Welcome to 2025

Author: Leann Scarlett | | Categories: Alberta Proud , First Time Home Buyers , HOME BUYING , Mortgage Broker Red Deer , RE-FINANCING , RENEWING , Universal Mortgage Solutions

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Happy New Year, I hope this blog meets you in good health and your ready to achieve more of your hopes and dreams in 2025. 

I said this before and I'll say it again. One thing that is consistant in the mortgage world and that is change. In 2024 we saw the Bank of Canada start reducing the key interest rate which led the banks to reduce their prime lending rates. These reductions led to variable rate mortgage holders to have less interest costs, thereby, reducing their mortgage payments. Good News for many. What hasn't changed much is the fixed lending rate, they have actually gone up a bit. Not alot but a bit. 

There are some policy changes as well, increase in mortgage limits that are insured (up to 1.5m) that doesn't affect us much here in Central Alberta, in other areas it sure does. The other is they have increased the amortization for 1st time borrowers to 30 years. This will indeed help some 1st time borrowers a little bit more borrowing room to help them qualify. 

So with these positive changes I'm looking forward to helping more Albertan's into the housing market or heping them keep their financial house in order. 

If you (your family, or friends) have questions about your finances please reach out and I'll put my years of experience to work for you :) 

Wishing you a healthy and prosperous 2025

 


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