Category: Mortgages
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The Four C’s of a Good Credit Rating
Buying your first home is an incredible step in life, but it is not without its hurdles! One of which is demonstrating that you are creditworthy, which all comes down to your credit rating. This is how lenders and credit agencies determine the interest rate you pay, or whether you will qualify for a mortgage…
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5 Mortgage Approval Roadblocks
When in the process of buying a home, there is nothing worse than having your mortgage broker or lawyer call and say “there is a problem”.
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Getting Your Down Payment Down
A down payment is one of the most essential aspects of every mortgage application and new home purchase. In Canada, home purchases require a minimum cash payment from your own funds that is put towards the purchase. This is your down payment and is considered your stake in the deal.
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Moving On Up!
Life is constantly changing from your career to your family as we climb up the ladder of life. With these life changes, your current home may no longer be working for you. Whether you’re cramped in your tiny apartment or have a little one on the way, it may be time to look at moving…
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The Mortgage Financing Process
The number one question for any potential homebuyer or someone new to the mortgage process is “what does this process entail?”. The following is a simple outline to give you an idea of the process and help you understand what to expect as you embark on your home buying journey!
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Are You Ready for Home Ownership?
While most people know the main things they need to buy a home, such as stable employment and enough money for a down payment, there are a few other factors that may help you realize you’re ready – perhaps even earlier than you thought! In fact, there are four main things that can help you…
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Truth Bombs: The Reality of Mortgage Penalties
When it comes to mortgages, rates aren’t the only thing that matters. With approximately 6 out of 10 mortgages being broken within the first 3 years, it is important to understand the reality of mortgage penalties.
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5 Things to Consider When Building Your Own Home
Building a home can be an exciting adventure and is the ultimate way to customize your home. You can purchase a new home from a builder, or do a complete custom build. Regardless of which path you choose, this journey isn’t always easy – to ensure the best possible experience, here are 5 important things…
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Should First Time Home Buyers Continue to Rent?
Housing prices have been climbing quickly. This is especially true in major urban centres where most Canadians live. The rate of increase for the average sale price appears to be climbing faster than people are able to save.Some Canadians see the dream of homeownership vanishing, others wonder if the choice to own is appropriate for…
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OSFI Changes Rules for Mortgage Deferrals
OSFI, Canada’s banking regulator, announced that it will begin to phase out special regulatory capital treatment of deferrals given improving economic conditions. These changes are effective immediately for mortgage payment deferrals granted by the Big 6 banks through to the end of September. Those deferrals will now only receive special capital treatment for up to…