Stress test mortgage qualifying rate


Stress test mortgage qualifying rate

Stress test mortgage qualifying rateThe office of the Superintendent of Financial Institutions Canada has introduced a new Stress test mortgage qualifying rate coming to effect on January 1, 2018.

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OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages.

  • Guideline B-20 now requires the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%.

OSFI is requiring lenders to enhance their loan-to-value (LTV) measurement and limits so they will be dynamic and responsive to risk.

  • Under the final Guideline, federally regulated financial institutions must establish and adhere to appropriate LTV ratio limits that are reflective of risk and are updated as housing markets and the economic environment evolve.

OSFI is placing restrictions on certain lending arrangements that are designed, or appear designed to circumvent LTV limits.

  • A federally regulated financial institution is prohibited from arranging with another lender a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institution’s maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law…”

Changes may be well intended but may also bring some questions, is our duty to help!

If you are looking for a mortgage and would like this to be explained with details feel free to contact me


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Mortgage rates are going up despasito


Mortgage Rates Are Going Up DespASITOIn the past couple of weeks since the Bank of Canada publically increased the interest rate to 0.75% from 0.50%, we have been notified of by our numerous lenders that their mortgage rates are going up “despasito”, (slowly).

The increase have affected immediately to those borrowers who had a variable rate mortgage, and then to those who are applying for new mortgages either for purchase or refinance purposes and in both variable and fix rate mortgages.

The rate increase effect has been felt also in an increase of mortgage applications as the escalating homeselling price has been not only slowed down but actually reduced in some markets in Ontario.

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Bank of Canada raises interest rate to 0.75%


Bank Of Canada increases interest rateBank of Canada raises interest rate to 0.75% from 0.5%

This increase is applied directly to the overnight key lending rate.

This means that the Bank of Canada feels that our economy is strong.

Strong economic trade and a bit higher inflation are expected throughout the country, so the Bank of Canada finds the need to stay ahead of the curve.

The way this increase affects our mortgage holders is in two main ways:

  • Immediate increase in those mortgages with a variable rate which is normally stated as prime (portion increasing to .75% from .5%) plus some previously agreed upon your mortgage basis points (remaining as agreed)
  • Mortgage rates in future mortgage contracts will be offering slightly higher interest rates since currently still on the low side.

If you as a borrower have an income with a fixed income and are not expecting any substantial salary or income increase it might be better to apply for a mortgage with a fixed rate, to avoid instability.

You can apply securely for your mortgage here



Higher home prices & higher interest rates


Higher Home PricesHigher home prices & higher interest rates

What people looking to be homebuyers can expect from the current home market headlines in the mass media?

Now that higher home prices & higher interest rates (slightly) than last year’s are becoming rout news, and while the Bank of Canada has kept interest rates with no changes (for now), some people who are currently looking to become home buyers may feel some level of distress even to look deeper into their real financial situation and learning about their possibilities to be approved for the much-needed financing to purchase their home and finally stop renting.

To understand that distress, one needs to consider that salaries and general income have not increased in the same proportion as the home prices in the Greater Toronto area, yet understanding may not be enough to help people become homebuyers, more needs to be done.

Higher Interest RatesAs the mortgage interest rates are also climbing, when being factored, this is perhaps the one factor that should worry the least for now since even after their increase, they still remain very low.

The distress turns from mild to moderate or perhaps severe when is known that renting a home is not cheaper and that available inventory is not even there to satisfy all the needs at a convenient rate for a hard worker two income family who sees that years pass by along with their dream of homeownership

What can certainly help people in this huge financial distress is knowledge,

Media coverage of home prices and affordability are meant to be headlines and run on average tilting at times to stress on the highest levels of the home sales transactions, a sense of impressionism has to be included in that coverage to satisfy ratings that certainly lead to help advertising sales.

Not every family’s financial situation is the same, in fact, every family’s financial situation is unique, is different; Knowing exactly what is or not affordable, what is or not approvable, what is or not convenient, is what matters and what can remove this kind of distress in this kind of situation.

SolutionThe knowledge of the real possibilities to become a homebuyer can be obtained through the practice of a mortgage assessment which is offered free of charge with the intention of building a customer-service relationship.

A decision of whether to continue renting or to buy a home should not be taken lightly and certainly not without fundament nor fear.

Exploring the possibilities regardless of credit should not be considered a waste of time.  The importance of mortgage assessments in the process of home purchase and financial peace of mind, but they are distributors or content, so here is their content

Will opportunities to become a homeowner be better or worse in a few years from now?

The importance of mortgage assessments in the process of home purchase and financial peace of mind is huge, and more people should know it. share it if you will.

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New rules affecting high ratio mortgages


New mortgage rules high ratioNew rules affecting high ratio mortgages

The new rules affecting high ratio mortgages are effective from October 17th, 2016.

The following are new mortgage rules for high ratio mortgages, (under 20% down payment = high ratio mortgage).

