Homeowners New Year’s Resolutions

Mortgage Tips

As we take in a new year we think about ways to improve in 2017. Here are some simple New Year’s resolution tips for a homeowner. Whether your goal is to lower interest costs, pay off your mortgage sooner or prepare for higher rates at renewal time, any bit will help you financially. It is […]

Mortgage “Stress Test” Tips

New Mortgage Rule Tips

The mortgage “stress test” rule is now in effect. Canadians applying for a default insured mortgage are required to qualify at the Bank of Canada’s five year posted interest rate (the benchmark qualifying rate) on all mortgage terms. The qualifying mortgage payment is based on this higher rate. This directly results in lower mortgage amounts. […]

New Mortgage Rules Coming to Canada Soon

New Qualifying Mortgage Rules

The Government of Canada announced new mortgage rules that will be coming into effect on October 17, 2016. The rules will directly impact those purchasing a home in Canada with less than a twenty percent down payment. Canadians applying for a default insured mortgage (high-ratio mortgage) will be required to qualify at the Bank of […]

Purchase Plus Improvements Mortgage

Purchase Plus Improvements Mortgage

Does the home you want to buy need a little TLC? The Purchase Plus Improvements Mortgage helps qualified home buyers make their new home just right for them. Renovation costs are included in the mortgage with as little as a 5 percent down payment. The process is simple when applying for a Purchase Plus Improvements […]

A Must Read Before Renewing Your Mortgage

Mortgage Renewal

Mortgage renewal time is a great opportunity to revisit your financial goals and ensure you are renewing your mortgage with your future needs in mind. With busy lives and lack of advice, borrowers leave it to the last minute to sign their mortgage renewal papers. Sixty-five percent of borrowers follow the path of least resistance and […]

Credit Bureau and Your Mortgage Approval

Credit Score

There are many reasons why a mortgage application can be delayed or even worse, declined. A key tool lenders rely on when identifying any concerns when giving a mortgage approval is your credit bureau. A credit bureau is a history report of collected information from an individual’s borrowing and bill-paying habits. When applying for a […]