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 in major urban centres. In [...]
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 is how this breaks down: [...]
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 put in place a procedure [...]
