Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
The latest in mortgage news: National Bank among first to offer First Home Savings Account Apr 19th
National Bank has become one of the first of the big banks to make the new First Home Savings Account (FHSA) available to its clients..... More »
Low Rates Helping Borrowers Pay Off Mortgages at Record Pace Jun 25th
Home prices may be astronomical in certain parts of the country, but historically low mortgage rates are allowing borrowers pay off their mortgages faster than ever..... More »
How Early Should You Get Pre-Approved for a Mortgage? + MORE Feb 28th
Pre-approval is a standard step that prospective homeowners must complete before they go house hunting. This stage lets you know how much a bank is willing to lend you.
Getting pre-approved is a detailed process that requires extensive documentation. In addition, your mortgage rate has an expiratio.... More »
Honouring the latest Mortgage Hall of Fame inductees Oct 20th
After a pandemic-induced hiatus, hundreds of mortgage professionals gathered at the Vancouver Convention Centre Monday night to honour the latest inductees into the Canadian Mortgage Hall of Fame..... More »
Thinking of a private mortgage? Here’s what lenders want to see + MORE May 9th
Private mortgages continue to play an important role in today’s Canadian housing market, especially as traditional lending guidelines tighten. Yet many borrowers are surprised to learn that private lenders don’t simply look at one or two factors — they assess a wide range of details that can m.... More »
OSFI’s New Mortgage Rules: Why Homebuyers Should Apply Now
– ratesupermarket.ca
Effective Jan. 2018, all Canadians applying for a new mortgage will be subject to a stricter set of rules before approval, including a stress test to assess if they could still make mortgage payments in the event interest rates rise. The new guidelines are published in the Residential Mortgage Underwriting Practices and Procedures document, released this week by the Office of the Superintendent of Financial Institutions Canada (OSFI).
In the past, stress tests were only limited to insured borrowers – meaning those with less than 20 per cent down. Borrowers with less than 20 per cent down are required by law to purchase mortgage insurance, provided usually though the Canada Mortgage and Housing Corporation (CMHC). While the borrower pays the premium – which can add thousands of dollars to the cost of buying a home – the insurance actually protects the lender if the borrower defaults on the loan.
Borrowers who put more than 20 per cent down, on the other hand, do not require mortgage insurance…
How to save for university at (almost) any age
– moneysense.ca
Family celebrating a graduation. (Hero Images/Getty Images)Most parents have barely taken their baby on their first stroller ride when they start to wonder how to pay for a university education. There’s a lot to figure out. Can they afford it? How much will they need to save? And what’s the proper way to invest their money now? With Canadian universities estimating that a single year of post-secondary expenses—including tuition, room and board, food, transportation and books—costs between $18,000 and $25,000, the price tag for four years can easily reach $80,000 or more. Further, recent studies by the Canadian University Survey Consortium show that Canadian post-secondary students leave university with an average debt load of $27,000. But don’t feel discouraged by the steep costs. Having a plan will make things feel far more manageable. “Life is so busy,” says Annie Kvick, a certified money coach in Vancouver. “It pays to put milestones in your calendar . . . when there may be a little extra money to put toward your child’s education savings, like when daycare costs are done, the mortgage is paid off or the stay-at-home spouse goes back to work…
