Advice
How to Reduce Payment Shock at Renewal Time
News By now, “trigger points” should be in the vocabulary of nearly every variable rate mortgage holder. There’s been a great deal of coverage lately about trigger points due to the rise in interest rates so far this year. Put simply, it’s the point where...
Bridge Loans: What are they and how do you use them?
News Anyone who has bought and sold a home in the past knows it can sometimes be tricky to get the closing dates on both deals to line up perfectly. This is often crucial for a buyer since they normally rely on all or part of the proceeds from the sale of their...
Bank of Canada Raises Rate by 100 bps
News The Bank of Canada raised its key lending rate by 100 basis points this morning, bringing it to 2.50%. The Bank said inflation is “higher and more persistent” than what it had forecast in April, and will likely remain “around 8% in the next few months.” In its...
Banking Regulator making some changes to Home Equity Lines of Credit
News Last week, Canada’s banking regulator unveiled new rules that will govern how borrowers may use Home Equity Lines of Credit (HELOCs). The new guidelines unveiled by the Office of the Superintendent of Financial Institutions (OSFI) will affect re-advanceable...
Your Mortgage Renewal Questions Answered
News 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...
Bank of Canada Raises Rate by 50 bps
News As expected, the Bank of Canada has raised its key lending rate by 50 basis points, bringing it to 1.50%. In its statement accompanying the decision, the Bank said, “the risk of elevated inflation becoming entrenched has risen” and that it is “prepared to act...
Thinking About Buying a Vacation Property? Here’s What You Need to Know
News Over the course of the pandemic, the desire for more space and a place to just hunker down surged. For some, that place was a cottage or other type of recreational property. Fast-forward to today and in many of the country’s top recreational regions demand...
Breaking News: Bank of Canada Raises Rate by 50 bps
News The Bank of Canada has just raised its key lending rate by 50 basis points, bringing it to 1.00%. This marks the second change to the Bank's overnight target rate this year and the first 50-bps rate hike since 2000. In its statement accompanying the decision,...
Is now a good time to refinance your mortgage?
NewsThe 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...
The Value of Working with First Avenue Financial
News 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...
Bank of Canada Raises Rates by 25 bps
News The Bank of Canada has just raised its key lending rate by 25 basis points, citing… This marks the first change to the Bank’s overnight target rate in two years and the first rate hike since October 2018. In its statement accompanying the decision, the Bank said:...
Rate Hikes Are Coming, What Should You Do?
NewsThe 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
News 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...
Planning on Gifting a Down Payment This Holiday Season?
News The season of giving is upon us. For some parents, that means snapping up Black Friday deals to ensure happy kids on Christmas morning. For others, it could mean forking out tens of thousands of dollars to help their adult children realize their dream of...
Don’t stress over the new mortgage “stress” test
NewsAs you probably know, the mortgage rules are changing once again, effective Jan.1, but if you’re looking to buy a home, the time to act is now. It’s expected that many federally-regulated lenders will implement the changes before the set date, perhaps by early...
New Year, New Rules – 2018
NewsNew year rings in with new rules... How large of a mortgage do we qualify for now and after January 1, 2018? Ready for a Better Experience? First Avenue Financial – Okotoks 205 – 15 McRae Street, PO Box 1483 Okotoks,...
Mortgage rule changes are on the way
NewsUninsured mortgages account for approximately 65 per cent or more of the mortgage market in Canada. Typically an uninsured mortgage is one where there is 20 per cent or more equity in a property. These changes will also affect home equity lines of credit.OSFI is...
News Renew Early Rates on the Rise
News We Can Save You Thousands of Dollars by Switching Your Mortgage Now! The era of nice surprises for people renewing their mortgages is over! After five years of trending lower, mortgage rates have reversed course and started to rise. Aspiring first-time home...
Watch Out For the Tack Hiding in TD’s Big Green Easy Chair
NewsTD has recently launched a new mortgage program that will be sold to their clients as being comfortable, supportive and really good for them, a lot like that over-stuffed green leather chair we’re all familiar with. But there’s a bit of a nasty surprise waiting...
Know Your Beacon Scores to Manage Your Credit
NewsBeacon scores are a single number that summarizes your credit situation and shows lenders what kind of risk you're likely to be as a borrower. The article below is a basic overview of their importance. We hope you enjoy it. Beacon Score Basics for Mortgage Hunters...
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First Avenue Financial – Okotoks
205 – 15 McRae Street, PO Box 1483
Okotoks, Alberta T1S 1B4
Office: 403-938-6888
Toll Free Fax: 1-877-758-1206
First Avenue Financial – Calgary
208 – 40 Sunpark Plaza SE
Calgary, Alberta T2X 3X7
Office: 403-938-6888
Toll Free Fax: 1-877-758-1206