From October 17th, 2016 onwards all borrowers (including those seeking a mortgage with a 5 year or longer fixed rate, insured mortgage with a variable rate, fixed under 5 years term) will need to qualify at the benchmark rate set by the Bank of Canada (currently at 4.64%) even if the mortgage loan will carry a lower mortgage rate. The monthly payments will consider the agreed rate (not the 4.64% benchmark rate)


A $500,000.00 mortgage at an annual benchmark rate of 4.64% (This is a test rate) on a 25 years amortization will require a monthly payment of $2,806.41

A $500,000.00 mortgage at an annual contracted rate of 2.39% on a 25 years amortization will require a monthly payment of $2,212.53. (This would be the real payments)

Simply put: Well qualifying borrowers that before the new rules were able to qualify for a certain amount mortgage, will qualify for a lesser amount mortgage after October 17th, 2016 when the new rules take effect.

The periodic payments maybe the same amount as they are factoring the loan amount, the contracted mortgage rate and the amortization period, once the mortgage is approved.

What can you as a borrower interested in a mortgage do now?

  • Increase considerably your down-payment.
  • Increase your qualifying income.
  • Look for an alternative property.
  • Try to keep your debt low and your credit high.

As of October 17, 2016, all insured mortgages regardless of the term must be qualified at the Bank of Canada Benchmark rule (currently at 4.64%)

What should you do at this moment?

There is no one single financial move as each borrower has different needs and different circumstances,  however with you should apply on line now, call or text 416-262-7139and request a confidential one on one meeting to look at specific answers and help you get the best mortgage deal. Delays to take action may cost you! Don’t delay!

The new refinancing rules have been postponed to start taking effect on May 1, 2017,

Do you have questions or need assistance with your mortgage?

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Home Trust Secured Visa

Home Trust secured Visa signature

Home Trust Secured Visa, improve, build, rebuild, improve your credit, get all details and apply online.

Learn how it works, apply online now, get your visa in the mail soon.

Helps you improve and control your credit

This Visa reports monthly to both Equifax and Trans-Union.

To assure accurate and timely processing of this application, please review the following:

Security Deposit: The preferred method is to send a personal cheque drawn from your Canadian Bank account; third-party cheques are not acceptable. The minimum deposit amount is $500.00 and the maximum is $10,000. Please make the cheque payable to Home Trust Company.

When providing a personal cheque as a security deposit, if you know that your credit bureau is less than 6 months old, the maximum deposit amount we can accept is $1,500.00. Additionally, please also include a copy of a utility bill (which shows your name/address) or 2 pieces of photo ID (Government issued).

We can also accept a Canadian bank draft or money order. However, with this payment method, you must also include a copy of a recent Bank statement (showing your name, the name of your Financial institution, type of account (i.e., savings, chequing) and your partial account number).

Consumer Proposal: This product is available to clients in a Consumer Proposal; letter of good standing is not required.

Bankruptcy: This product is NOT available to those who are currently bankrupt, however, applicants who have been discharged from bankruptcy can apply at any time, but must include their “Certificate of Discharge” with their completed application.

Secured Visa applications along with their respective deposits/additional documents can be mailed to 145 King Street W, Suite 2300, ATTN Visa Department, Toronto, ON M5H 1J8.

Get control on your own credit, select the Home Trust Secured Visa of your choice:

No Fee Secured Visa CardLower Interests Secured Visa Card
No Fee Home Trust Secure VisaLower Interest Home Trust Secured Visa

Low cost home ownership


Low cost ownershipLow-cost home ownership is financial assistance programs offered by the government to assist lower-income families with the purchase of a residential property to live in it.

There are currently a number of programs with different alternatives and yet we experience an all time high home prices in Toronto. Programs like Home in Peel region affordable ownership and the Region of Waterloo affordable home ownership and the idea of the creation of other programs should be supported with more funding by all levels of government.

If you think that we are living in a time that demands more programs to assist home ownership, estate your opinion in the poll below.

As mortgage agent serving the greater Toronto area and beyond, I receive information about many mortgage rates updates from the numerous lenders, whether they are banks, financial institutions, credit unions and private lenders with the purpose promoting them among my clients, some products offer temporary advantages to the borrower or specific timing on a deal, the mortgage products from lenders are not the same.

By the way, offering a variety of mortgage products is a starting advantage that helps my clients decide in dealing with me rather than their bank, they prefer options that deliver more savings, it makes them feel comfortable

The Bank of Canada recently lowered the key overnight rate, that leads to a reduction in mortgage rates from many of our lenders, besides the rates we also see unique government incentives for first-time home buyers, and even the opportunities of tax sheltering and tax returns with the rrsp’s home buyers plan that helps buyers save for their down payment, all this helps a great deal to practice a good mortgage assessment that will certainly lead to the approval of a mortgage loan and a low-cost ownership, what do you think?

