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In 2010, the Department of Finance introduced the Qualifying Rate as a new way to assess borrower eligibility and ensure borrowers can handle their payments should rates begin to rise. Your lender will use the qualifying rate to calculate your debt service ratios, which must be at or below their guidelines. The qualifying rate is a 5 year rate published

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Mortgage rates continue to be wonderfully low and, in fact, homeowners are locking in some of the lowest rates in history. This Great Canadian Mortgage Sale is a good time to take a look at how much mortgage you could afford given your current rent. Your dream home may be more affordable than you think! Rent Today                               Mortgage Tomorrow*                       Home Purchase

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Cheapest is not always best. We know that’s true when we’re shopping for anything else. But we still tend to believe that lowest rate is the one and only factor in choosing a mortgage. Most Canadian homeowners would be shocked to discover that their low-rate mortgage could actually cost them more in the long term. Why? Because the right mortgage

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If you are getting resistance from your bank when trying to get a mortgage approval, perhaps we can help you. In a situation where you may have hard to prove income or have had credit issues of some kind we have private sources of money that can be a great stop gap until you resolve the issues that are stopping

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One of the most compelling reasons to work with a mortgage broker is that you have access to a wide range of lending sources, including major banks – plus credit unions, national, regional and private lenders with great track records, great rates…..and fewer rules. This range of choice makes it significantly easier for you to get the mortgage that best

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There have been several substantial changes in the mortgage market in the last year that have made it more difficult to get a mortgage in Canada. And it’s never been more important to have expert and timely advice on your mortgage, and access to as many options as possible. The new mortgage guidelines from the Office of the Superintendent of

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Here is a recap of the two programs currently in effect: 1. New Home Buyer’s Bonus: -Deadline is fast approaching. Must purchase before April 1, 2013. – Amount is 5% of purchase price to a maximum of $10,000 – Applies only to purchase of new construction or substantially renovated property – All buyers must be first time  home owners, anywhere,

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Protect your credit record: Play it smart You know how you’re always asked at the checkout counter: “Would you like to apply for our fill-in-the-blank Store Card? You can save $X dollars on your purchase today…” Don’t do it. These pitches – a common part of the retail experience – are a potential credit pitfall. Applying for these store cards

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Build Credit History: Always keep your oldest credit card. Wasn’t it exciting? Your first credit card? For most of us, it was our introduction to the real financial world: the privilege of borrowing, and the responsibility to pay back. Perhaps you’ve changed your financial institution since you got that first credit card. Here’s an important piece of advice: keep that

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Manage your credit cards wisely: show your credit worthiness! Many people make the mistake of rushing to cancel credit cards – in an effort to improve their credit score. Bad idea. High balances are the problem – and your credit score is based on your balances relative to your available credit. Those cancelled cards represented “available credit” – so cancelling

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