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.
As your trusted mortgage adviser's we are absolutely committed to doing everything we can to help you if you are experiencing difficulty making your mortgage payments. These are unprecedented times, incredibly volatile and information is being adjusted, changed, clarified on a daily basis. I hope the information provided here can provide some help and please … Continue reading COVID-19-What Home Owners Need to Know
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
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
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
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
Often when looking at mortgage, many buyers 1st question is "what is your best rate?". While rate is certainly a consideration when choosing a mortgage product, knowing the features of the mortgage product should be top priority- because not all mortgage products or lender offerings are equal. In many cases, Canadians often end up paying … Continue reading Mortgage Penalties
What are some tips to pay down your mortgage quickly? Here is how some people saved themselves money on mortgage interest and paid down their mortgage's faster. Of Buyers who purchased between 2014-2017: 18% made a lump sum payment (average was $19,500) 16% increased the amount of their payment (average was $440 a month) 10% … Continue reading How to pay down your mortgage?
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