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Posted by: Adam Sale
When do you need to purchase Mortgage Default Insurance? Mortgage Default Insurance is added to a mortgage when a borrower is purchasing a property with a down-payment less than 20% or when a property is higher risk to the lender, such as a micro-suite, rural location or mobile home. Mortgage default insurance is designed to […]
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Did you know that you may be able to add a Home Equity Line of Credit (HELOC) to your insured or insurable mortgage without having to refinance your entire mortgage? This is a unique and little-known product that could help you save thousands of dollars in interest payments over the life of your mortgage. Most […]
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Yesterday (March 27, 2023), the Government of Canada significantly changed the foreign buyer ban. It is now easier those working in Canada on work permits to purchase a home, and vacant land is now available for purchase by non-Canadian residents. Work Permit holders can now purchase property in Canada if they have not purchased more […]
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Rental Mortgage Tips The most common problem I help my clients with during a rental mortgage application is finding a lender with a competitive rental program which allows us to use the greatest amount of rental income possible. The key features of a Rental Mortgage Product is it allows us to include the current and/or […]
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Stricter Mortgage Qualifying Rules OSFI, Canada’s banking regulator, is once again looking at “clamping down” on higher-risk borrowers from entering the market. In 2016, the Department of Finance introduced the “stress-test” on insured borrowers. Then in 2018 OSFI expanded the stress-test to include uninured borrowers. OSFI is back at it again, and they are proposing […]
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Inflation Report, How-To Video & Rate Specials CPI Inflation Report We received an early Christmas gift from Statistics Canada yesterday morning regarding the consumer price index (CPI) report. For the 6th month in a row the CPI remained relatively flat. the CPI has increased only 1.1 points with the last 6 months. This indicates the rate of inflation […]
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Inflation Rate & Consumer Price Index Predictions for 2023 Hi folks, On November 15thh the October inflation rate and the consumer price index (CPI) report was released. The Consumer Price Index is the underlying data used to determine the rate of inflation. For the 5th month in a row, the Consumer Price Index remained relatively flat, posting only a […]
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Banks Don’t Want You to Know This Here’s a tip that can help save you hundreds, maybe even thousands of dollars. Fixed mortgage rates tend to increase before the Bank of Canada increases their interest rates. The reason for this is because fixed mortgage rates are determined by what happens in the bond market, and […]
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Consumer Price Index, Inflation Rate and 2023 Mortgage Rates On October19, 2022 Stats Canada posted September’s data to the consumer price index (CPI), and updated the inflation rate. For the 4th month in a row, the Consumer Price Index posted results in-line with previous months, showing no significant gain. This decreased the inflation rate from […]
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Inflation Data Released Today Great news today, this is the second month in a row the inflation data is showing the inflation rate decreasing. This is a step in the right direction, especially since we saw the Bank of Canada increase their overnight interest rate on September 7 by another 75 basis points to 3.25%. […]
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