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Breaking News: Potential Stress Test Changes
The Office of the Superintendent of Financial Institutions (OSFI) announced yesterday that they would be opening consultations on a proposal for a revised mortgage "stress test" on uninsured mortgages. Under their new plan, the Government would set the floor rate...
Unsure About the Housing Market? Let’s Talk.
If you’ve been thinking about buying a property, whether that be your first home, next home, forever home, or a home to retire into, the current state of the Canadian economy might have you wondering: Is this really the right time to make a move? There is certainly no...
Should You Get Preapproved For A Mortgage?
If you’re thinking about buying a property, but you’re not sure where to start, you’ve come to the right place! Let’s discuss how getting preapproved is one of the first steps in your home buying journey. Just like you wouldn’t go into a restaurant without knowing if...
What is a “No-Frills” Mortgage?
A no-frills service or product is where non-essential features have been removed from the product or service to keep the price as low as possible. And while keeping costs low at the expense of non-essential features might be okay when choosing something like which...
3 Questions To Ask Yourself Before Listing Your Home!
Deciding to list your home for sale is a big decision. And while there are many reasons you might want/need to sell, here are 3 questions you should ask yourself and have answers to before you take that step. What is my plan to get my property ready for sale?...
Bank of Canada Rate Announcement Mar 10th, 2021
The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its...
Are Mortgage Rates Really Going Up?
With all the economic uncertainty caused by a global pandemic, unprecedented unemployment levels, and government stimulus, mortgage rates have been on a steady decline for almost a year. In fact, we’ve hit some historic lows along the way. Now, despite the Bank of...
Mortgage Financing in a Competitive Housing Market.
Canada is an interesting place to buy a property right now. If you’ve paid attention to the media at all over the last few weeks, you’ve probably heard that… Many people are still out of work due to COVID-19. The bank of Canada has forecasted rates will stay low for a...
Using your RRSP for a downpayment through the HBP.
As the March 1st, 2021 RRSP deadline approaches for the 2020 tax season, if you have money saved for a downpayment but you’re not quite ready to buy a home, here’s a little strategy that might interest you. Did you know that you can use the money saved in an RRSP as a...
5 Things You Need to Know Before You Co-Sign a Mortgage!
So you're thinking about co-signing for a mortgage? Okay, do you really know what that means do you know what you are getting yourself into? Co-signing isn't necessarily a bad thing, but there is certainly a lot of misinformation floating around on the subject....
Planning Ahead to Get the Best Terms on Renewal!
If your mortgage term is almost up for renewal, there’s a good chance you’ll be pleasantly surprised with the low-interest rates available on the market today. While the pandemic has caused a lot of economic uncertainty, the result has been very low interest rates. In...
6 Reasons to Refinance your Mortgage
Is now a good time to refinance your mortgage? Well, maybe! Interest rates are very low right now, and according to the bank of Canada, they will most likely remain low until at least 2023. So while everyone has different reasons to access their home equity, to a...
Bank of Canada Rate Announcement Jan 20th, 2021
Bank of Canada will hold current level of policy rate until inflation objective is achieved, continues quantitative easing. The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent...
Will Collections Impact Your Mortgage?
A question that comes up from time to time when discussing mortgage financing is, “If I have collections showing on my credit bureau, will that impact my ability to get a mortgage?” And as the answer might have a broader application than what you might initially...
4 Ways to Take Control of Your Finances in 2021
The beginning of a new year is an ideal time to review your finances. Hopefully, with the wild ride of 2020 behind us, 2021 is a time we can all move forward. Regardless of where you’re at financially or your financial goals, here are four areas to consider as you...
New Construction Assignment
One of the benefits of working with an independent mortgage professional is having lots of great financing options! Rather than dealing with a single lender who has one set of products, brokers work with multiple lenders who offer a wide selection of mortgage...
Is Your Mortgage Up For Renewal In The Next 3-6 Months?
While this potential second wave of COVID-19 is causing uncertainty in the Canadian economy, understandably, many homeowners are on edge. And although it might feel right to sit tight and see how things pan out, if your mortgage is up for renewal in the next 3-6...
