Getting the best interest rate is the most important aspect of getting a mortgage, right? If you answered YES, this article was written just for you. The rate is very important and this article is going to illustrate the math and savings one can achieve with using a mortgage professional. Before we get into the […]

The Bank of Canada Brings Out The Big Guns Following yesterday’s surprise emergency 50 basis point (bp) rate cut by the Fed, the Bank of Canada followed suit today and signalled it is poised to do more if necessary. The BoC lowered its target for the overnight rate by 50 bps to 1.25%, suggesting that […]

  Closing Costs Explained. Closing costs are one of the largest variables for new home buyers, especially first time home buyers. All three mortgage insurers require that the clients have their down payment saved + an additional 1.5% of the purchase price for closing costs.   The problem with this is, that closing costs are usually […]

  Credit Scores & Credit Reports & How They Affect Your Mortgage Application. A good credit score is one of the most important pieces of a successful mortgage application.   As Mortgage Professionals, we always request a full credit report at the time of application.  This allows us to: Check the credit score. Identify any potential […]

Minister Morneau Announces New Benchmark Rate for Qualifying For Insured Mortgages The new qualifying rate will be the mortgage contract rate or a newly created benchmark very close to it plus 200 basis points, in either case. The News Release from the Department of Finance Canada states, “the Government of Canada has introduced measures to […]

Mortgage Application Process & Required Documentation Explained When a client is looking to get a pre-approval or doing a mortgage application for a home they just purchased the process is almost the same. Derek, Colten and I follow the same steps. 1). Get the application – The client will generally fill out our online application […]

Second Homes, Cottages and Vacation Properties Getting a mortgage for a second home or vacation home is really quite simple.  There are two types of mortgage applications.   One for Type A properties (4 season homes, condos, single family) and type B properties (3 season cottages, seasonal access, floating foundations).  Let’s address each type. Type A: […]

NEW TO CANADA PROGRAM The New To Canada Program was designed for new Canadians  who want to purchase a house, condo or build a new home.  The clients must have: 1).  Immigrated or Relocated to Canada within the last 60months 2).  A valid work permit or permanent residency 3).  Have minimum 5% down payment 4).  […]

Getting A Mortgage After A Divorce Or Legal Separation: When clients have decided to divorce or separate, what are their next steps? It is very important that both clients keep up all credit payments including credit cards, loans, lines of credit and especially their mortgage payments. They must prepare or have prepared a legal separation […]

A History Of Mortgage Rule Changes In Canada In 2008, the Federal Government started making some changes to how mortgage applications are approved in Canada. I think it important to recap some of these changes. Prior to the first rule change: – No down payment required – finance 100% – Maximum amortization was 40 years. […]