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Posted by: Adam Sale
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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Purchase Your Home and get an Additional $60,000 for Renovations Below is a quick write-up I did on the Purchase Plus mortgage program, who it is designed for and how it operates If you’re interested in purchasing a property and then renovating it to increase its live-ability and value, then the Purchase Plus Mortgage program may […]
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