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 Read more about Don’t buy that…. yet![…]

“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 Read more about “No Stress Test” option still available![…]

Down Payment Assistance Helps First Time Buyers in BC

B.C. Home Owner Mortgage and Equity partnership From middle class families to young professionals, first-time home buyers are looking to invest in a secure and stable future. For many British Columbians dreaming of buying their first home, the hardest step is saving for a down payment. That is why the Province is partnering with British Read more about Down Payment Assistance Helps First Time Buyers in BC[…]

Rates Going Up. What does it Mean?

Rates are going up. What does it mean for you? If you are currently locked in a fixed rate mortgage, there is no change. If you have a variable rate mortgage or are actively in the process of securing a new mortgage (buy, renew, refinance) then here is what you need to know.   Impact Read more about Rates Going Up. What does it Mean?[…]

Getting a Mortgage while paying Spousal Support

Spousal Support (alimony) payments can be a major complication when trying to qualify for a mortgage, and it becomes increasingly difficult with the addition of other monthly liability payments such as credit card or vehicle loans. Fortunately, special programs are available to help you finance your home while still meeting your obligations. The example below explains Read more about Getting a Mortgage while paying Spousal Support[…]

Mortgage Qualification Rate Change FAQ

MORTGAGE QUALIFICATION CHANGES New housing policies are coming into effect and leaving many Canadians unclear about how their finances have been affected. This FAQ article will focus primarily on Low Ratio Mortgage Loans – mortgages with 20% or more equity or down payment (Click here for High Ratio article). Here’s what you’ll learn: Review of Regulations Prior to Read more about Mortgage Qualification Rate Change FAQ[…]

High Ratio Change for Canadian Borrowers

Change is in the Air October 2016 is set to see more change than just the colours and temperature of the fall season; new mortgage rules will change the entire landscape for high ratio borrowers, reducing their buying power by approximately 20%. The tree of homeownership has been shaken, and the remaining leaves are harder Read more about High Ratio Change for Canadian Borrowers[…]