First Time Homebuyers Alert! This is for you!! If you’ve ever wondered about the ins and outs of First Home Savings Accounts (FHSAs) and how they can impact your journey to homeownership, you’re in the right place. We’re here to break down the recent insights shared by the Canada Revenue Agency (CRA) and make…
In the recent Fall Economic Statement (FES), the Liberal government introduced the Canadian Mortgage Charter (CMC) as a measure to assist homeowners facing financial challenges amid rising interest rates. This initiative aims to provide clear guidelines for financial institutions on how to support vulnerable borrowers. In this blog post, we’ll break down what the Canadian…
Good news from Canada’s Banking Regulator! After nine months of discussions with industry stakeholders, the Office of the Superintendent of Financial Institutions (OSFI) has decided not to move forward with certain proposed mortgage regulations. OSFI has confirmed that they won’t pursue two of their proposed regulations: debt-to-income (DTI) restrictions and debt service loan coverage restrictions.…
Are you considering enhancing your living space to accommodate a multigenerational household? The Canada Revenue Agency (CRA) has introduced an exciting opportunity to make this a reality with the new Multigenerational Home Renovation Tax Credit (MHRTC). This valuable credit assists Canadians in transforming their homes by creating secondary units for family members aged 65 and…
Canadian banks are reporting a surge in interest in the newly introduced First Home Savings Account (FHSA) program. This innovative initiative empowers potential homebuyers to kickstart their homeownership journey by saving and investing for a down payment, all while enjoying tax-free benefits! At Canadian Mortgage Professionals, we’re thrilled to keep you in the loop about…
The Benefits of Using Canadian Mortgage Professionals When Going Through a DIVORCE With our broker Bob, having 35 years of experience in the mortgage industry, he has helped hundreds of Canadians mitigate the financial aspect of divorce over the years. We understand divorce can be a complex and emotionally challenging process. Amidst the legal…
With interest on car loans, credit cards, and other debt being significantly higher than mortgage rates, let us help you put a significant amount of your hard-earned cash back in your pocket every month. This savings number can be $100’s, or potentially even $1000’s depending on your scenario, and especially considering current economics. Please feel…
Real Property Report, what is it exactly and how important is it to our offer to purchase.
You’ll want to make sure you have the best condo insurance coverage in place. We’ll help you understand the different types of insurance and how they apply
Credit is important when applying for a mortgage because it gives lenders an idea of your creditworthiness and ability to repay the loan. Basically, lenders use your credit score and credit history to determine the risk of lending you money. A good credit score and credit history indicate that you are a responsible borrower who…