Category Archives: First Time Home Buyer

information about first time home buyers for mortgages

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

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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

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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

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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

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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

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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

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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

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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

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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

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