Is it time to lock in a variable rate mortgage? Approximately 32 per cent of Canadians are in a variable rate mortgage, which with rates effectively declining steadily for the better part of the last ten years has worked well. Recent increases triggers questions and concerns, and these questions and concerns are best expressed verbally […]

New Mortgage Rules Coming Jan 1 Boost November Home Sales So here we are in the lead-up to the January 1 implementation of the new OSFI B-20 regulations requiring that uninsured borrowers be stress-tested at a mortgage rate 200 basis points above the contract rate at federally regulated financial institutions. It is no surprise that […]

AN INTERESTING MOVE REGARDING RENTAL PROPERTY FINANCING For those looking to purchase rental properties, the minimum down payment has historically been at 20% for some time, and so it remains. In years gone by, this down payment money had to be proven to have originated from the buyers own resources, it could not be gifted. […]

WHY BANKS WANT YOU TO SIGN THE RENEWAL AGREEMENT THAT THEY MAIL OUT TO YOU Most banks boast a higher than 90% renewal rate on their mortgages (some even higher than 95%). Since it costs them a lot more money to acquire a new client vs. keeping an existing one, banks love the savings of a […]

A Pre-Approval Is Not Really a Pre-Approval There is a misconception out there that once you’re pre-approved, you’re good to go. A pre-approval simply means that based on your CURRENT income, expenses, down payment and credit you SHOULD be able to get fully approved once you find the right property (this is the first half of […]