Mortgage Protection

Mortgage Protection Insurance

As exciting as buying a home is, it’s more than just a place to live. It’s the place where life happens. A mortgage is a long-term commitment and a lot can happen during the time it takes to pay it off. Your financial situation or lifestyle may change over this period of time. Mortgage Protection […]

CMHC Increasing Mortgage Premiums

Mortgage Premium Increases

For the third time in three years, Canada Mortgage and Housing Corporation (CMHC) will be raising its default insurance premiums. Effective March 17, 2017 premiums are increasing anywhere from 11 percent on a minimal down payment mortgage to as much as 225 percent on lower loan to value mortgages. The announcement was released on January […]

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 […]