New First Time Home Buyers Program

On September 2nd, 2019 the Government of Canada is introducing a new program to help first time home buyers save on their monthly mortgage payments. This new equity sharing program is designed for first time home buyers across Canada. There is still more information that needs to be released but this is what we know … Continue reading New First Time Home Buyers Program

Pre-Approved and Pre-Qualified – Know the Difference

When you start looking for a mortgage, you will hear the terms pre-approved or pre-qualified. Although these terms are similar, there is one big difference. I recently had a client (lets call him Sam) come to me saying he was pre-approved with the bank for up to $300,000 but wanted to use me because my … Continue reading Pre-Approved and Pre-Qualified – Know the Difference

Bank of Canada Raises its Benchmark Rate

Last week the major banks all raised their posted rates which initiated an increase by the Bank of Canada on its Benchmark Rate. Effective today, the Bank of Canada has increased its Benchmark Rate from 5.14% to 5.34%. This rate is used as a 'Stress Test' on your mortgage application, it will not have any … Continue reading Bank of Canada Raises its Benchmark Rate

The Four Types of Insurance in a Home Purchase

When purchasing a home you are going to hear the word insurance a few times through your conversations with the people who are going to help you get into your home. It would be nice if we just had one insurance and that covered everything but that is not the case. There are four different … Continue reading The Four Types of Insurance in a Home Purchase

What is Purchase Plus Improvements?

Many people who are out house shopping are looking for the perfect place to call home. You may find that yard that is perfect but the kitchen does not work. Or, you find the kitchen works but the bathrooms or flooring are so outdated it makes you forget how good the rest of the house … Continue reading What is Purchase Plus Improvements?

New Down Payment Rules for Mortgages Over $500,000

Rule changes that come into effect starting Feb 15, 2016 and the dates that everything gets effected. Minimum Down Payment Policy Changes for all CMHC and Genworth Applications As a reminder, on December 11th, 2015, the Government of Canada announced the minimum down payment requirement will be increased from 5% to 10% on the portion … Continue reading New Down Payment Rules for Mortgages Over $500,000

10 Most Common Mortgage Q&A’s

1. What’s the best rate I can get? Your credit score plays a big part in the interest rate for which you will qualify, as the riskier you appear as a borrower, the higher your rate will be. Rate is definitely not the most important aspect of a mortgage, however, as many rock-bottom rates often come from no frills … Continue reading 10 Most Common Mortgage Q&A’s

The New Mortgage Rules Are Coming But You Can Still Easily Own A Home

There is just over one week left until the new mortgage rules come into play. These new mortgage rules come into effect on March 18, 2011.  I am sure everyone has heard about the new rules, but if you have not heard, there are 3 new mortgage rules coming. - The maximum amortization is being … Continue reading The New Mortgage Rules Are Coming But You Can Still Easily Own A Home

Deciding Which Type of Home to Purchase

There is an endless supply of different types of homes available for purchase – ranging from condos to townhouses to fully detached homes. The key is to decide what you can afford and which amenities you prefer before heading out shopping for a new home.  Your best first step is to seek the advice of … Continue reading Deciding Which Type of Home to Purchase