Before you buy, here’s how to compare home insurance + MORE Aug 6th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News

The latest in mortgage news: OSFI has no plans to loosen the stress test Sep 17th

Despite today's mortgage borrowers having to qualify at rates in excess of 6% and 7%, Canada's banking regulator said no changes to the stress test are imminent..... More »
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What happens when a buyer backs out of a real estate deal? + MORE Sep 2nd

When it comes to backing out of a real estate deal, the law doesn’t tend to side with the dealbreaker, says Ron Butler, a veteran mortgage broker and one of the founders of Butler Mortgage in Toronto. If you’re the buyer, “You should find a way to complete the sale—beg, borrow, do whatever y.... More »
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Is the family responsible to pay the mortgage for a loved one who has passed away? + MORE Aug 18th

When someone dies and owes money on a mortgage, is their common-law spouse responsible for paying it off? The house was in the name of the deceased only—the common-law spouse wasn’t a co-signer on the mortgage, and her name is not listed on the deed.  —Louine You’re 2 minut.... More »

Variable-rate mortgages are about to trigger payment increases Aug 9th

There's been a lot of discussion recently about how variable-rate mortgage holders could face their "trigger point." We're going to explore what that means, and the implications for borrowers..... More »

Mortgage rate pricing: Canada vs. the U.S.

– canadianmortgagetrends.com

Sometimes you just don’t know how good or bad you have it. Take the mortgage business, for example.

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Home insurance is important, but no one loves paying for it. That’s why people like to open their browsers and search for “cheap home insurance” and “how to save on home insurance.” 

Any insurance professional will tell you that there’s no easy answer for cheap and full coverage, as it’s really about finding the best plan for your needs. But it can be done. You have to do your homework. Shop around. Compare quotes. Luckily, there are a few hard and fast rules to keep in mind when comparing home insurance quotes. 

How to compare types of home insurance policies

While you don’t need home insurance by law, as you do with car insurance, your mortgage lender or landlord will often require it. Home insurance experts will tell you that the key to getting the best plan in terms of cost and coverage is to shop around and compare policy offerings from company to company. In your search, these are the main kinds of coverage you’ll come across:

Comprehensive: This is the most inclusive type of policy, covering sudden and accidental occurrences involving buildings and personal property, as well as liability…

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Are you a first-time home buyer looking to buy in Alberta? We break down what you need to know about buying property in the sunshine province, including important information on mortgage rules, programs for first-time home buyers and trends in the local real estate market right now.

Mortgage rules and rates: What to know about buying real estate in Alberta

The mortgage rules in Alberta are the same as they are in other parts of the country. Why’s that? Canadian mortgage rules are based on the lender you deal with—not where in Canada you buy your home. 

Federally regulated financial institutions, including banks and federal credit unions, must follow rules set by Canada’s banking regulator, Office of the Superintendent of Financial Institutions (OFSI). A first-time home buyer in Alberta obtaining a mortgage from one of these institutions will face the same down payment, mortgage qualification and mortgage stress test rules as any other Canadian buyer using the same kind of lender…

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