5 Do’s and Don’ts for Homebuyers
Broker vs. Bank / Credit / Documents / First Time Home Buyer / Lenders / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Rules / Uncategorized

5 Do’s and Don’ts for Homebuyers

It’s not every day that you spend thousands of dollars buying a new home. Below are 5 important actions that every Homebuyer should be aware of. With this in mind I suggest starting with making a plan of exactly what you want, do your research and look into advice offered by several experts. You may … Continue reading

Enough Already!
Broker vs. Bank / Lenders / Market Updates / mortgage rule changes / Qualifying / Rules / Uncategorized

Enough Already!

This is a repost of an article written By Mark Kerzner, President, TMG The Mortgage Group Changes to the mortgage rules may have gone too far. Just when we think, when we are told, that the mortgage regulation pause button has been hit, we see the Bank of Canada (BOC) increase its overnight rate by 25 … Continue reading

You can’t live in your car!
Broker vs. Bank / Credit / Debts / Income / Lenders / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rules / Uncategorized

You can’t live in your car!

When it comes to qualifying for a mortgage, the current debts you have can determine what purchase price you can buy at. I often hear from people who have worked very hard to maintain a good credit score and have finally saved up the down payment and are now ready to buy. However, after my … Continue reading

Should I renew my Mortgage early?
Broker vs. Bank / Lenders / Mortgage Renewal / mortgage rule changes / payout penalty / prime rate / Qualifying / Rates & Terms / Rules / Uncategorized

Should I renew my Mortgage early?

Is your mortgage due for renewal sometime within the next year? Has your current lender called you or sent an offering of a one-time chance to “renew early and save” or some similar wording? With relatively low interest rates still available, it may be a good idea to renew your mortgage early and take advantage of the … Continue reading

Rising rates – What would the MortgageGirl do?
Broker vs. Bank / Lenders / Market Updates / prime rate / Rates & Terms / Uncategorized / Variable Interest Rates

Rising rates – What would the MortgageGirl do?

For the first time in almost 7 years, The Bank of Canada (BoC) has raised the prime lending rate by ¼ of a percent, it increased from .50% to .75%. Doesn’t seem like a very big increase but it does have the potential to cost all of us more money as it affects the rates … Continue reading

Another Mortgage Rule Change????
Broker vs. Bank / Insurance / Lenders / Market Updates / Mortgage Renewal / mortgage rule changes / Qualifying / Rules / Uncategorized

Another Mortgage Rule Change????

Who is responsible for all of these mortgage rule changes?  The Office of the Superintendent of Financial Institutions (OFSI) is an independent agency of the Government of Canada reporting to the Minister of Finance created “to contribute to public confidence in the Canadian financial system”. Wikipedia This time they are proposing to target Conventional Mortgages … Continue reading

What is my payout penalty?
Broker vs. Bank / Credit / Documents / Lenders / Market Updates / payout penalty / Pre-Payment / Rates & Terms / Refinance / Rules

What is my payout penalty?

When I get a call asking about refinancing a property, I always ask if you are presently in an open or closed term and will you have a pay out penalty if you leave your current lender? Not all mortgages are alike and neither are all mortgage lenders. The penalty for breaking a variable rate … Continue reading