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What You Could Be Giving Up with a Lower-Rate Mortgage Refinance

What You Could Be Giving Up with a Lower-Rate Mortgage Refinance

Have you ever heard the phrase “tripping over dollars, picking up pennies”? In essence, this phrase refers to missing expensive details because you focused on something else. That is what can happen when you only look at the interest rate when doing a mortgage...

What You Should Know about a Second Mortgage

What You Should Know about a Second Mortgage

With mortgage interest rates low, it makes sense to consider a second mortgage if you have equity in your home. It is a desirable solution if you have credit card debt and other high-interest debt to pay off using those funds. Before you run down to your bank to...

How the New Government Stress Test Affects Mortgages

How the New Government Stress Test Affects Mortgages

Canadian homebuyers who are renewing or applying for mortgages are now required to go by the stress test rules put in place on June 1, 2020. These new rules can make it more difficult for some borrowers to qualify for a mortgage, or at the very least, reduce the...

A Mortgage Broker’s Take on Variable vs. Fixed-Rate Mortgages

A Mortgage Broker’s Take on Variable vs. Fixed-Rate Mortgages

It might seem that, with the incredibly low mortgage interest rates these days, it would be a simple decision to choose a fixed-rate mortgage over a variable-rate one. Is it really a slam dunk? It might surprise you to learn that many a mortgage broker is cautioning...

What Makes a Self-Employed Mortgage Different?

What Makes a Self-Employed Mortgage Different?

All mortgage lenders need assurances that your income is sufficient to repay the loan. It is easy enough for them to have confidence that an employer accurately reports your wages, but it gets a bit murky when self- reporting of income is in play. When you are...

Breaking Mortgages: Is it Worth the Penalty?

Breaking Mortgages: Is it Worth the Penalty?

With mortgage rates becoming more competitive, it is common for many families to wonder if they would be better off breaking their current mortgage and obtaining a new one at a better interest rate. On the surface, that sounds like an excellent strategy, but it is...

A Mortgage Broker’s Take on Rural Boom Opportunities

A Mortgage Broker’s Take on Rural Boom Opportunities

Every cloud has a silver lining, and that could be the case with the pandemic, as well. Although the troubling aspects and sobering costs of the pandemic are undeniable, there are also some positive and profound changes that can mean new opportunities for Canadians...

Do mortgage deferrals appear on credit reports?

Do mortgage deferrals appear on credit reports?

Chances are your finances have been negatively affected by COVID-19 and you’re deferring your mortgage payments. It’s important to note that your credit report will show these deferrals. Typically, one’s credit report will indicate that there were deferrals for the...

New CMHC insurance regulation 2020

New CMHC insurance regulation 2020

CMHC Insurance Update 2020 The CEO of the Canada Mortgage and Housing Corporation (CMHC), Evan Siddall, is urging lenders and mortgage default insurers to tighten underwriting and qualification standards in order to salvage the economy. Mr. Siddall made the request in...

2020 CMA Speaker list – Educational Speaker Donna Mullens

2020 CMA Speaker list – Educational Speaker Donna Mullens

AWARD-WINNING CAREER ADVICE FROM FEMALE MORTGAGE TRAILBLAZERS The award-winning leaders reflect on key victories in their journey to the top and the insights gained along the way. Catch Donna Mullen at the all-new virtual Canadian Mortgage Awards 2020. Register below...

Canadian Mortgage Awards – 2020, Finalists

Canadian Mortgage Awards – 2020, Finalists

Donna Mullen nominated as a finalist at the 2020 Canadian Mortgage Awards Donna Mullen Mortgage Broker / Business Woman from Southern Georgian Bay has been nominated as a finalist for The Home Trust Award : Woman of Distinction. She has also been asked to speak ...

COVID-19 – Should you buy a home now, or wait?

COVID-19 – Should you buy a home now, or wait?

You have been making plans to buy a home when the COVID-19 hit Canada. Now, you’re wondering whether to go on with your plans or wait. The property market around the country is changing rapidly, but with record-low mortgage rates, now may be a great time to purchase a...

Canada Mortgage and Housing Rule Changes

Canada Mortgage and Housing Rule Changes

July 1 2020 These changes are not that different than what we deal with today. Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance: Limiting the Gross/Total Debt Servicing (GDS/TDS)...

Down payment on a house Ontario

Down payment on a house Ontario

The challenge of a down payment on a house in Ontario There’s nothing quite like the satisfaction that comes from buying your first home. For many prospective buyers, however, the process can be really challenging. But what is the biggest obstacle facing first-time...

First time home buyer in Ontario

First time home buyer in Ontario

Seniors are making it more difficult for younger people to buy homes in Ontario and especially Toronto, CMHC report shows. A growing trend among Greater Toronto Area seniors to stay in their homes longer instead of downsizing has generated greater uncertainty for...

Millions of Canadians Too Ashamed To Seek Debt Relief

Millions of Canadians Too Ashamed To Seek Debt Relief

New Survey says Millions of Canadians Too Ashamed To Seek Debt Relief Are you struggling with debt and feel too ashamed to seek help? Well, Licensed Insolvency Trustees MNP recently conducted a poll which found that a whopping 46 percent of respondents failed to seek...

How to improve credit score quickly

How to improve credit score quickly

Credit scores constantly fluctuate, so it’s important to start taking steps to boost your credit score the moment you start your home search. The higher your credit rating, the better your chances of securing a mortgage, and the better your interest rates and terms....

How to get Mortgage with bad credit

How to get Mortgage with bad credit

You deserve a great future, not one troubled by a difficult past. Unfortunately, bad credit can make it difficult for you to get the important things you need, including the car or home of your dreams. In any case, credit history plays a major role in the mortgage...

Mortgage Renewal Tips

Mortgage Renewal Tips

If you're currently unsatisfied with the terms of your current mortgage, it's well worth seriously considering switching your mortgage lender. So that you'll be able to get the best possible value from your mortgage. In order to discover a variety of tips which have...