Topic: Mortgages

Mortgage Brokers are your personal shopper when it comes to mortgages. Brokers will have access to many lenders, each of them servicing a certain type of borrower. Brokers can present your application to the right lender, knowing which one will be a great fit. Using established relationships with lenders and presenting the file to them …

Any down payment that totals less than 20 per cent of the property value will require mortgage default insurance, and be considered a high ratio loan.

Halloween aside, this October has plenty of reasons to get you spooked, what with a recession, a long and tiring election campaign, and recent world events. Plenty of reasons, but your mortgage need not be one of them. We’re here to help in this frightful time, no matter if you’re buying a home, renewing your …

Lenders basically use two rules to determine the mortgage you are eligible to be funded to receive.

Finding the right home for you comes down to three chief factors: affordability, lifestyle, and your future needs.

Canadian realtors are forecasting a price drop across Canada for the first time since 2008. They blame the new mortgage regulations brought in by the federal government in the last quarter of 2016.

With new regulations, insured mortgages have a maximum 25 year amortization. Banks often choose to insure low ratio mortgages, and cover the cost themselves. Having insured mortgages allows banks to off load the risk and securitize these mortgages.

In October and November this year the Government of Canada made changes to mortgage insurance requirements. Mortgage insurance is provided by three companies in Canada. The biggest provider of mortgage insurance is CMHC a crown corporation. This insurance is paid for by the borrower and protects the lender in case of default. It reduces the …

Come July 9th, the CMHC will no longer insure mortgages with amortizations longer than 25 years, and will further limit the amount a homeowner can refinance their mortgage to 80%, down from 85%.