First-Time Home Buyers Incentive Plan

First-Time Home Buyers Incentive Plan

The Liberal government announced legislation for a new Canada Mortgage and Housing Corporation (CMHC) First-Time Home Buyers Incentive Plan. It’s a shared equity mortgage program that would give eligible first-time home buyers the ability to lower their borrowing costs by sharing the cost of buying a home with CMHC. If the legislation passes, it will […]

Questions to Ask a Mortgage Lender

Questions to Ask Your Lender

Here are some important questions that we recommend asking a mortgage broker before shopping for a new home. They will help find a lender that’s best suited for you and your unique needs. What are your qualifications as a mortgage lender? Ask your mortgage lender how long they have been doing mortgages for. The more […]

Mortgage Stress Test

Mortgage Stress Test

The “stress test” rule can be a little complicated to understand. Here’s a break down of why the rule exists and how it will apply to your mortgage. What does the mortgage “stress test” really mean when applying for a mortgage? When you buy a home in Canada your mortgage is “stress tested” to ensure […]

Cash Back Mortgage

What is a cash back mortgage?  With a cash back mortgage, you receive a lump sum cash rebate when your mortgage closes. You can use the money to furnish your home, pay off debt or fill your savings account for a rainy day. How much will it cost? Interest rates are slightly higher on a […]

What’s Stopping You from Owning a Home?

Owning a Home

Owning a home is considered to be a rite of passage for many Canadians. It symbolizes independence. You set the rules, make the decisions, take financial responsibility and invest in your future. Renting doesn’t give you much control over the property. You are under the landlord’s mercy when it comes to following rules written in […]

Finalizing Your Mortgage

Finalizing your mortgage approval

Now that you have a mortgage approval in place and signed off on all of the purchase agreement conditions, you’re closer to taking possession of your new home! There are a few more steps to take before possession day. Here’s a list of the next steps so you can be better prepared: □ Confirm the […]

Bridge Financing

Bridge Loan

Buying your next home may come with new challenges than when you bought your first home. Many homeowners will use the home equity they built for a portion or all of the down payment on their next home. When purchasing a home, you are required to give the down payment funds to the lawyer before […]

New Conventional Mortgage “Stress Test” Rules

New "Stress Test" Mortgage Rules

The decision has been made by the Office of Superintendent of Financial Institutions (OSFI) to proceed with the mortgage rules they proposed earlier this summer. OSFI is an independent agency of the Government of Canada that reports to the Minister of Finance. It was created to contribute to public confidence in the Canadian financial system. OSFI is the sole regulator of […]

The Best Time to Buy a New Home

The Best Time to Buy a Home

If you are waiting for the perfect time to buy a new home based on market predictions, you are probably going to miss out. Make sure buying a home is the right step for you at this time. Don’t make the decision based on market conditions alone. If owning a home is cheaper than renting, then […]

Spring Home Buying Season

Spring market

Spring has sprung and sunny days have begun. This time of year marks the start of the busy home buying season. If you are a potential home buyer looking to purchase a new home this spring, keep in mind it’s not just about finding the perfect property. It’s also about finding the perfect mortgage that […]