It would appear that qualifying for mortgages when you have 20% down or more is going to get a bit more "stressful" on June 1st, 2021. This the date that OSFI has planned for its proposal for a tougher minimum qualifying rate for uninsured mortgages to be in force. As planned, homebuyers/owners will need to … Continue reading Stress Test Increase
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
Many mortgage lenders have re-introduced the cash back mortgage, to help buyers and current home owners at a time when people need it the most.
Its times like these that we depend on the people we trust. Mortgage Sisters West are here to help you with your mortgage challenges and options during these uncertain times.
Here are 3 things you can do to give you some financial reprieve during these uncertain times. 1. Reduce your monthly mortgage payment. There are two ways to do this. a) If you are making accelerated bi weekly payments, change it to biweekly. Accelerated essentially pays an additional month of mortgage payments per year., by … Continue reading How to alter your mortgage to give yourself some financial reprieve
There are many Canadians whose mortgages are up for renewal this year. In 2014 the average discounted 5 year fixed rate was 2.81%, compare that with today's best averaging around 3.64% and its no wonder that many Canadians are worried about their mortgage payments on their upcoming renewals. Over 3/4 of renewing mortgage holders are … Continue reading Does your mortgage renew this year?
When you purchase a home, your name is on your land title as being the owner of the property and any other interests in the property- such as a mortgage- will also go on title. We assume that all mortgages are registered the same- however there are very big differences between a standard mortgage charge … Continue reading A Collateral Mortgage is not a Standard Mortgage
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
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
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?