coastline, it offers plenty of space and opportunity for homebuyers looking for comfort and value. As of August 2025, the average home price in Newfoundland and Labrador was…
In Canada’s evolving mortgage landscape, blend-and-extend mortgages offer homeowners a compelling way to manage their financial obligations. This approach allows borrowers to combine their existing mortgage rate with current market rates and extend their loan term. This recalculates the mortgage balance based on the blended rate, potentially leading to immediate financial flexibility and stability. Understanding…
If your mortgage term is set to expire in the next four to six months, now is the perfect time to start thinking about your renewal options. Many lenders allow early renewals—sometimes up to 120 days before your term ends—giving you the opportunity to lock in a competitive rate or even switch lenders without penalties.…
Owning a home is a significant milestone for many Canadians, but navigating the financial aspects of purchasing property can be daunting, particularly when it comes to the initial down payment. Fortunately, various down payment programs in Canada exist to assist prospective homebuyers in achieving their homeownership dreams. In this article, we’ll delve into what these…