Interest Rates | Evelyn Lopes Realty Team_Blog

Tuesday, February 13, 2024   /   by Evelyn Lopes

How the Overnight Lending Rate Influences Your Financial World

How the Overnight Lending Rate Influences Your Financial World
Ever stopped to think about how a decision made in a high-level banking meeting can affect your mortgage, your savings, and even your entire financial roadmap? It's pretty mind-boggling when you put it into perspective.

Today, we're going to peel back the curtain on one of the banking world's most influential figures – The Bank of Canada's  Overnight Lending Rate, also known as the Key Interest Rate. Understanding this rate is key to grasping the bigger financial picture.
What is the Overnight Lending Rate?
Simply put, the Overnight Lending Rate is the interest rate at which banks lend money to each other. Think of it as the drumbeat to which the entire banking sector marches. It's not just any number; it's the pulse of the banking system, dictating the tempo of their day-to-day lending.
Recently, on January 24, the Bank of Canada made headlines by keeping this rate steady at 5%. This decision is more signc ...

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Thursday, October 19, 2023   /   by Evelyn Lopes

How to Use Your Investments for Easier Mortgage Approvals- BMO Savers Mortgage

Unlock Financial Flexibility with BMO's Saver's Advantage Program: An Overview
Navigating the maze of mortgage approval can be a challenge, especially if you find that you don’t fit neatly into standard lending criteria. Whether you’re a retiree, self-employed, or a high net-worth individual, BMO’s Saver’s Advantage Program may be the solution you’ve been searching for. In today’s blog post, we will provide an overview of this revolutionary program that leverages your investments and savings to make mortgage approval easier than ever.
What is the Saver’s Advantage Program?
The program is designed for those who may not meet standard lending conditions but have a strong portfolio of savings and investments. Instead of shutting the door on these clients, the Saver's Advantage Program offers a pathway to mortgage approval by acknowledging these assets.
The Power of Indirect Leverage
One of the cornerstones of this program is the concept of ...

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Monday, September 25, 2023   /   by Evelyn Lopes

From Agreement to closing- What happens after the agreement of purchase and sale is signed?

Ever wondered what happens after you sign the papers to buy a house? Buying a home is a big deal, and there are many steps to take before you get the keys. Let’s look at the process and break it all down into simple steps transitioning from accepted offer to the closing and move in day.
Step 1: Sign the Papers and Pay a Deposit
First, you and the seller will sign a contract called an "Agreement of Purchase and Sale." This document spells out in writing everything about the purchase of the house including, the legal description of the property, the agreed upon purchase price, the deposit amount, any conditions that are part of the agreement such as conditions on financing, home inspection, status review if it is a condo. Essentially, this paper says you agree to buy the house and how much you'll pay for it. It will also detail the closing date- or day on which you plan to move into or out of the home if you are the seller. After signing, you'll give some money as a deposit. ...

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Monday, July 24, 2023   /   by Evelyn Lopes- Klarine

REVERSE MORTGAGES CANADA: Unlocking the Value of Your Home Equity

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Unlocking the Value of Your Home: A Deep Dive into Reverse Mortgages in Canada
As Canadians, we treasure our homes - they hold our memories, our dreams, and a significant chunk of our wealth. If you're aged 55 or older, did you know you can tap into the value of your home without selling it? Welcome to the world of reverse mortgages - a financial tool seeing annual growth rates of over 28%.
Unraveling the Reverse Mortgage
In simple terms, a reverse mortgage is a loan that allows homeowners to convert up to 55% of their home's value into tax-free cash, providing an avenue to unlock equity built over the years. The loan is secured against the value of your home, with repayment required only when you decide to move or sell. One of the most attractive features is the flexibility in payment options - you can choose to make monthly payments or opt for a no payment option.
Reverse Mortgage Benefits
Reverse mortgages present a ...

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Tuesday, July 18, 2023   /   by Evelyn Lopes- Klarine

Overcoming 5 Key Roadblocks to Selling Your Home in Toronto's GTA Communities

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Are you struggling to attract buyer attention and sell your home in the thriving Toronto GTA market? If so, it's crucial to identify and address potential obstacles that may be hampering your efforts.
In a recently published YouTube video, we discuss the five common roadblocks homeowners often encounter when trying to sell their properties. You can find this video on our You Tube Channel- The Evelyn Lopes Realty Team.
This blog post will expand on these insights to help you better navigate the home selling process.
Limited Access to Your Home 
The first major pitfall we discuss in the video is the issue of limited access. A common mistake many sellers make is not providing sufficient opportunities for potential buyers to view their homes. The mantra to remember here is simple: Limited access equals limited exposure. If you restrict viewing times excessively, you significantly reduce your property's exposure to prospective buyers, which ...

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Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated April 17, 2024
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