Are you an UBER driver? This is very important for you! Are you not but you happen to know someone who is? Whisper this to him/her. Being UBER a fairly new company, some people are not aware of how they can use the proceeds of their work as UBER driver as a qualifying income to help…
[metaslider id=”54845″] The cost of living in Toronto has gone up and the housing sector is one of the main factors. Is no news now that the prices of residential properties are very high, so it has been hard for many families to be able to purchase a new home, whether the income is not…
[metaslider id=54395] Throughout the year 2018, some topics like “Mortgage rates” and “Home Prices” kept dominating the headlines on our newspapers and media making some of my clients postpone entertaining their home purchase idea, however, a higher number of my clients seized the opportunity of the still low mortgage rates and either got a second mortgage, seeking…
Housing Services is no longer accepting applications in 2025. Applications will reopen in 2026 pending budget approval. The Niagara Region homeownership program While in the Toronto area the residential average prices keep on the rise even after the federal government introduced new mortgage regulations in an attempt to cool off a steaming hot real estate market,…
Stress test mortgage qualifying rate The 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: (http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/B20_dft_nr.aspx) 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…
The 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…
In the past couple of weeks since the Bank of Canada publicly 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…
Bank 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…
Life 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,…
Higher 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…
Ontario Land Transfer Tax is charged to the home-buyer and applies whenever a land or an interest in land in Ontario is purchased, The applicant buyer pays the Ontario’s land transfer tax at the time of purchase, the term “land” includes any buildings, buildings to be constructed, and fixtures (such as light fixtures, built-in appliances, and cabinetry)….
Spousal 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…
I’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…
On October 3rd, 2016 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…
New 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,…
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…
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…
This promotion has expired If 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…
The 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,…
Late for mortgage renewal Late for mortgage renewal and looking to minimize the expense to change to a better rate? If 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…
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