Category

Mortgage Pre-Approvals
Published:   •  Failing a Mortgage Stress Test Doesn’t Have to Mean ‘No’ to a Mortgage While the mortgage stress test was designed to help ensure Canadians don’t overstep their financial means, there are instances where it makes sense to bypass this process, yet still keep affordability top of mind. And, while you won’t necessarily...
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I am a big fan of the mortgage pre-approval — in any interest rate climate. Even when mortgage interest rates are steady or falling. And doubly so when rates are creeping upwards, as we have seen in the past several months. Why? Because the pre-approval will hold an interest rate for you while you continue...
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Published: • All realtors want their clients to be pre-approved prior to house hunting, and all buyers should want the same thing. This is true even though there is never, ever a sure thing with pre-approvals – since buyer circumstances can change or maybe the property being purchased will not be up to snuff. In...
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Published: • Stress of Bidding Wars Drives Homebuyers to Abandon Safety of Financing Condition Multi-offer situations (bidding wars) typically rear their ugly head in a heated market, when a desirable home in a good neighbourhood is deliberately listed at a lower-than-market-value price. This can lead to realtors rushing their buying clients to the house to...
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If you’re getting income taxes done, you need a great accountant There are a few things in life we all covet dearly – like a trusted auto mechanic, a great family doctor, or a dry cleaner who actually removes stains, etc. For me, you can add my tax accountant to this list. In one of...
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No matter how financially responsible you are, illness and tragedy can decimate your finances You never know what’s around the corner when family finances are concerned. Met a couple last week who retired early at 53, with guaranteed pension income of $74,000 between the two of them. And when they hit 65 (earlier for CPP...
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If I ask for a pre-approval, will it reduce my credit score? Dear Ross, we are looking around for our first home, and we want to know how much mortgage we will qualify for. If we ask for a pre-approval, will you have to check our credit history? Is that a ‘hard inquiry’, and will...
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What do you do if there’s an error on your tax return? Thanks to Tim Cestnick, managing director of WaterStreet Family Wealth Counsel, for the following article extract, published in The Globe and Mail, April 28, 2010. You screwed up your taxes, now what? Making Changes. You send in your tax return thinking all is...
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