Military Relocation Mortgages and How we Can Help

Military Relocation Mortgages and How we Can Help

The demands of military life make relocation a difficult process, much more than the average homebuyer. Since you need to move on the drop of a dime, you can be left vulnerable to price surges when you need to buy and when value dips when you need to sell. However, there are options that can … Continued

Attention Variable Rate Mortgage Holders

Attention Variable Rate Mortgage Holders

To no one’s surprise but many variable rate mortgage holders dismay, The Bank Of Canada increased its overnight lending rate again by a ¼ percentage point, the third increase following hikes in both July and September. The New Rate Hike It is a bit discouraging to see common sense and fairness failed to present itself … Continued

What to Do with My Variable Rate Mortgage?

What to Do with My Variable Rate Mortgage?

Today marks a rare moment for many variable-rate borrowers because the Bank of Canada hasn’t raised its overnight rate in more than seven years, which means there are many among this group who have never experienced a rate rise (this is the part where the older generations shake their heads). Well, after years of ultra-low … Continued

Is It Worth Avoiding Mortgage Insurance?

Mortgage insurance is an extra premium applied to any mortgage purchased with 5% to 19.99% down payment. Also known as mortgage default insurance, mortgage loan insurance, or CMHC insurance, this premium helps to mitigate risks for lenders and helps home buyers who otherwise would not be able to purchase a property qualify for homeownership. As … Continued

A New Landscape for Home Buyers

A New Landscape for Home Buyers

  With so many changes in the mortgage and housing industry recently, getting ready to buy a house can be more than a little overwhelming. Here is what you need to know about the changes and some of the impacts:   New Qualification Rules New qualification rules were rolled out last October by the Department … Continued

Can You Afford To Ignore The Mortgage Rule Changes?

Can You Afford To Ignore The Mortgage Rule Changes?

The Department of Finance announced several new regulations early October that will have significant impact on the mortgage industry which in turn will affect you the consumer. The first one, which was put into place on October 17, 2016, requires that all insured mortgages, regardless of term (fixed or variable) will now have to QUALIFY on … Continued

The New Rules

Mortgage Rate Stress Test

Understanding the Government changes affecting the mortgage industry. Your answers to the What, Who and Why, and How The Mortgage Advisors can help! New: Mortgage Rate Stress Test   WHY did the Department of Finance implement these new changes as of October 17, 2016? The new regulations are intended to help protect the Canadian financial … Continued

BREAKING MORTGAGE NEWS! Ottawa Announces Tighter Mortgage Rules

BREAKING MORTGAGE NEWS! Ottawa Announces Tighter Mortgage Rules

The Federal Government has announced yet another important mortgage rule change in efforts to cool the housing market by implementing what they call a “stress test.” In other words, qualifying for a mortgage just got a whole lot more difficult. Effective October 17th, all insured mortgages are required to QUALIFY for their mortgage using the current … Continued

OSFI Open Letter: What It Means For You

OSFI Open Letter: What It Means For You

The media once again put mortgages in the headlines with the Office of the Superintendent of Financial Institutions (OSFI) releasing a letter July 7, 2016, addressed to all federally regulated financial institutions about its expectations for prudent underwriting. “OSFI expects mortgage lenders to verify that their mortgage operations are well supported by prudent underwriting practices, as … Continued