A small change in the stress test rate
On Tuesday, February 25, 2020, Minister of Finance, Bill Morneau announced a change in the stress test rate for insured mortgages (with a down payment of less than 20%). The Federal Government has changed the Bank of Canada Qualifying rate as an effort to make it easier for a home purchase. Here is a brief […] Read More...
All in one new mortgage alternative
What sets the “All in One” product apart from the rest of the traditional mortgages is the way the account is structured to work. With a traditional mortgage, your mortgage payment is taken periodically from your bank account. Every bank says you can pre-pay your mortgage faster, but believe me, those that do are a […] Read More...
Hot of the press new (FTHBI)
The Federal Government has a new initiative intended to help clients purchase their first house. If you can arrange 5% down payment from your own resources or gifted from an immediate family member, the government will give you an interest free loan for an additional 5% down payment. Thinking of buying a new house? The […] Read More...
Don’t sign that mortgage renewal!
Is your mortgage coming up for renewal? Don’t be too quick to sign that mortgage renewal letter. More than 70 per cent of Canadian mortgage holders do just that, and what is the usual result? A higher rate and a mortgage product that might not be best suited to their interests. Experience has shown that […] Read More...
Tips for repeat homebuyers
As your life changes, so does your home owning needs. The home that was “right” for you when you were a first-time buyer may no longer be “right” for you now. This means, it is time to re-evaluate your priorities and needs as you prepare to become a repeat buyer. The home buying process will […] Read More...
Great news for our newly Self-Employed clients
Canadian Mortgage and Housing Corporation (CMHC) has launched a new program for self employed borrowers who are less than 2 Years Self Employed but have experience in their field. This is great news for any client that has recently decided to branch out on their own. In the past, the age old saying in banking […] Read More...
Ten Rules for the Ideal Credit History!
On a daily basis I face credit related issues. People tend to make the same mistakes over and over. I already touched upon this topic during my workshops, wrote about this on my blog and published real life cases. It is crucial to be aware of all factors influencing a credit history as information changes […] Read More...
Rule of Thumb
The most typical question a mortgage broker is asked is “How much am I qualified for?”. This question is becoming increasingly difficult to answer without an in depth look at your financial picture. The government stress test and increasing interest rates often means your limits today are different tomorrow. Since this question is asked so […] Read More...
Why do I need a mortgage broker?
[vc_row][vc_column][vc_column_text] For something as seemingly straightforward as buying a home, the mortgage process can feel overwhelmingly complex. One element of the purchasing process that causes confusion among home buyers is whether or not to use a mortgage broker. A mortgage broker is an intermediary between borrowers and lenders. Their job is to find the right […] Read More...
How can you protect your house from being taken by fraud?
The purchase of a property is a huge occasion for every home buyer and is, unfortunately, very stressful. It is important that the transaction closes smoothly, however equally important is to ensure that you do not fall victim to fraud. Recently real-estate fraud has been increasing rapidly, especially in regards to illegal activities in the […] Read More...