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 reports have brought to light an increasing concern for many Canadian homeowners: rising mortgage delinquencies and negative amortizations, particularly with variable-rate mortgages (VRMs). As prime rates have increased over the past two years, many homeowners with VRMs have found themselves in a challenging situation where their mortgage payments do not adjust with the changing…
When it comes to getting approved for a mortgage, the type of debt you carry can significantly influence a lender’s decision. Lenders typically assess debt in one of two ways: either by considering the entire balance and calculating it into monthly payments or by factoring in the actual monthly payment impact on your cash flow.…
As a homeowner, one of the most significant financial milestones you’ll encounter is the renewal of your mortgage. With a staggering $251 billion of mortgages set to renew in 2024 and an even larger $352 billion in 2025, it’s crucial to be prepared. According to the Bank of Canada, “virtually all” remaining mortgages will go…
In today’s competitive Calgary housing market, low inventory often pressures buyers to make no-conditions offers. While appealing to sellers, these offers carry significant risks. Understanding No-Conditions Offers A no-conditions or “clean” offer eliminates the usual buyer protections, such as financing approval, home inspections, and sale of the buyer’s current home. This can expedite the sale…
You’ve decided it’s time to move, but what about your mortgage? You’re only a few years into your term, you have an excellent interest rate, and market rates are climbing. What should you do? Porting your mortgage might be the answer. Here’s a comprehensive guide to help you understand what it means to port a…
Demystifying Halal Mortgages: Understanding Options and Challenges. In a diverse and multicultural society like Canada, it’s essential to accommodate the financial needs of various communities, including those who adhere to Islamic principles. One such financial product tailored to meet the requirements of Muslim Canadians is the halal mortgage. These mortgages aim to align with Shariah…
Let’s demystify some financial jargon, shall we? Enter HELOC—Home Equity Line of Credit—a valuable tool that allows you to leverage the value of your property for various credit products. But fear not, we’ll break it down for you in simple terms. HELOC is like your trusty credit card but with a twist—it taps into the…