Paperwork-it’s a fact of life. You need it and we as mortgage professionals also need it. Below is a list of must have documentation BEFORE you start going through the mortgage approval process. Personal Information This will be the basic information we require to start your mortgage process. It will include your age, marital status, […]

Although going through the pre-approval process is more important than ever, the actual term ‘pre-approval’ is often misleading. It really addresses just a few variables that may arise once in the middle of an actual offer. The pressure in many markets has never been greater to write a condition-free offer, yet due to recent changes […]

The question most often asked: ‘Is my mortgage portable?’ The answer most often given: ‘Yes.’ This answer is increasingly wrong. In reality you qualify to move ~80% of the balance… maybe. If you are thinking of: Moving (upsizing or downsizing) Locking a variable-rate mortgage into a fixed-rate product … you would be well served to […]

Yesterday, Ottawa unveiled major initiatives to slow housing activity both by potentially discouraging foreign home purchases and, more importantly, by making it more difficult for Canadians to get mortgages. As well, the Finance Minister is limiting the degree to which mortgage lenders can buy portfolio insurance on mortgages with downpayments of 20% or more. Ottawa […]

The Minister of Finance announced on Monday new Canadian mortgage rules effective October 17,2016. The new rules will impact high ratio buyers – those with less than 20% down payment. Other rule changes are expected to follow so stay tuned for details as they unfold. The important thing to remember is that this is not the end of […]

PROS AND CONS OF COLLATERAL MORTGAGES During the past couple of years the term “collateral mortgage” has gained a bit of a negative reputation, especially since TV shows like CBC’s Marketplace have taken notice. Marketplace felt it was worth doing a segment about collateral mortgages because the lenders offering this product were not disclosing the downside of this type […]

  1.  This is now the lowest prime rate we have seen since 2009.   There have been two prime rate reductions already this year. 2.  The banks don’t always respond and reduce their Bank Prime Rate.  They pocket the difference as a profit when they are borrowing money, so it’s common after a rate reduction for them to […]

by Donald Horne | 23 Jun 2015   One brokerage has made a rapid rise to the top of the mortgage scene in Canada, and one broker attributes that success to a few simple things. “In six years to become the top brokerage in Canada is pretty incredible. It speaks volumes of the people who are running it,” […]

If you’ve ever wondered how first-time buyers are affording ever-bigger down payments, BMO may have the answer: parental assistance. BMO’s 2015 Home Buying Report found that 4 in 10 (42%) of first-time buyers are relying on their parents or other family members to pitch in for a down payment. And this reliance is increasing along with home prices. It’s up 12 […]

 April 29, 2015   Robert McLister   One never stops learning in this business. The latest object lesson for us relates to the Benchmark Qualifying Rate, which is used to qualify variable- and 1- to 4-year fixed rate borrowers. The Bank of Canada (BoC) explained how it was calculated back in 2010 (that story). But a few weeks ago the Benchmark […]