Bank of Canada Rate Announcement Dec 9th, 2020
Bank of Canada will maintain current level of policy rate until inflation objective is achieved, continues its quantitative easing program. The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank...
What is Bridge Financing?
Let's say you have a home that you've outgrown, it's time to make a move to something more suited for your family. You have no desire to keep two houses, so you decide that selling your existing home, and moving into something new is the best idea. Ideally, when...
A Surefire Plan to Saving a Downpayment
If you’re looking to save money for a downpayment; or to save money for anything really, it all starts with clarity. First, you want to get clarity around your income, then clarity around your expenses, and then you need a plan. And although this might seem...
The Interest-Only Mortgage
Relatively self-explanatory, an interest-only mortgage is one where your entire mortgage payment goes to interest and does not pay down the principal mortgage amount at all. So at the end of your term, you will owe the same amount as when you got your mortgage. So you...
Access Your Home Equity
If you've been a homeowner for many years, chances are, your property value has increased significantly. One advantage of homeownership is the opportunity to build equity. Home equity growth, partnered with the security of living in your own home, is why most...
How to Establish New Credit
If you’re new to managing personal finance and you’re learning about credit, you’ve come to the right place. Establishing new credit is a bit of a catch 22. To build a credit history, you need credit. But you can’t really get credit without having credit. So, where do...
Bank of Canada Rate Announcement Oct 28th, 2020
The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented...
What Will Mortgage Financing Look Like In 2021?
There is no doubt that 2020 was one for the books. It will be remembered as a year like no other. COVID-19 has caused significant national economic disruption, to say the least. While we’ve seen government intervention, record unemployment, mortgage payment deferrals,...
Separating And Have A Mortgage? Start Here.
With the latest stats claiming that about half of marriages end in divorce and with around three-quarters of Canadians being homeowners, it’s important to know how to handle your mortgage if you decide to separate. Here’s a quick list of things to consider. You need...
Will a Temporary Loss of Income Impact Your Mortgage Post-COVID-19?
While unemployment peaked over 13% at the onset, it's hard to quantify just how many Canadians had some form of a reduction in their income over the last year. Especially if you're self-employed or your income varies year to year because you receive a bonus, pick up...
As Simple as Porting Your Mortgage!
As simple as porting your mortgage! Said by no one ever. The truth is, there is nothing simple about porting your mortgage. "Porting your mortgage" involves transferring the remainder of your existing mortgage term, outstanding principal balance, and interest rate to...
Why The Property Matters
When looking to qualify for a mortgage, typically a lender will want to review four main areas of your mortgage application. Income, credit, downpayment/equity and the property itself. Assuming you have a great job, excellent credit, and sufficient money in the bank...
Fixed or Variable?
If you're looking to buy a new property, refinance, or renew an existing mortgage, chances are, you're considering either a fixed or variable rate mortgage. Figuring out which one is the best is entirely up to you! So here's some information to help you along the way....
Bank of Canada Rate Announcement Sept 9th, 2020
Bank of Canada maintains commitment to current level of policy rate, continues program of quantitative easing. The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent...
Ultra-Low Interest Rates
Chances are if you’ve been paying attention to the news as the Canadian economy continues to work through the COVID-19 pandemic, you’ve heard that interest rates are at an all-time low. And it would appear that they will remain low for a while. In fact, the Bank of...
Mortgage Post Bankruptcy
This should come as no surprise, but sometimes life throws you a financial curveball. Bankruptcy and consumer proposals happen. It doesn't mean your life is over, and it doesn't mean you won't ever qualify for a mortgage again. The key here is to get a plan in place...
What is a Second Mortgage?
If you're relatively new to the world of mortgage financing, the term "second mortgage" might cause a bit of confusion; especially if you're a first-time homebuyer buying your first home. You might assume that when your first term is up or if you sell your first home,...
