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.
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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 »
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Prime Rate to Fall as BoC Delivers Second Emergency Rate Cut + MORE Mar 29th

It’s official, Canada’s prime rate will fall to 2.45% following the Bank of Canada’s emergency rate cut on Friday. RBC once again led the way by confirming it would match the BoC’s 50-bps rate cut by dropping its prime rate to 2.45%. Scotiabank, TD, BMO and CIBC then followed in quick succes.... More »

Prime Rate Falls to 2.95%, Some Banks Increase Variable Premiums + MORE Mar 20th

For the second time in two weeks Canada’s prime rate has fallen by 50-percentage points. Following the Bank of Canada’s emergency rate cut on Friday, RBC led the way in passing along the full 50 bps of rate cut on Monday, with most of the other big  banks soon following suit. That lowered the c.... More »

The Latest COVID-19 Mortgage Developments: Rates on the Rise + MORE Mar 23rd

Mortgage Rates Rising Rapidly Canada’s Real Estate Market Faces Uncertainty Call to End to Open Houses Mortgage Payment Deferral Challenges Filogix’s Expert Victim of Ransomware Attack Mortgage Rates on the Rise Banks and other mortgage lenders have been frantically raising rates since last week.... 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…

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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…

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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 […]

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