Mortgage Renewal Time for 50% of Canada: 4 Reasons You Will Pay More and Have Fewer Choices Than Before

Actions taken by the Canadian Banks and the Canadian Government will make renewing your mortgage more costly than ever before. Homeowners looking to access the equity in their homes will discover that new underwriting guidelines now limit their ability to borrow regardless of how much equity they have in their homes. Today’s newsletter will focus… Continue reading Mortgage Renewal Time for 50% of Canada: 4 Reasons You Will Pay More and Have Fewer Choices Than Before

F*#k….Mortgage Rates are Heading Higher, Right After Christmas!

Canada’s unemployment rate has fallen to its lowest level in over 40 years. In December 78,600 jobs were created. As a result every Canadian Bank is predicting the Bank of Canada will increase the overnight lending rate by 0.25% on January 17th, 2018. This means we will likely be starting the year off with an… Continue reading F*#k….Mortgage Rates are Heading Higher, Right After Christmas!

The Mortgage Rules are Changing Tomorrow.

Friday December 29th, 2017 is the last day Canadians will be able to qualify for a mortgage at their contract rate. As of January 1st, 2018 all mortgagors will need to qualify at the Bank of Canada’s prescribed 5 year rate, or 2% higher than their contract rate, whichever is greater. This means about 20%… Continue reading The Mortgage Rules are Changing Tomorrow.

Navigating the New Mortgage Rules

Canada’s new mortgage rules are designed to make it harder for you to qualify for the mortgage you have right now and they are being introduced on January 1st, 2018. The new rules will affect at least 15% of Canadians. Whether you are looking to borrow more money against your home or simply want to… Continue reading Navigating the New Mortgage Rules

Do I Still Qualify for a Good Mortgage?

In the 15 years that I have been brokering mortgages it has never been harder or more expensive to get mortgage financing for consumers who are even slightly on the fringe of being classified an “A” Borrower. Who falls into this category? As long as it isn’t you or I, who cares, right? But wait,… Continue reading Do I Still Qualify for a Good Mortgage?

The Bank of Canada Wants You to Take a Fixed Rate Mortgage. Should You?

Newton’s third law states that for every action there is an equal and opposite reaction. Newton can probably help us figure out how many more interest rates hikes we have in store for us. His law may also be useful in countering the claim the interest rates will continue to increase in the next two… Continue reading The Bank of Canada Wants You to Take a Fixed Rate Mortgage. Should You?