Lower Stress Test Gets You More
Bank of Canada is lowering the benchmark mortgage stress test from 4.94% to 4.79%, which means could qualify for a little more as of August 17, 2020.
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Richard Moxley (“the Credit Guy”) on Deferring Mortgage Payments
Got questions about deferring payments during COVID-19? Check out this March 2020 interview with Richard Moxley (aka “The Credit Guy”), author of best-selling book “The Nine Rules of Credit” and more recently “The Credit Game”. Richard’s comments are more general to encompass a variety of credit forms including credit cards, lines of credit, and instalment[…]
Own or Rent in a COVID-19 economy?
With the unsettling impact of COVID-19 on the global economy and strict social isolation requirements, the security of a place to call home is on everyones mind. Some are feeling the need for more space and wondering if its time to upgrade, while others are anxious about whether they can afford to keep the shelter[…]
COVID-19 Mortgage Relief – Lender contact #s
In response to economic challenges relating to the COVID-19 pandemic, most lenders have launched programs to help ease the pressure of mortgage obligations for homeowners affected by income loss. The specific flavour of relief may vary by lender, but generally speaking they include options to defer payments without affecting your credit score, and traditional fees[…]
Tim Osborn presents with CMHC to Royal LePage Downtown Realty
A Mortgage Broker is your One-Stop Shop for maximum qualification options to help you buy your next property. Tim Osborn presented with CMHC Laura Kershaw to the enthusiastic team at Royal LePage Downtown realty.
Don’t buy that…. yet!
Don’t buy that…. yet! While a “0% Financing” or “No payments for 12 months!” sale might seem like perfect timing, it could destroy any hopes of buying a home soon. Your maximum mortgage is affected by all debts, including unpaid credit cards, car loans, even deferred payments. A $100 monthly debt can reduce your buying[…]
“No Stress Test” option still available!
Don’t Stress about the Stress Test Borrowers presenting with 20%+ downpayment are frustrated after new stress test rules resulted in approximately 20% reduction in borrowing power. However, there’s good news (for now)! The stress test does not apply to provincially regulated lenders; while some have voluntarily implemented it, a few are still qualifying under[…]
Last chance for down payment assistance!
The BC government announced a program late 2016 that would match a first time buyer’s down payment contribution up to 5% of the home purchase price. No payments are required on the loan for the first 5 years. This program will be discontinued, but applications received by March 31, 2018 will be honoured for 6[…]
The Long and Short of Mortgage Amortization
Mortgage Amortization – is short or long better? You’ve found your dream home and financing has been approved at a great rate, but how long should you amortize your payments? Amortization is the length of time if takes you to pay off your entire mortgage and affects how much interest you will pay over the life[…]
Be Mortgage Free Faster
Did you know with a variable rate mortgage you can pay down MORE principal, pay LESS interest, and enjoy LOWER payments? Check out this first 5 year cost comparison for a $250,000 mortgage amortized over 25 years. And if you top up your variable rate payments to match what the fixed rate payments would have[…]