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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Canada's big banks cut credit card interest rates to ease coronavirus impact - + MORE Apr 4th

Canada's big banks cut credit card interest rates to ease coronavirus impact  CBC.caBig Six banks cut credit card interest rates to ease COVID-19 impact  CanoeCanadian banks pause payments on 10% of mortgages as they field 500,000 requests for deferrals  Financial PostI.... More »

The State of the Mortgage Market: 2020 + MORE Mar 14th

Mortgage Professionals Canada has released its latest State of the Mortgage Market report today, which is chock full of new stats and insights into the Canadian mortgage market. Despite regular headlines about rising home prices and overvaluation in the country’s largest centres, the report fi.... More »
 property mortgage

Advice for cash-strapped renters and landlords during COVID-19 + MORE May 17th

When the COVID-19 pandemic swept across North America in early 2020, it created a wave of income loss that impacted people from all walks of life. While some individuals have been hit harder than others, it’s difficult to find a group or industry that hasn’t been affected. A small segment of the.... More »
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How to Read Your Credit Report + MORE Jun 1st

Your credit report summarizes your credit history and helps lenders weigh your credit risk. Often your credit report is initiated when you apply for your first credit card. Over time it can help you reach your larger financial goals such as obtaining a rental agreement or mortgage. When you apply f.... More »

Deferring Your Mortgage Could Cost You More Down the Road + MORE Jun 4th

Well over 700,000 Canadian homeowners have now taken advantage of various mortgage payment deferral programs offered by most mortgage lenders. It’s no wonder there’s been so much demand, considering more than three million jobs have been lost across the country since the start of March when the.... 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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