As shown in the Globe and Mail This is a good article in regards to renewals and doing them early or not. With me I will do a comprehensive look at your mortgage and where the market is 4 months prior to the renewal date. Many mortgage lenders want you to believe that rate certainty […]
Great stats by CMHC
Today I was fortunate enough to sit down with a small group of mortgage brokers with CMHC sharing some great information. Keeping in mind these are CMHC stats and there are two other providers of mortgage insurance. However, CMHC has more than half the market share. Here’s some of the stats that came out:-Average outstanding […]
Cash Backs – Are they worth it?
I’ve ran in to a couple people in the past few weeks that have taken cash back mortgages. Particularly with one bank who is promoting them heavily. You have to be very leery of them as they may not work out as you thought. Remember, this money is not ‘free’ money. They make it up […]
Is the bank pre-approval really a pre-approval?
I spoke about this not too long ago and it has come up again. I’ve been working with a client and have pulled credit and looked at 2 years income, so I know the applicant pretty much inside out to make a good analysis. I also talked to him about budget and what is a […]
Interesting times right now and going forward
I’m seeing some challenges lately in the residential mortgage market. Buying a rental and putting a mortgage on it can be very difficult in today’s market, especially with the main stream mono line lenders and banks. I’ve recently had a client with 40% down needing a mortgage on a rental property. I never knew it […]