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Posted by: Adam Sale
Mortgage rates are dropping! In case you aren’t aware, there is an unprecedented amount of doom & gloom in the news, but amidst all this chaos is mortgage rates are getting cheaper. As you may know, the stock market has been declining since Monday. While this may not be good for our investments (ugh!), this […]
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New changes to the Stress-Test! Yesterday the Department of Finance unveiled they are changing the stress test rules April 6th. The changes will affect “insured mortgages,” which are characterized by their low-downpayment requirements and under $1 million purchase price. Currently, Bank of Canada restricts our qualifying mortgage rate to 5.19% or the contract rate + […]
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3-Types of Mortgages to Finance Your Home Renovation Project Are you interested in turning your home into your dream home? This piece is all about the 3-financing options available to homeowners and future homeowners to fund their renovation projects. The 3 types of products offered by prime lenders are: Home Equity Line of Credit […]
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5 Tips To help You Qualify For A Larger Mortgage Are you trying to qualify for a larger mortgage? Here are 5 tips to help you increase the amount you’ll qualify for. Tip 1: Decrease your Credit Card Debt/Revolving Debt Credit Card debt and Line-of-credit debt is classified as “revolving debt.” When you apply for […]
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Did you know some lenders will finance 95% of a leasehold property? Most of the big 5 banks require a minimum down-payment of 20%, but there are still a few wholesale lenders willing to arrange financing with a down-payment of 5%. A couple things to note about these lending scenarios are: There must be adequate […]
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I’d like to briefly discuss the 3 categories of mortgages being offered by Prime-Lenders, which one offers the cheapest rates, and why. High Ratio Mortgages Down-Payment between 5%-20%; needs to have Canadian Mortgage Housing Corporation (CMHC) insurance. This means the insurance agency that dictates what the lending requirements are. So yes, you may be getting […]
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Does it make “Cents” breaking your 5-year Mortgage for the current low interest rate? Many home-owners are asking if it’s worth breaking their 5-year fixed mortgage to take advantage of the low interest rates? As always, it depends. Most home-owners asking this question arranged their mortgage in late 2017-2018, when mortgage rates were averaging 3.5%. […]
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BoC Holds Interest Rates at 1.75; Is a recession coming? Bank of Canada holds interest rates steady at 1.75% for the ninth-consecutive policy announcement. What does this mean Canada’s Economy? Is a recession still coming? Over the last year we’ve been bombarded with information about a looming recession and the “inverted yield-curve prophecy.” Then, in […]
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What happens after Subjects are Removed? When subjects in the purchase contract are satisfied and you agree to the purchase your new home, you are required to place a deposit on the property to remove subjects on the purchase agreement. The deposit forms part of the down payment amount. Once subjects are removed, the purchase […]
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3 Ways to Purchase a Rental Property In this write-up I’ll briefly discuss 3 different approaches for financing a rental property, and the biggest issue clients face It is assumed if someone is purchasing a rental property, they already own their primary residence. This is a second property purchase. The biggest issue clients face when […]
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