lenders are financial institutions that lend money to help buyers finance their real estate purchase
Buying a home with challenging credit, may lead to stress, then stress may lead to uncertainty which may lead to fear. A person or couple 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…
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…
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…
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,…
B2B Bank’s Equity 50 program is great for individuals that have a hard time proving income in the traditional sources. Clients can access up to 50% of their home value on a first mortgage or refinance the current mortgage. This program has proven to be especially popular with those in pension, and other people whose…
Mortgage for single parents In Ontario, as of 2011 according to Stats Canada, there were more than 604,000 lone-parent families, and in a staggering 80% of them, the female parent was living with their children!. Now, this days is very difficult enough for a married or common-law couple to qualify for a mortgage in order…
Decreasing bond value pushes to higher mortgage rates Financially speaking, a bond is a debt instrument that based on a current rate pays interests with certain periodicity and investors attracted to profit from those bonds may see their principal invested upon maturity of the bond. Since the mortgage rates having remarkably low due to a…
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