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.

“Quote: (

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


Call or text 416-262-7139
Contact meApply On Line


Managing your mortgage


Managing Your MortgageThe following is a smart edition prepared by CHMC and the Government of Canada and distributed to help advise our Mortgage Edge clients about the importance of managing a mortgage.

We all receive advice on how to manage our homes, our business, our time, and now you can learn about how to manage your mortgage to make your life even easier.

If you are planning to purchase a real estate property or to refinance one, call me to make a one on one meeting and look at the details of this article, especially if your current financial situation makes your purchase fall outside of this ae rations mentioned here

Managing your mortgage

Click here to download

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.

Call or text 416-262-7139
Contact meApply On Line

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



Life insurance now available online


Life InsuranceLife insurance is now available online here for your convenience.

Getting online what you need is very comfortable and allows us to save time and money. Using your mobile device, tablet or desktop is perfectly okay as long as you find them comfortable.

Term life insurance is a financial instrument that pays a previously determined amount, after a period o time or passing of the policy-holder.

Most people know that this insurance coverage is best to have and don’t use rather than need and don’t have.

The days that we are living now, seem to be shorter, or we seem to be busier and with no much time to arrange long meetings to get the advice and purchase the protection that we need.

Purchasing your life insurance online right now will save you a great deal of time and you and your family will have the protection that you need today.

Click here or in the next banner to complete your short form now!

Term Life Insurance

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.

Apply On Line

Buying a home with challenging credit


Fear Of Debt ChallengeBuying a home with challenging credit, may lead to stress, then stress may lead to uncertainty which may lead to fear.

A person or cou[le buying a home with challenging credit should not have to face uncertainty nor fear, however, this may be a traditional mistake and very understandable by those living in the situation at the time, buying a home is not like buying a pair of shoes, after all; The financial commitment is a lot greater and is also risky.

Let’s think for a moment that this is the thought of a couple recently married couple that is currently renting an apartment, both working regular jobs, paying their monthly bills, saving what they can, but have had some challenging times and the credit is not so well, now, imagine that they start thinking about buying a condo or a townhome just to stop paying rent that ends in NO home-ownership, then to think about a mortgage, a property tax bill, property insurance etc. Adding to that knowing that the credit is not so well at the moment, the reason for feeling overwhelming is available right there and easy to grab as a valid excuse to give p on a dream, maybe without realizing that continue renting is just building someone else’s dream.The idea that maybe later the time will get better also comes available as the plan that brings comfort to the mind.

I wish that this message could reach to all those in this situation: Buying a home with challenging credit should not be stressful neither it should be postdated, they don’t have to do it alone, they do need to call and get all done for them and actually they don’t even have to know exactly what to do next after placing the call, everything will actually get done for them and the best of all, it is all free.

We are proud to work together with some lenders that understand this specific scenario and are willing to share the risk that this type of business represents by helping applicants get to the moment of being homeowners

If you are reading this and you are in this or similar situation, just call 416-262-7139 now and let’s get it done, continue building up your homeownership dream, and let the regrets rest only on NOT calling.

If you are NOT in this or a similar situation but know of someone who is or are, click here, this content on this page might interest you and you’ll be helping them.

Contact me now

Referral business


Referral is one of the most important sources of business in my career as a mortgage agent.

Referral BusinessEarn cash as you help someone.

You can make some easy money by referring someone to me.

Referring business can earn you cash to use it in any way you like. Imagine the freedom!

You may know someone who needs financing to purchase a home, refinance their own debt or get extra cash out of their property.

I offer you remuneration for 3 minutes of your time and your will to help someone else into the right path

Give them a hand, helping them out by referring them to me, they will thank you and you’ll be rewarded.

Learn the simple details on how you can help a friend get the help that they need in just 3 minutes and earning an honest referral fee at the same time

Transparency & confidentiality are protected.

See what you need to do now.

Click here to earn your remuneration!

1-2-3 Mortgage application


1-2-3 Mortgage application

1-2-3- Mortgage applicationThe simplest, quicker and most secure online mortgage application is here for you now.

Now is as 1 2 3 to apply to get the funds you need.

Simplest personalized & secure link form you will fill

Your secure personalized link takes you to a most secured application that you fill from the comfort of your home, then get the good news right there.

We care, apply now

Apply Online

Spousal Buyout Mortgage


Sposeal buyout mortgageSpousal Buyout Mortgage is for those that are legally married, own a home and in the process of divorce one of the spouses prefer to keep the property and needs to “buy out” the departing spouse.

