How Early Should You Get Pre-Approved for a Mortgage? + MORE Feb 28th

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

Optimism Returns to the Markets. Could Fixed Rates Start to Rise? Nov 13th

Bond yields in both Canada and the U.S. jumped on news that Pfizer’s COVID-19 vaccine has proven more than 90% effective in its trials. Following the announcement on Monday, the all-important 5-year bond yield is now hovering around 0.50% for the first time since early June. Since bond yields .... More »

Fixed mortgage rates in Canada resume their decline amid economic volatility Feb 5th

After a short-lived upswing in bond yields last month that nudged some fixed mortgage rates higher, lenders are once again bringing them back down..... More »
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Canadians opting for shorter mortgage terms as they hope for declining interest rates + MORE Jun 15th

Canadian housing mortgage rates are all over the map. Don't get trapped in an unnecessarily costly mortgage agreement. You Don’t Need a Big Bank to Get a Mortgage - canadamortgagenews.caIt’s tough to get a mortgage these days. New and existing clients have been calling non-stop letting me.... More »
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Minding Your Mortgage Myths Quiz: How Much Do You Know About Down Payments, Mortgage Rates, and More? + MORE Mar 17th

Your finances are in order and you’re pretty sure you can qualify for a mortgage. Congratulations, this is the first step on the road to homeownership. But can you pass our mortgage myths test? If you’re a newbie homebuyer, making your way through the maze of mortgage terms, types, and down pay.... More »

How high will interest rates go in Canada? Could they reach double digits? Jul 30th

We’re in the midst of a cost-of-living crisis—with sky-high grocery prices and mortgage rates that would have been inconceivable 18 months ago. To fight inflation, the Bank of Canada (BoC) has increased the policy interest rate by a total of 475 basis points (4.75%) since March 2022 (a basis.... More »
How Early Should You Get Pre-Approved for a Mortgage?
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 expiration date. If house shopping lasts longer than you anticipate, you may have to get another pre-approval. Here is what you need to know.
What Is a Mortgage Pre-approval?
During a mortgage pre-approval process, a lender reviews your financial status, including your income, assets, debts, expenses and credit score. Unlike a mortgage pre-qualification, which tells you how much financing a lender might extend, pre-approval is a commitment to loan the funds under certain conditions.
When Should You Apply for Pre-approval?
Typically, mortgage pre-approval is valid for a set term such as 60, 90 or 120 days. Because the house hunting process may take some time, it is a good idea to get a pre-approval as soon as possible…

Continue Reading On ratesupermarket.ca »

The affordability of homeownership… Rent or Buy?
After years of seeing countless articles and posts about interest rates, housing affordability issues, mortgage stress tests disqualifying some people from being able to buy, higher personal debt levels, does it still make sense to buy a home?
Yes! There is positive news. You can still buy a home. And you can still qualify for a mortgage.

And renting should scare the life out of you as rents are hitting ridiculous levels.
Here are some numbers for you to consider
Today, a household annual income of $70,000 will qualify you for a $300,000 mortgage. This will cost you between $1,278 and $1,520/month depending on product selection and rates.
Let’s look at Guelph, Ontario. A 1,500-square-foot townhouse will cost you over $2,000/month to rent. Or, you could buy that townhouse for around $458k. And with 20% down, your mortgage will carry for between $1,560 and $1,856/month.
In Ontario, we have a few problems. There is a limit as to how much a landlord can increase the annual rent. This has been between 1% and 2%, on average, during the last 25 years…

Continue Reading On canadamortgagenews.ca »

Ontario’s largest credit union has confirmed the closing of $125 million in debt financing from the Caisse de dépôt et placement du Québec (CDPQ). The financing will provide Meridian with the capital needed to embark on its growth plans to diversify its products and services, according to a company press release. “Meridian is focused on ensuring that we can continue to grow and flourish as a leader in our industry,” Tara Daniel, Chief Financial Officer of Meridian, said in a […]

Continue Reading On canadianmortgagetrends.com »

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