Every mortgage calculator you will ever need + MORE Mar 20th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.

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Can you pay off your debt while saving for retirement? + MORE Sep 2nd

Ask MoneySense We are a blended family. My husband, at 50 years old, owns a home with a $330,000 variable-rate mortgage. He rents it out for $3,400 per month, which covers the mortgage plus about $1,000. He’s also maxed out his $50,000 line of credit. He has $200,000 in an RRSP and has a company p.... More »

Why are mortgages so expensive in Canada? + MORE Nov 21st

Canada’s mortgage market has now absorbed four Bank of Canada (BoC) rate cuts, and house hunters are feeling the effects. The latest housing affordability data compiled by Ratehub.ca finds that lower mortgage rates made it easier to purchase a property in nearly every major Canadian housing marke.... More »

How to grow your reverse mortgage business by partnering with realtors + MORE Jun 5th

Bring flexible financing solutions to the table to help realtors close more deals..... More »

How the Bank of Canada’s interest rate works—and why it’s rising + MORE Apr 13th

The Bank of Canada has raised its policy interest rate by half a percentage point for the first time in decades, a move intended to slow runaway inflation. The rate hike brings the Bank’s policy interest rate, also known as the overnight rate, up to 1% from the previous 0.5%. It’s the s.... More »

5 surprises to avoid when switching mortgages before your term ends + MORE Jul 31st

These days, being a home owner with a mortgage can feel like you’ve ordered the chicken dinner before realizing there was a steak special. You orchestrate a last-minute switch before your meal arrives, and it’s only once your overcooked steak is served that you know you’ve made a mistake. .... More »

Why the mortgage stress test isn’t the villain it was made out to be

– moneysense.ca

There is no question that the mortgage stress test—a mortgage qualifying tool that limits the amount you can borrow to purchase a home—has been a thorn in the side of many mortgage professionals, realtors and aspiring homeowners across Canada.

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Industry experts have noted the stress test restricts first-time buyers and move-up buyers from entering the marketplace. It also limits existing homeowners in their ability to access the equity in their homes through having to re-qualify for their mortgage using the stress test qualifying rules.

It’s for these reasons that a tool designed to protect Canadians became a villain in the eyes of many people with homeownership dreams and those wanting to serve them. So, is that reputation really warranted?

What is the purpose of the stress test?

The stress test was introduced in 2016 to address high levels of household debt in Canada…

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Every mortgage calculator you will ever need

– moneysense.ca

Owning a home can be a powerful wealth-building tool, but it can also be expensive when you account for mortgage payments, property taxes, insurance premiums, utilities and maintenance.

To get a clear picture of how a home purchase impacts your finances, you’ll need to determine how much you can afford on a mortgage and how much you can spend in total on a home, as well as how these factors affect your overall housing costs. Fortunately, mortgage calculators let you model this information, helping you make sound financial decisions about what will likely be the most important purchase of your life.

Why should you use a mortgage calculator?

You wouldn’t buy a car without knowing what it would cost you on a monthly basis, and you shouldn’t buy a home without an accurate idea of how it will impact your finances, either…

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Getting a great mortgage in Canada can be tricky – let us help! Visit our Canadian Mortgage page for the latest rates and articles.

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