What documents are required to APPROVE your mortgage? Being prepared with the RIGHT DOCUMENTS when you want to qualify your mortgage is HUGE; just like applying for a job or going for a job interview. Come prepared or don’t get hired (or in this case, declined). Why is this important? You can have a leg […]
Info from OSFI for Jan 1, 2018 changes
If you’re among the roughly 1 in 6 conventional borrowers with the highest debt ratios, OSFI’s new mortgage stress test could keep you from: That’s making hundreds of thousands of borrowers somewhat anxious. It’s why we’re seeing a small jump in mortgage and pre-approval applications as people try to lock in a lender commitment before the rules change. Tips and Timelines If […]
Don’t assume anything when dealing with mortgage financing
A lot of people get into hot water when they assume that because they’ve qualified for a mortgage in the past, they will qualify for a mortgage in the future. This article has one point to make and it’s this: Don’t assume anything when dealing with mortgage financing! And if that’s all you take away, […]
Property Tax Time 2017
For those of us that pay our property taxes this information is for you. You should’ve received your property tax notice in the mail by now, or this week. You, assuming the property is your principal residence, will want to claim your home owners grant. Column B for most and some Column C You will […]
What The Latest CMHC Increases Have Done
CMHC increased the default insurance premiums on Canadian borrowers as of March 17, 2017. Effectively, anyone purchasing a home with less than 20% down will fork over up to 1.00%-point more in fees. If you’re down payment is: As an example, if you’re putting down 5% and paying $500,000 for a home (which is below average, believe it or not), […]