There is a lot of interest in the New Canadian First Time Home Buyers Incentive Program. This program is shared equity program designed to make first time home buying more affordable. See our video to have a better understanding, and don't forget to visit: placetocallhome.ca for more information.
For most people, a mortgage is going to be one of the largest debts they manage in their lifetime. With this in mind when mortgage lenders are looking at an application they have to consider if an applicant has demonstrated a history to borrow and repay. The thicker and longer the history, means overall less … Continue reading Good Credit
When you join into a mortgage relationship with a lender, it's important to keep in mind that it is the lender who generally takes on the majority of the risk as most people put less than 50% up to only 5% of their own money to finance the initial cost of the home. In order … Continue reading The 5 C’s of Credit
With the latest increase in financing rates we might be hearing a lot more about assumable mortgages. An assumable mortgage is one that the lender allows another borrower to take over or assume the mortgage without changing any of the terms of the mortgage. The new applicant takes over the obligation for the payments left … Continue reading Assumable Mortgages
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
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