Preparing Your Home For A Successful Appraisal

When you refinance your home, or even when you are switching mortgage lenders and your mortgage is uninsured, the mortgage lender will require an appraisal on the property to confirm your property's current value. Your home is one of your largest assets so of course you want it to appraise high within your current market. … Continue reading Preparing Your Home For A Successful Appraisal

POSTPONED- Changes to the Mortgage Stress Test

The changes announced in this blog, have been postponed. With the impact on the economy from COVID-19, the regulators have decided to wait on any changes. It is worth to note that at this time the Stress Test has lowered with most mortgage lenders and today (March 31st, 2020) it is currently 5.04%. Previous post … Continue reading POSTPONED- Changes to the Mortgage Stress Test

First Time Home Buyers Incentive Program

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.

Good Credit

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

The 5 C’s of 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

Assumable Mortgages

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

OFSI Mortgage Rule Changes effective January 1st 2018

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