MortgageGirl Answers Frequently Asked Questions (Summer 2018)
Broker vs. Bank / Credit / Documents / Downpayment / First Time Home Buyer / Income / Insurance / Market Updates / mortgage / Mortgage Renewal / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rules / Uncategorized

MortgageGirl Answers Frequently Asked Questions (Summer 2018)

Do you have mortgage questions? The MortgageGirl can answer today’s most commonly asked questions How much house can I afford to buy? I constantly get asked this question and due to recent mortgage rule changes, the answer is now quite different than it was last year at this time. Basically, the new house debts such … Continue reading

Why has my mortgage application been declined?!?!
Broker vs. Bank / Credit / Debts / Documents / Downpayment / First Time Home Buyer / Income / Insurance / Lenders / Market Updates / Mortgage Renewal / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Refinance / Rental Properties / Rules / Uncategorized

Why has my mortgage application been declined?!?!

Being declined for a mortgage can be quite disheartening, especially when you consider all of the hard work that goes into applying for one in the first place! Understanding why you were declined allows you to recognize certain areas of your finances that can be improved. The good news is that just because one lender … Continue reading

What do first-time homebuyers need to know?
Broker vs. Bank / Credit / Downpayment / First Time Home Buyer / Helpful Tools / Insurance / Market Updates / mortgage / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Stress Test / Uncategorized

What do first-time homebuyers need to know?

If you’re ready to buy your first home and want to have a smooth and successful home purchasing experience, avoid these common first-time home buying mistakes. Find a good Mortgage Broker Ask for recommendations from friends, family and co-workers to find the professional that is right for you. If you are looking on-line, read the testimonials … Continue reading

Have questions about the most recent announced mortgage change?
Downpayment / Helpful Tools / Insurance / Lenders / Market Updates / mortgage / mortgage rule changes / Purchase / Qualifying / Refinance / Rules / Stress Test / Uncategorized

Have questions about the most recent announced mortgage change?

The MortgageGirl has answers! Once again, the Office of the Superintendent of Financial Institutions (OSFI) recently introduced new rules on mortgage lending to take effect January 1,2018. OSFI is setting a new minimum qualifying rate, or stress test, for uninsured mortgages (mortgages with down payments of 20% or greater than their home price). There has … Continue reading

Can you still get a mortgage to buy a home if you have not saved a down payment?
Credit / Downpayment / Income / Insurance / Lenders / Market Updates / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Rules / Uncategorized

Can you still get a mortgage to buy a home if you have not saved a down payment?

The answer is YES you can! Back in 2015 the Federal Government changed mortgage rules for homebuyers with no down payment saved and personally I believe these changes were a good thing. Previously, majority of zero down mortgages were simple cash back mortgages that came with much higher interest rates where the lender would provide … 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

First Time Home Buyer? What you should know.
Broker vs. Bank / Credit / First Time Home Buyer / Insurance / Lenders / Pre-Approvals / Purchase / Qualifying / Uncategorized

First Time Home Buyer? What you should know.

If you’re ready to buy your first home and want to have a smooth and successful home purchasing experience, avoid these common first-time home buying mistakes. Find a good Mortgage Broker Ask for recommendations from friends, family and co-workers to find the professional that is right for you. If you are looking on-line, read the … Continue reading