Ever since its implementation in January 2018, the mortgage stress test has been itself a source of stress for many potential homebuyers. Now, anyone who needs to qualify for a mortgage from a regulated lender needs to take this test. Again, just to review, this...
Perhaps the most used term when it comes to mortgages, but one many people still don’t really understand. What are interest rates? We want to pay the lowest percentage possible. But do we know what they actually are and how this percentage is calculated? You are...
We don’t often think about insurance if we are not purchasing something that requires a substantial amount of money, such as a car, vacation or a home. In the latter case, insurance is of the utmost importance since it represents of the biggest - if...
Here’s a word no one likes, but we all know and should understand fully, especially when it comes to purchasing a property in Toronto. Do you know, for example, the difference between land transfer and property tax? Often times we have clients telling us they...
Many people pay no attention to their credit score as they believe (or have been told) it is just a number about your finances. While that is true, a credit score is indeed a number that represents your overall credit health, it is much more...
In a previous post, we have addressed the “divorce buyout” program. To know what this program is all about, click here. Is the buyout all you need to know about mortgages in the case of a divorce or separation? Not necessarily. There are a few...
Are you planning to use your RRSP for a down payment on a house? Under the federal government’s Home Buyer’s Plan (HBP), if you are a first time home buyer, you can borrow up to $35,000 from your RRSP savings to help finance a home...
With the introduction of the stress test and higher interest rates, qualifying for a mortgage became a challenging process. So, what is the alternative? Most Canadians may not know this, but one of the alternatives to being able to own a home, even if you don’t...
People who work for themselves often run into problems in the mortgage market because income is variable and unpredictable. As of October of last year, buying a home became easier for the self-employed to secure a mortgage. According to CMHC, the self-employed make up about...
In a previous post, we talked about the difference between A and B lenders, as well as private mortgage lenders. (Read here). Many of our clients have inquired if these were the only options to alternative financing. Well, there are a few other options. If you...