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
Home Capital managers ignored warnings from regulators, industry partners: report Aug 7th
Auditor’s 2015 report outlines the root causes of mortgage fraud at Home Capital Group that set in motion a near-disaster
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How not to overspend on your next car Apr 19th
Car-buying case study: Melissa and Dave
A car is the second-largest purchase you’ll ever make in your life, and you’re likely to make it many times over. Yet, unlike the home-buying process where you might have the professional assistance of a Realtor, mortgage broker, lawyer, and Certified Fina.... More »
The Latest in Mortgage News: Bond yields soar higher, fixed mortgage rates expected to follow Jun 15th
Bond yields surged to a fresh 14-year high this week, driving expectations that fixed rates are likely to continue rising..... More »
Mortgage payment calculator Oct 11th
For the majority of Canadians, buying a home will be the single biggest purchase they ever make, and getting a mortgage is an essential part of this process. According to a National Bank of Canada report, the majority of variable-rate-fixed-payment mortgage borrowers who signed onto between 2020.... More »
As expected, rates are beginning to fall + MORE Jul 17th
Some good news on mortgage rates…
Mortgage Brokers are receiving good news this week from many financial institutions. Wholesale fixed mortgage rates are falling. Great news for anyone buying, refinancing or renewing their mortgage in the near future.
The news co.... More »
CMHC’s HMA. Why Lenders Care
– canadianmortgagetrends.com
Last week, CMHC’s Housing Market Assessment (HMA) cited “strong evidence” of increased housing risk in Toronto, Calgary, Saskatoon and Regina. Here’s a visual summary of the insurer’s findings: Many don’t realize it, but mortgage lenders take these assessments seriously, and for multiple reasons. For example: CMHC factors in HMA risk when deciding whether to approve an insured mortgage. While CMHC says its loan eligibility criteria is the same in all markets throughout Canada, it adds: “HMA is considered in emili as a factor which influences the risk of an application…CMHC’s decision to insure a loan is based on an overall risk assessment of READ MORE
The Do’s and Don’ts When Buying a Home
– ratesupermarket.ca
Buying a home is one of the most exciting yet intimidating things to do. The idea of owning your own place is thrilling, yet the prospect of having a mortgage can terrify even those who are already financial savvy. Regardless of your price range, there are some definite do’s and don’ts when buying a home.
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It’s easy to get caught up in pictures of home décor on Pinterest, but there are some practicalities you need to consider before diving into a house hunt. Buying a home depends heavily on affordability and it should never be taken lightly.
Don’t get carried away when buying a house
Before you begin looking for a home, it’s well advised to get pre-approved for a mortgage so you have a rough idea of what you can afford. How much you’re approved for depends on a variety of factors including your income, credit history, and your down payment.
Your savings, lifestyle spending, and all the additional costs of maintaining a home need to be factored into your monthly budget says Josh Miszk, VP of Investments at Invisor…
