The Upside of Alternative and/or Unregulated Lenders
A recent report from the Bank of Canada reviewed the impact of the government’s policy changes on the mortgage market. It found that overall market activity had slowed -- something we knew would happen. The bank also found a correlation between the quality and quantity of credit. While the data [...]
Confused About Your Credit Score – You’re Not Alone
Here’s a typical scenario: You and your spouse are applying for a mortgage loan. You’ve had credit for years with three or four credit cards, a car loan and a line of credit. You always pay the minimum obligation, and always on time. Your spouse, on the other hand, doesn’t [...]
Housing Affordability Continues To Erode
New mortgage rules, rising interest rates, and stress tests have definitely cooled housing market activity by making it more challenging for some to qualify for mortgage. An unwelcome consequence continues to be eroding affordability -- as sales activity slows down, house prices have continued to go up, and not only [...]
Pre-Approval or Pre-Qualify – What’s The Difference?
I get this question a lot and I see quite a few clients coming too me saying they have been pre-approved but received a decline when they had an offer on the table. To get a mortgage you basically need 3 things. Those are down payment, income and credit. Here [...]
Mortgage Payment Stress Test – How Does It Effect You?
You may have heard the phrase "mortgage stress test" in the news lately and are wondering what this is all about. It's not a condition that you need to get your health tested to be able to handle the stress of looking and purchasing a home. Basically the Government has [...]
Buying a Home – Have You Done a Budget?
So you have finally gotten tired of renting and are now serious about looking to purchase a home. This is a big step in a persons life and if you budget correctly you should have no issues. The problem is most people do not do a budget and find themselves [...]