If you’re starting your journey toward homeownership, you’ve likely come across the terms pre-qualified and pre-approved. While they might sound similar, they serve different purposes in the mortgage process and can make or break your path to buying your dream home. Let’s break it down for you. What is Pre-Qualification? Think of pre-qualification as the…
With the rising cost of living and inflation affecting households across Canada, many homeowners are finding it harder to stay on top of their mortgage payments. Essential expenses like groceries, utilities, and transportation now consume a larger share of monthly budgets, leaving less room for financial flexibility. This economic pressure has made missed mortgage payments…
When searching for the right mortgage, it’s important to look beyond the numbers. While a lower rate might catch your eye, it often comes with hidden conditions that can lead to higher costs and reduced flexibility. Understanding these potential pitfalls will help you make an informed decision and avoid costly surprises. The True Cost of…
Expanding Housing Options with New Mortgage Rules The federal government has introduced a mortgage rule change designed to increase access to home equity funds, making it easier for homeowners to finance the addition of secondary suites. These refinances, previously unavailable since 2016, are back and aim to help Canadians cover the costs of building…
Key Trends for Canadian Homeowners The latest trends in Canada’s residential mortgage market reveal shifts in borrowing patterns, rising delinquency rates, and a cautious approach from traditional and alternative lenders alike. Whether you’re a homeowner, or a prospective buyer, understanding these trends can guide smarter financial decisions. Interest Rates and Borrowing Preferences in Canada 2024…
The days of ultra-low interest rates are behind us, and renewing your mortgage in this environment can feel overwhelming. But don’t worry — there are options to help you navigate the process and secure the best rate. Rates Are Coming Down, But… While mortgage rates are finally easing — including variable rates linked to Bank…
As of October 20, the Alberta government has introduced a new land titles registration levy that significantly increases fees for land transfers and mortgage registrations. This adjustment, announced in the provincial budget earlier this year, has come as a surprise to many Albertans, especially those planning to buy property or refinance their mortgages. What’s Changed?…
Prepare Your Home for the Canadian Winter If you know our mortgage broker, Bob, you know he’s a man who takes care of both his house and office with meticulous attention. After all, why not? You’re protecting the biggest purchase of your life! As we approach the colder months, it’s time to ensure your home…
Big News for Homeowners The Office of the Superintendent of Financial Institutions (OSFI) has announced a significant change in the mortgage landscape that will benefit many Canadian homeowners. Effective soon, borrowers with uninsured mortgages will no longer be required to complete a stress test when switching lenders at renewal time. What Does This Mean…
Recent changes to mortgage rules, announced by Finance Minister Chrystia Freeland, are designed to help more Canadians—especially younger ones—achieve the dream of homeownership. These changes, set to take effect in December, aim to provide greater flexibility and opportunity for homebuyers in today’s evolving housing market. Boosting the Price Cap for Insured Mortgages One of…