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Category Archives: First Time Home Buyer
How Reliable Are Forecasts (Weather or Interest Rate)?
Is it just me – or have you noticed the unpredictable weather and inaccurate weather forecasts lately? Are we supposed to wear shorts or winter boots? Forecasters can’t seem to get it right. Predictions for huge snow events don’t materialize … Continue reading
Posted in First Time Home Buyer, General, Mortgage Rates, Mortgage Strategies
Tagged forecast, mortgage, mortgage broker, Tracy Irwin
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What in the World is the New Canadian Mortgage Charter?
Last November, federal Deputy Prime Minister and Finance Minister Chrystia Freeland tabled the federal government’s Fall Economic Statement 2023 (the FES). The new Canadian Mortgage Charter (CMC) was part of that, and according to Freeland, it’s “one of the most … Continue reading
The First Step Towards Home Ownership Is An FHSA
Earlier this year the First Home Savings Account (FHSA) was introduced by the Government of Canada. It was designed to help Canadians save for their first home tax-free (with limits, of course). With tax advantages, contribution flexibility, and the freedom … Continue reading
Who Doesn’t Love A Good Forecast?
Happy New Year. May 2023 be your year to shine! We all know, forecasts are one thing, but reality can be quite another, especially when it comes to the weather! Today, I’m featuring an excerpt from a Canadian Mortgage Trends … Continue reading
Why Homebuyers Don’t Always Get the Best Mortgage Financing Rate
Sometimes homebuyers enter the mortgage financing application process with expectations about receiving the best rate possible only to be disappointed when they discover they don’t qualify for it. It begs the question: Why don’t homebuyers always get the best mortgage … Continue reading
Changes in our Economic Landscape: What Does It Mean For You?
Inflation and rapidly rising interest rates have cooled off the real estate market. Supply and demand has shifted. You’ve probably noticed more “for sale” signs in your neighbourhood. I know I have. That means the inventory of homes for sale … Continue reading
Creative Thinking in Mortgage Lending
Mortgage professionals agree, one way to solve the crisis of affordability for new home buyers is to change the amortization allowance on insured mortgages from the current 25-year limit to 30 years. Longer amortization periods are nothing new. The concept … Continue reading
THINKING About Buying a Home? Get Organized First!
The moment you start thinking about buying a home is the moment to start thinking about where your down-payment will come from. Moving all your sources of money for a down-payment into a single “staging” bank account will help. This … Continue reading
Changes to Stress Tests for Insured and Uninsured Mortgage Financing
Follow the Leader… Starting June 1, both insured and uninsured mortgage borrowers are subject to a stricter stress test when qualifying for their mortgage. The Office of the Superintendent of Financial Institutions (OSFI) confirmed that it has moved ahead with … Continue reading
Posted in First Time Home Buyer, General
Tagged mortgage broker, mortgage financing, mortgage stress test
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Did You Know: PRE-Approval Does Not Guarantee a Mortgage Approval?
In this scorching hot sellers housing market, it’s important to know that a pre-approved mortgage does not automatically become an approved mortgage when you submit an Offer to Purchase. In the past, buyers included a “conditional on financing” clause – … Continue reading