The Story Behind the Numbers

General Kaveh Seyedsagha 29 Jun

It’s hard to believe we’re halfway through the year – and what a year it’s been. There have been ups and downs and more than a few surprises, the latest being the Bank of Canada’s decision to end its rate pause. On June 7, the Bank increased its overnight rate by 25 basis points to a 22-year high of 4.75% as Andrew Roper from CMI mentions. Analysts are forecasting yet another increase in July to quash stubbornly high inflation. It seems every day brings a new set of economic data to digest, along with all the implications for borrowers.

Every day, it’s increasingly difficult for Canadians to qualify for a mortgage with their bank. Often, they’re not aware of other options that are available to them. This is where the expertise of a mortgage broker is invaluable. Brokers with private lending expertise can provide the full range of alternatives, so borrowers turned away by their banks are not without options.

A second mortgage can be a particularly valuable tool for homeowners to access equity in their homes. In this month’s Broker’s Blog, Second mortgage strategies: Alternative solutions for homeowners, learn about specific scenarios where it could be the right move.

In today’s turbulent market, Canadians will turn to mortgage brokers now more than ever for creative solutions to help them achieve their financial objectives.