According to CBC in it’s October 4th article, 4 in 10 first marriages end in divorce

A divorce experience may be stressful, so a buyout of the property may help alleviate the stress and provide an equitable separation at the same time.

The Spousal buyout mortgage can help buy out the other spouse off, the property title and up to 95% LTV! It could also allow the consolidation of matrimonial liabilities.

The payout to the departing spouse comes from the existing home equity.

The buying spouse is still subject to the qualification process.

Additional conditions apply for this mortgage, feel free to contact me for more information

Call or text 416-262-7139
Contact meApply On Line

Kurt Browning’s flip & Reverse Mortgage


Kurts Reverse MortgageI’m excited to share a video, featuring Kurt Browning and his sons with you.

In this video, Kurt talks about the features of a CHIP Reverse Mortgage and how it can help you stay in the home you love. This video will be a great way to learn more and it also has Kurt doing a back flip on skates!

Kurt Browning’s flip & Reverse Mortgage

Reverse mortgage by Home Equity Bank is a very popular and safe way to tap into your home equity to use some cash at your leisure.

Reverse mortgage is easy to set and the homeowner does not have to sell or leave the house

Let me know if you have any questions, and we could set up a call or meeting!

Call or text 416-262-7139
Contact meApply On Line

New qualifying federal mortgage rules changes


New qualifying mortgage rulesNew qualifying federal mortgage rules changes

On October 3rd, Bill Morneau, Minister of Finance announced “Preventative measures for healthy, competitive and stable housing market”. The intention is to address the growing household debt and rapidly rising house prices.

Learn about the new qualifying federal mortgage rules changes that will affect your mortgage affordability during the qualification process and what can you do to qualify for that mortgage that you are seeking

The new rules affect the CMHC insured and Low Ratio Bulk Insured Mortgages.

These new rules might definitely affect the housing market as intended, affecting also a through the qualification process a great number of borrowers with intentions to purchase a home or to renew their current mortgage.

How are these changes affecting you as a borrower and most important what can you do right now to avoid negatively affected?

The following links explain both affected types of mortgages Select the type of mortgage that you would need to purchase of to refinance your current.

What kind of mortgage do you need information about?

For new home buyers, new mortgage rules select according to the amount of your downpayment. Under 20% down payment = high ratio mortgage. Over 20% down payment = low ratio mortgage

New rules high ratio mortgageHigh ratio (less than 20% of downpayment) home purchase or refinance
New rule low ratioLow ratio (more than 20% of downpayment) home purchase or refinance

You can also apply on line now or Call or text 416-262-7139 and request a confidential one on one meeting to look at specific answers and help you get the best mortgage deal.

Call or text 416-262-7139
Contact meApply On Line

New rules affecting low ratio mortgages


New rules low ratio mortgageNew rules affecting low ratio mortgages

The new rules affecting low ratio mortgages or mortgages backed by portfolio insurance are effective from November 30th, 2016.

The following are new mortgage rules for low ratio mortgages, (Over 20% down payment = low ratio mortgage)

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

New eligibility requirements for low-ratio mortgages to be insured will include:

  • A loan whose purpose includes the purchase of a property or subsequent
    renewal of such a loan;
  • A maximum amortization length of 25 years;
  • A maximum property purchase price below $1,000,000 at the time the loan
    is approved;
  • For variable-rate loans that allow fluctuations in the amortization period,
    loan payments that are recalculated at least once every five years to
    conform to the original amortization schedule;
  • A minimum credit score of 600 at the time the loan is approved;
  • A maximum Gross Debt Service ratio of 39% and a maximum Total
    Debt Service ratio of 44% at the time the loan is approved,
    calculated by applying the greater of the mortgage contract rate or the Bank
    of Canada conventional five-year fixed posted rate; and,
  •  A property that will be owner-occupied.

A benchmark test rate will be applied to qualify.


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)

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 or 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!

Call or text 416-262-7139
Contact meApply On Line

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?

Call or text 416-262-7139
Contact meApply On Line


A Co-signer story


A co-signer story Considering co-signers to help your mortgage may be a very smart thing to do in regards to money-saving, however, this advantage may come with some potential risks that may end up consuming some of those savings or even worse, potential legal conflicts.

A good family that I know wanted to buy a house to stop renting, they had been renting for a long while and they wanted to start owning, however, their income was insufficient to prove affordability to a lender that they would be able to repay the requested mortgage. They have saved for their down payment, their credit was ok, It was only the insufficient income.

They approached a good friend in whom they trusted enough to ask to help them being a co-signer so that they could qualify to purchase the home for their family. He would need to commit to their mortgage obligations and responsibilities, except that he wouldn’t be paying the monthly mortgage payments unless the couple couldn’t make them.