If you are interested in finding out if you qualify for a mortgage this year so that you can purchase your home, do not hesitate in contacting me now



Bank of Canada lowering rates


Bank of Canada Lowering interest ratesBank of Canada lowering the Canadian overnight loans rates unexpectedly from 1.00% to .75% in response to the fall of the oil prices.

Canada is the first of the group of 7 richest countries to adopt such a measure, and the following is Canadians should expect in regards to their mortgage:

  • Lower mortgage rates. In fact, we have received from our lenders new revision of their mortgage rates bringing them to a new low.
  • Depending on the performance of their funds, some Canadians should expect lower expectations in the growth of their wealth.
  • We have also seen some news from oil-related companies experiencing massive layoffs due to the fall in the prices if oil
  • The International Monetary Fund has also lowered their growth expectations of the Canadian economy and other countries for the year 2015

This could be summarized to an advise to those borrowers who are thinking about purchasing a real estate property to go ahead as soon as possible if they to enjoy the benefit of paying less and being easier to qualify for those with a tight budget, and for those who have being saving in RRSP’s this might be the best time to borrow them towards their down payment

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Mortgage News


Mortgage News

Mortgage NewsMortgage News is intended to inform you and help you and add a space for comments and opinions on the news.

Being a Toronto Mortgage Agent, most of the mortgage news to be posted will be those that immediately affect the mortgage market in Toronto.

Bank of Canada conventional mortgage rate for 5 years stays at 5.24%

Housing starts Stats in Ontario registered a 10%+ increase in the total of new housing start during the month of September 2012 compared to the same month in 2011 according CHMC

Quarterly house price survey in Toronto on the third quarter of 2012 in a two-storey shows a 5.4% increase compared to the same period in 2011 to an average price of 660,115 and a 5.9% Increase on detached bungalows to a new price of 558,900




Toronto Mortgage Agent

The Toronto mortgage agent of Mortgage Edge to get your first, second mortgage or line of credit that you need, apply online and deal with many mortgage lenders

Toronto Mortgage agentWe can save you thousands of dollars on your residential mortgage, complete your online application, click on the top right banner now

With me as your TMortgage Broker - Mortgage Edge - Toronto Mortgage agentoronto mortgage agent, you’ll have quick personalized service access to the best lenders and a complete array of mortgage products to get your mortgage loan approved.

Don’t worry about your credit, submit your online application and let’s get it done now!

If you already own a property, request a property value & comparable sales report when you complete your online mortgage assessment

If you are looking for a Toronto mortgage agent or have questions about what type of mortgage you need, call now, or, learn about the following mortgage products

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

Whether you are looking for a mortgage to purchase a home, refinance your existing mortgage and your other loans or credit cards in order to pay less interest, or if you are looking for a commercial mortgage to finance your business, you can call me to help you get that financing that you seek.

Toronto Mortgage agentLet’s get it done now

Request your *mortgage assessment free*, apply online and get a free one on one meeting

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First mortgage

First MortgageFirst mortgage is the first loan registered on the real estate title.

Looking to buy your first home?

Save thousands on your first mortgage, know your options & get approved

Other mortgage loans can also be registered on the same property title, they would be called second or third mortgages

Whether you enjoy good credit or have bad credit, we can absolutely help you with mortgage approval application process

Reading the following will help you get approved when applying for your first mortgage

You are excited about buying your home and wouldn’t like disappointments if this is the case read the following:

  • Is smart to have your mortgage assessment practiced before you start viewing homes, that way you’ll know what you can or can’t afford.
  • Learn about the unique advantages you are entitled to if you are a first time home buyer
  • Learn about your credit and mortgage loans and credit score
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Mortgage brokers

Mortgage EdgeMortgage Edge: a successful group of mortgage brokers in Toronto and servicing the entire province of Ontario with over 25 years of experience helping clients obtain and manage their mortgage with a unique philosophy to serve and protect the consumer

Mortgage agents and Mortgage brokers at Mortgage Edge, are committed to helping you make an informed decision when it comes to your mortgage, considering your personal financial plan and major life goals to grow your wealth, your mortgage will be one of your most important financial tools 

One of our commitments as mortgage agents and mortgage brokers is to advise you considering your personal financial plans, and life goals to grow your wealth, we work hard and smart to protect your interests

What do you need a Mortgage Broker for?

  • Do you need a mortgage advice?
  • Do you need a report on your property to see if you have equity that you can use?
  • Do you need a mortgage refinance?
  • Do you need a first or second mortgage?
  • Do you need a secured line of credit?
  • Do you need to take some equity out of your property?

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

About myself as your mortgage agent, with certifications from CAAMP (Canadian Association of Accredited Mortgage Professionals), and years of experience at Mortgage Edge, committed to the consumer and lenders licensed Mortgage brokers & regulated by the Financial services commission of Ontario I am also a member of IMBA (Independent Mortgage Brokers Association), we  observe our code of ethics and a deep customer protection philosophy .

Let’s get your mortgage approved now!

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