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 […]

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Congratulations! Purchasing a home or even thinking about buying a home is an exciting adventure. You will be joining the ranks of hundreds of families who have realized that home ownership offers a number of benefits. The benefits include building equity, saving for the future and establishing a home your family can call their own. Your […]

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The new mortgage “stress test” rule is now in effect. It impacts those purchasing a home with less than a 20 percent down payment, therefore requiring default insurance. 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 […]

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Shopping for a home without a mortgage pre-approval is like forgetting to do your homework. Good luck explaining to your real estate agent that your dog ate your pre-approval.   Applying for a mortgage pre-approval is the first step when planning to buy a home. A lender will examine your financial situation to make sure […]

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Have you ever wondered what the qualification level of your mortgage advisor is? Their knowledge of mortgages can only come from experience. For this reason, not all mortgage pre-approvals are created equally.   Why is this?   When applying for a mortgage pre-approval, there is a formula that all lenders have to follow to determine […]

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