Low-Entry Housing to be Affected by Mortgage Rules
When Finance Minister Jim Flaherty announced that he would be making changes to home refinancing and amortization periods on government-backed mortgages, he cited Toronto’s housing market as one of his main concerns. But while the new rules will most certainly dampen the market there, what exactly are they going to do to Calgary mortgages? To…
Read moreThings to Consider Before Co-Signing a Mortgage
On Monday we began our mini-series about co-signers and mortgages in Canada. While we covered who they were, what they do, and how they can be a great help to home buyers, there are still a few things you need to consider if you’re considering being a co-signer for someone’s mortgage. Most of these revolve…
Read moreMortgage Debt for Canadians is Going Down
For months we’ve been hearing about how Canadians need to start taking their debt seriously. The federal government started that ball rolling early in the year, putting tighter restrictions on secured line of credit borrowing. Canadians in turn, started to take their own debt seriously. Maybe because of the economic uncertainty around the world, or maybe just to keep our economy’s head above water – something we managed to do even during the recession. But among all the talk, there was always one exception – mortgages
Read moreSelf-Employed and Getting a Mortgage: Get your Documents Ready!
For the past two weeks we’ve been exploring the different ways to get around the obstacles of obtaining a mortgage when you’re self-employed, and the many options that are available for those that work for themselves when it comes to home loans. But the process of getting a mortgage when you’re self-employed can be a bit more complicated than if you have a paycheque coming from the Big Boss every two weeks; and being armed with all the documentation you’ll need will help you get your mortgage that much quicker.
Read moreWhy is it So Hard for the Self-Employed to get a Canada Mortgage?
Last month we kicked off our first mini-series with a close look at closing costs. This month, we explore another question that is at the front of Canadians’ minds: why is it so hard to get a Canada mortgage when you’re self-employed? In this first part of our mini-series, we’ll look at the reasons why the self-employed often have a hard time getting a mortgage; then, further on in the series, we’ll tell you about the options you have when you’re self-employed!
Read moreA Down Payment – The Perfect Holiday Gift
So many of us are starting to think (or already have a closet full) of Christmas presents that we’re going to buy and give to our closest friends and family this year. But what about a down payment? Sure, it may not be exactly your most traditional holiday present, but the idea of gifting a down payment is nothing new; and it’s something we as mortgage brokers get asked about all the time. That’s because there are some very specific rules to gifting and receiving the gift of a down payment.
Read moreIs a Secured Line of Credit the Only Way to Complete Home Renos?
So you want to add onto your home. Or redo your kitchen, or your bathroom. You need the extra space and you know that it will add a lot of value to your home. The problem is that you don’t have the extra cash laying around in your bank account to do it. So, what’s a homeowner to do?
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