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

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

Have you been asked to co-sign on a mortgage?
Broker vs. Bank / Credit / Documents / Downpayment / First Time Home Buyer / Income / Lenders / Market Updates / Mortgage Renewal / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Refinance / Rules / Uncategorized

Have you been asked to co-sign on a mortgage?

Recently, we have noticed an increase in the number of inquiries about co-signing a mortgage. So, the question is, what exactly does it mean to be a co-signer? Why are we being asked this question so often? We say due to 2 significant recent government mandated changes to mortgage qualifying that both went into effect … Continue reading

Broker vs. Bank / Credit / Debts / Documents / Downpayment / First Time Home Buyer / Income / Lenders / Market Updates / Mortgage Renewal / Pre-Approvals / Pre-Payment / Purchase / Qualifying / Rates & Terms / Refinance / Rules / Uncategorized / Variable Interest Rates

Why asking “dumb” questions is quite smart!

There is no such thing as a dumb question. In fact, the smartest thing you can do is ask the most basic question you can think of. The MortgageGirl welcomes and encourages her clients to ask all kinds of questions during the complicated mortgage process. Some of the more common questions the MortgageGirl gets are: … Continue reading

Mortgage Pre-Approvals: 7 Things you need to know
Credit / Documents / Insurance / Lenders / Market Updates / Pre-Approvals / Purchase / Qualifying / Rates & Terms

Mortgage Pre-Approvals: 7 Things you need to know

Recently the government announced the 6th change to the mortgage rules in eight years. I have seen both positive and negative opinions on how these will affect housing prices, interest rates, and the overall mortgage market landscape. Regardless of the new changes; the housing market is still strong and Canadians will always have a need … Continue reading