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…
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.…
Calgary’s Trusted Mortgage Experts Are you looking for expert mortgage advice in Calgary? At Canadian Mortgage Professionals, we’re proud to serve the Calgary community with unparalleled mortgage services backed by over 35 years of experience. Our broker and owner, Bob Reader, has dedicated his career to helping Calgarians secure the best mortgage solutions tailored to…
Renovating your home can be an exciting prospect, whether you’re a first-time home buyer, or a seasoned homeowner. Renovations can enhance your home’s layout, update spaces, and even add value to your property. However, financing large-scale renovations can be a challenge if you don’t have the cash on hand. Here’s how you can incorporate renovation…
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…
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…
In the realm of Canadian mortgages, significant shifts are underway as federal initiatives aim to reshape the landscape for both prospective homebuyers and current homeowners. Let’s delve into the key highlights from the 2024 Federal Budget and explore how they might influence your mortgage strategies. The 2024 Federal Budget, unveiled on April 16, marks a…
What Does This Mean for Homeowners looking to add potential housing and income through rentals to their existing land. In a recent decision that could significantly impact the future of Calgary’s residential landscape, the City Council voted against holding a plebiscite(vote) on the proposed blanket rezoning initiative. This move comes amidst heated debates surrounding the…
If you’ve been contemplating buying a home in Calgary, there’s no better time to make your move. Despite the challenges posed by the current real estate market, Calgary stands out as a promising destination for prospective homebuyers. Here’s why: 1. Record High Rental Prices According to recent data, Canada’s average rent price hit…
