By now you likely have heard of the new B20 mortgage rule updates set by the Federal Government in October of 2016 and the increase in premium in default mortgage insurance in March of 2017 and the newest addition to conventional mortgages that came into effect January 1 of this year. The Office of the … Continue reading Insured, Insurable and Uninsurable
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Many people believe that the lowest rate mortgage is the best kind. While there is obviously merit to saving on interest, rate is not the only variable that can save or cost you money. There are real reasons as to why a broker will tell you that there is more to the question- what is … Continue reading The Down-Low on the Lowest Rate
The Most Recent OSFI Mortgage Rule Changes On Tuesday October 17 the Bank of Canada announced they will proceed with the implementation of a stress test for all uninsured mortgages. An uninsured mortgage is where the down payment is more than 20% down, has no default mortgage insurance and includes refinancing. The stress … Continue reading OFSI Mortgage Rule Changes effective January 1st 2018
In 2016 and 2017 Ottawa brought in some major changes to the mortgage industry that has made the cost to lend mortgages much higher. The categorizing of a mortgage is now more complicated and depending how your mortgage is categorized: insured,insurable or uninsurable- there are different mortgage rates. This and other factors have resulted in … Continue reading What is your best rate?
A Monoline lender, by definition, is a mortgage lender that focuses on lending money for one purpose: mortgages. It's that simple. Monolines are secure mortgage lenders. They are big players in the mortgage industry with billion of dollars in mortgage funds invested by the Big Banks, Life Insurance and Trust Companies. They follow the same … Continue reading What is a Monoline?
Default Mortgage Insurance is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. In Canada, we are fortunate that we have three organizations that offer default mortgage insurance: CMHC – Canadian Mortgage Housing Corporation, Sagen (formerly Genworth), and Canada Guaranty. Why is this important and a benefit to a borrower? … Continue reading Insurance Series- Default Mortgage Insurance
Title insurance is protection against loss arising from problems concerning the title of your property. In Canada, First Canadian Title (FCT) is the company through which title insurance policies are insured through. There are two different types of title insurance policies a “lender policy” and an “owner policy”. Lender Title Insurance When you take out a mortgage, … Continue reading Insurance Series-Title Insurance
Home Insurance When you purchase a home, it is prudent to protect yourself in the event of calamity such as fire, flood, storm and even liability damage. If you have a mortgage on your home, the lender you are with, will require proof of insurance prior to funding. This proof is often in what's commonly … Continue reading Insurance Series-Home, Disability and Life
If you are “business for self”, your best bet in saving you money on taxes is with a professional chartered accountant. You know this already, and we know this - as we are in business owners too. But when you are purchasing a home or wanting to use equity in your home; be careful how … Continue reading Options for Business for Self
Is Your Mortgage Coming Up For Renewal? Are you aware of when your mortgage is coming up for renewal? If not, it is a good idea to find out when it is. If you’re like most Canadians, it’s something that we would like to forget, or keep in the back of your mind. With … Continue reading Options at Renewal