Category: Mortgage Information

New mortgage rules may mark the end of an era

release-the-kraken

Will October 3, 2016 go down in history as the day the feds pulled the pin on a grenade which will severely impact the Canadian real estate and mortgage industry? It’s not usually wise to make bold predictions about such matters – better qualified experts than I have routinely been wrong over the past several …

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The government has dealt a shocking blow to the real estate market

canadian-government

Should first time home buyers act now or wait for a correction? If you thought it was hard to qualify for a mortgage before today, you are going to be in for a big surprise if you wait even a few weeks before taking the plunge. Effective October 17th, 2016 all insured mortgage applications will …

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Buying a home after a consumer proposal

helping-hand-mortgage

Buying a home after a consumer proposal. We’re told that a consumer proposal or bankruptcy gives us a second chance to get things right. A fresh start. But what does that mean when it comes to buying a home? Will you qualify for a mortgage after you complete a consumer proposal? We received an email …

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After a marital split, arranging a mortgage can be difficult

buying-a-home-after-divorce

After a marital split, arranging a mortgage can be difficult. Some people find it hard to qualify for a mortgage when they are on the hook for child or spousal support. The reason is most mortgage lenders consider these payments as a monthly liability, just like a car payment or other loan facility, and this effectively …

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Vancouver house prices fell 17% for detached homes in one month

Toronto underwater mortgage

Vancouver house prices fell 17% for detached homes in one month. A cool $294,000! That is the cost of a single family home in many smaller markets in Canada. It’s hard to believe this is not a misprint! We are talking about Vancouver Real Estate – the hottest market in the country for several years. You …

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The difference between down payment and deposit

real estate down payment

The difference between down payment and deposit First time buyers can sometimes get confused by terminology. For example, they understand you have to make a deposit when your Offer to Purchase is accepted, but may not be sure if this deposit is included in or separate from their down payment. This came to light recently when their …

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35 year am may reduce mortgage payment by ten percent

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35 year am may reduce mortgage payment by ten percent The thirty five year amortization period mortgage is a topic which attracts a lot of inquiries from our website visitors. It makes sense – with home prices climbing so rapidly these days, affordability is becoming a bigger issue than ever. You do have to have a down payment of …

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When you co-sign, the borrower now controls your credit history

co-sign loan

When you co-sign, the borrower now controls your credit history I met a couple recently who want to refinance their house to pay off some debts. Their home is worth $900,000 and their current mortgage is $450,000, so with lots of equity to play with you would think this will be really easy. The debts …

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No big changes after mortgage pre approval

doube home icon

No big changes after mortgage pre approval A pre-approval is granted based on your financial, employment, credit and life circumstances at the exact moment in time you asked. It stands to reason that if something significant changes between then and the time you actually make an offer to purchase, your approval could very well fly out the …

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Buyer needs 35 year am to qualify for mortgage

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Buyer needs 35 year am to qualify for mortgage Vicky may be a single parent, but from a very early age she has been buying and selling houses; taking advantage of the strength and stability of the GTA housing market to build up a net worth of almost one million dollars, and she is not …

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Power of sales process stopped just in time

Think outside of the bank

Power of sales process stopped just in time Sandra has been a loyal bank customer for more than thirty years, and when she ran into financial difficulties from losing her job last year, she looked to the bank for a sympathetic ear. She was falling behind in her mortgage payments and property tax payments – she …

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Think outside of the bank

Think outside the bank

Think outside of the bank Most of us have accounts with a chartered bank, so it’s natural we turn to them when we need a mortgage. “It’s convenient to have it all in one place” “They know my situation best” “My family has always done their mortgage with …..” “I don’t trust those other guys”…..these are a few of the …

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