Empowerography Podcast – Sabeena Bubber
I was happy to have recently been interviewed by Brad Walsh from Empowerography. In this episode of the Empowerography Podcast, Brad Walsh's guest is Sabeena Bubber. Sabeena is an award winning Mortgage Professional with Xeva Mortgage, working from her...
3 Reasons to Use an Independent Mortgage Professional!
If you need to borrow money to finance any property, working with an independent mortgage professional will save you money, time, and provide you with better options than your bank. And if that is the only sentence you read in this entire article, you already know all...
Do You Need Time For Your Retirement Investments To Recover?
COVID-19 is wreaking havoc on retirement investments, particularly for those who rely on dividends as part of their income. Over the past decade, many older Canadians have taken a riskier approach with retirement investments because of low bond yields and interest...
Mortgage Deferrals Now Recorded on Credit Reports
If COVID-19 has negatively impacted your finances and you're currently deferring your mortgage payments, you should know that this will be visible on your credit report. Here is an image from a recent credit report. In this scenario, it shows that the mortgage was...
Payment Frequency, Does it Really Make a Difference?
It has been said that there are two certainties in life; death and taxes. Well, as it relates to your mortgage, the single certainty is that you will pay back what you borrowed, plus interest. However, how you make your mortgage payments, the payment frequency, is...
Bank of Canada Rate Announcement July 15th, 2020
Bank of Canada will maintain current level of policy rate until inflation objective is achieved, continues program of quantitative easing. The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is...
What You Can Expect When Locking in a Variable Rate
If you have a variable rate mortgage, and recent economic news has you thinking about locking into a fixed rate, here is what you can expect will happen. Firstly, your lender will be very happy as they will now make considerably more money off you. Not only will your...
Looking for a new mortgage? Start here.
It's safe to say that things have (mostly) calmed down in the mortgage world since the beginning of COVID-19. The rush of mortgage deferral applications appears to be behind us. So if you're looking for a new mortgage, right now is an excellent time to get things...
Latest in Mortgage News, COVID-19, and Economic Recovery.
Although the volume of news over the last month has been pretty tame in comparison to when COVID-19 initially hit, there has still been a lot going on. If you find yourself wondering about the current state of affairs as it relates to real estate, mortgage financing,...
Improving Your Credit Score
Along with employment stability, and downpayment/equity, your credit score and how you manage your credit is a huge factor in qualifying for a mortgage. If you want the best interest rates available on the market, the higher your credit score the better. However, if...
Spousal Buyout Mortgage?
If you happen to be going through, or considering a divorce or separation, you might not be aware that there are mortgage products designed to allow you to refinance your property in order to buyout your ex-spouse. For most couples, their property is their largest...
CMHC Guidelines Changing July 1st 2020
CMHC just shared the following press release. If you have any questions, please don't hesitate to contact me anytime! CMHC RELEASE JUNE 4th 2020 The COVID-19 pandemic is affecting all sectors of Canada’s economy, including housing. Job losses, business closures and a...
Bank of Canada Rate Announcement June 3rd, 2020
The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. Incoming data confirm the severe impact of the COVID-19 pandemic on the...
Advice for Living Through These Uncertain Times
It only takes a quick trip to the grocery store to realize that life is VERY different than it was just a couple of months ago. COVID-19 has already left a permanent mark in modern human history. So as you continue life mid-pandemic, here's some good advice: don’t...
Your Financial Plan to Becoming Debt-Free Post-COVID
Although everyone is experiencing the impact of COVID-19 differently, one thing has become evident. As a result of the pandemic, we’re all paying closer attention to our finances. Looking at life post-COVID, it’s going to be essential to have a financial plan. Here...
Access Your Home Equity! COVID-19
As the initial shock of living through a global pandemic wears off and restrictions start to loosen, it would seem that Canada is en route to de-COVID soon (time will tell). If you’ve been waiting until things flatten out before making any significant financial...
Contact Me Anytime
Sabeena Bubber, AMP
Mortgage Professional
P: 604-862-8526
E: sabeena@xeva.ca
Office Locations
500-224 West Esplanade
North Vancouver, BC.
V7M1A4
