People often contact us wondering just how they’ll be able to afford a home in today’s market. The good news? From a low down payment mortgage to using your Registered Retirement Savings Plan (RRSP) as a source of funds, buying a home has never been...
Being offered a better mortgage rate can seem very enticing at first glance. After all, who doesn’t love the idea of lower monthly payments – especially in an ongoing pandemic? However, that being said, breaking your current mortgage doesn’t come without its own set of...
For the third time since the pandemic began, the Bank of Canada has formally lowered the average mortgage stress test rate they base their calculations on to 4.79% - making it easier for potential home buyers to purchase property. Initially announced in 2017, the test was...
Choosing what kind of mortgage to get has historically been one of the trickiest decisions that an applicant can make. However, nowadays the difference between a fixed and variable mortgage is so apparent that the choice is becoming increasingly straightforward. With only 20 basis points or...
With Canadians and the Canadian economy facing an unprecedented level of uncertainty due to the ongoing COVID-19 pandemic, the Bank of Canada has reassured prospective homeowners that its interest rates will remain at a near historic low for several years to come. The Bank’s Governing Council...
Most people believe that getting their credit report from Equifax or Trans Union Canada is the quickest and most accurate way of measuring their credit score and of forecasting whether they’d be approved for a mortgage. However, what many of them don’t know is that...
When the pandemic shut down the Canadian economy in March, Canada’s Big Six banks were quick to offer help to homeowners in the form of deferred mortgage payments for six months. The result was seemingly a success – payments were deferred on more than $180...
If you have a less than ideal financial history and are worried that there might not be any financing options available to you when the time comes to buy a home, set those concerns aside. While you might not qualify to work with an A...
Most Canadians spend over half of their monthly income on mortgage payments, which is far greater than the 30% figure that’s recommended to be financially sound. There are no two ways around it - buying a home is expensive, and saving up for a down...
Did you know that you’re not obligated to stay with your current mortgage provider once your mortgage term is up? Many people simply receive a renewal email or notice in the mail and think that they are tied into working with the same lender until...