The family was able to qualify and purchase their home, they were able to make the payments and live a better life, build some wealth and save more money than when renting. The co-signer was offered a very small percentage of the value of the property for the diligence of being included in the property title.

Suddenly, the good friend that was the father to a teenager passed away, this brought some complications and extra legal work and expenses to the family a couple of years after as they were planning to refinance their mortgage, and they needed to remove the co-signer from the title.

This is an example why it is wise to accept the mortgage protection plan offered with your mortgage.

Call or text 416-262-7139
Contact meApply On Line

No fee refinance promotion


Street Capital No Fee RefinanceIf you are looking to refinance your current mortgage this limited time promotion might help you save even further.

To optimize your savings, lower your borrowing cost, better your cash flow and most of all meet the financial goals you have set for the short and medium future, consider this not so common promotion that we have just received. It may come in the nick of time for you.

In this limited time promotion, the lender street capital takes care of the legal fees on your behalf when you choose a 5 years term refinancing mortgage, whether you choose a fixed or a variable rate.

The minimum loan amount, for this limited time promotion, is $250,000 and borrowers can refinance their mortgage at the competitive street capital mortgage rate.

Important benefits that you as a borrower need to consider if you are planning to refinance your current mortgage are:

  • Single point of contact at FCT (Who will service the legal process of your mortgage)
  • Expedited funding process
  • In-home signing appointment/notary office in BC

What this promotion includes is:

  • All discharges
  • All cancellations
  • Funding
  • One signing appointment
  • Payout of all secured and unsecured debts (Refinance)
  • Payout of current mortgage (Straight Insured Refinance)
  • Any applicable taxes
  • A title insurance policy in favour of the lender

FCT stands for “First Canadian Title”

Call or text 416-262-7139
Contact meApply On Line
ChatContact form aboveApply online

Small rental mortgage program tips


SmallRentalProgramTipsThe following may help you get a more realistic expectation on a rental mortgage program and how you can speed up the process and benefit sooner from the investment of that second home (not owner occupied) or third or even fourth home.

Purchasing a second home is not the same as buying your first home, yet, the investment on real estate may be worth the difference.

The rental mortgage program’s terms may vary among lenders, so it is advisable that you check with your mortgage agent the details of your mortgage.

One of the variants between your first mortgage on your owner-occupied property and your non-owner-occupied property might be the lower loan-to-value offered on the first mortgage of your non-owner-occupied property.

Another variant could be the higher net worth of the borrower needed on the rental mortgage program.

The percentage amount of the rental income that can be added to the borrower’s income might also a variant in the mortgage process.

Consulting your mortgage agent saves you time speeding up the mortgage approval process so that you can enjoy the benefits of your investment

Credit, income and down payment affect rates and affordability in any qualification process.


Late for mortgage renewal


Late for mortgage renewal

Late for mortgage renewal and looking to minimize the expense to change to a better rate?

Late for mortgage renewalIf you or someone you know ever find in this situation the alternative seems to be to “Opt for a short-term open mortgage and escape as quickly as possible”  you might want to consider or ask the following before taking a decision:

May I help you with your mortgage?


  • Short term open mortgage may come with all or some of the borrowing costs:
    • Appraisal
    • Lender fee
    • Broker fee
    • Cancellation penalty
    • Mortgage Insurance
  • Will your short-term mortgage payments include principal and interest or interest only
  • New mortgage terms also mean new amortization charts where the first payments are normally more interest than principal in the case of principal and interest mortgages.
  • Are you looking to free your cash flow from a short-term tight budget?

Not always lower rates mean lower cost.

To have the above factors considered in your decision, the best is to have your mortgage assessment practiced.

Apply on line



Interest rates down


Interest rates down

We have been informed of interest rates gone down and you should be informed as of which mortgage products are offering them.

Second Mortgage interest rate Gone DownEmployed people currently renting and with a rental contract coming up to renewal should be most interested.

Sometimes life gets tough to some, and considering that there are ways and times that factor each of the opportunities, there is a way to recuperate the control of your financial status and pass that bridge to a better situation. You don’t have to do it alone, nor to know it all, what you need is the will and that chance.

Not all mortgage rates have gone down, but the rates that you need might.

Rates on mortgages with purchase assist and debt consolidation purposes mainly have gone down. This means you may it is easier to qualify for your mortgage now

If you are a first-time home buyer employed and need assistance to purchase your home, have some of your needed down payment, even if your credit is not the best, you should be interested.

Contact me now