Now, more than ever, you need a Mortgage Broker on speed dial!
Broker vs. Bank / Credit / Debts / Documents / Downpayment / First Time Home Buyer / Helpful Tools / Income / Lenders / Market Updates / mortgage / Mortgage Renewal / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Refinance / Rules / Uncategorized

Now, more than ever, you need a Mortgage Broker on speed dial!

Whether you’re looking to buy your first home or refinancing your rental property, the mortgage landscape is far different than it used to be due to all of the mortgage changes. Based on many years of mortgage underwriting experience while working with the banks for 20 years and as a Mortgage Broker for the last … 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

Should I lock my variable rate mortgage in now?
Broker vs. Bank / Market Updates / mortgage / Mortgage Renewal / Pre-Approvals / prime rate / Purchase / Qualifying / Rates & Terms / Uncategorized

Should I lock my variable rate mortgage in now?

I can’t believe how many of my clients have asked me this question over the past few weeks due to the recent increases in both the fixed and variable rates. With a fixed rate mortgage term, the mortgage rate and payment you make each month will stay the same for the term of your mortgage. … Continue reading

MortgageGirl Answers Frequently Asked Questions (Fall 2017)
Broker vs. Bank / closing costs / Credit / Debts / Downpayment / First Time Home Buyer / Income / Lenders / Market Updates / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Rules / Uncategorized

MortgageGirl Answers Frequently Asked Questions (Fall 2017)

Do you have mortgage questions? The MortgageGirl can answer today’s most commonly asked questions How much does the “Bank” say I can afford? For the answer, know your taxable income along with the amount of any debt outstanding along with the minimum monthly payments. Assuming it is your principal residence you are purchasing, calculate 35% … Continue reading

If you are thinking about refinancing to access your home equity, DO IT NOW!!!!!
Credit / Income / Lenders / Market Updates / mortgage / Mortgage Renewal / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Refinance / Rules / Uncategorized

If you are thinking about refinancing to access your home equity, DO IT NOW!!!!!

I apologize for so many exclamation points, but I needed to get your attention if you are sitting on the fence about whether you want to refinance your home in the near future. After three recent mortgage rule changes along with back-to-back interest rate increases with a possible third expected, there is another PROPOSED rule … 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

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