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Latest News
TMG The Mortgage Group announces strategic partnership with Mortgage Outlet Sep 10th
TMG The Mortgage Group, one of Canada’s largest mortgage brokerages, has announced a new partnership with Ontario-based Mortgage Outlet..... More »
Life Insurance vs. mortgage insurance: Let’s break it down + MORE Mar 20th
Life insurance can be a necessity for ensuring your loved ones are taken care of after you’re gone. It can help them pay for funeral expenses, the costs of everyday living and much more. But one of life insurance’s main advantages is that it can pay off outstanding debts, including a mortgage. S.... More »
OSFI’s stress test change sparks industry confusion Nov 30th
Canada's banking regulator threw the mortgage industry a curve ball last week when a representative suggested there were some restrictions to a recent policy change most brokers weren’t aware of..... More »
How to build credit history in Canada + MORE Jun 30th
A credit history is a person’s track record of using credit (borrowing money) and repaying debt. Your credit history can affect many aspects of your financial life—from getting approved for a credit card or renting an apartment to taking out a mortgage or a car loan, among other things. In some .... More »
Proof of down payment: The biggest hurdle for mortgage professionals + MORE Aug 4th
For mortgage professionals, verifying a client's down payment sources can be one of the most challenging aspects of the mortgage approval process..... More »
Locked Out of the Market: How the Mortgage Stress Test Could Be Hurting Homebuyers
– ratesupermarket.ca
It was created with the intention of saving Canadians from becoming over-burdened with their mortgages, but some critics of the Canadian government’s mortgage stress test say it is slamming the door on first-time homebuyers who would otherwise be able to break into the market. In a recent opinion article in the Financial Post, Christopher Alexander, who is executive vice-president and regional director of RE/MAX INTEGRA for Ontario-Atlantic Canada, writes the stress test “is causing more harm than good.”
The stress test requires homebuyers that make a down payment of less than 20 percent to qualify for an interest rate that is at or higher than the Bank of Canada’s five-year benchmark rate (5.34 percent at the time of writing). In 2018, it was expanded to homebuyers who put down 20 percent or more; they now need to qualify for a mortgage rate two percent higher than the one offered by their lender (or the Bank of Canada’s rate five-year benchmark rate, whichever one is higher)…
