Category Archives: Articles

Rates are Low!

What a time to be alive indeed.  And by time to be alive I mean time to be getting a mortgage.  I know what you’re thinking.  “Is it ever a good time for a mortgage?  All they really do is cost me money.”  Well yes they do, but our whole job is to make sure it costs you as little money as possible.  And in the past while rates have … Read More

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Agents and Clients

The relationship between a mortgage broker and a real estate agent can be a fruitful one for all parties involved. But like any relationship, it relies heavily on communication and the ability to help one another to in the end get the best results for you, the client! There are several benefits and services a mortgage agent may provide to a real estate agent to help better their relationship; which … Read More

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Mortgages and OSFI restrictions

More, scrutiny, more security, more rejections, more more more! Gone are the days of common sense lending and the gray area. Sure tighter restrictions will help to keep the banks safer but at what cost to the general public. By increasing scrutiny (which mind you is fairly tight as is) it will become more difficult for people who may be self employed, have gone through a rough patch, or have … Read More

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10% Minimum, Raising the Wrong Bar

If you’ve been in the market for a mortgage in the last couple of months there is almost no chance you haven’t noticed the talk of an increased minimum down payments from 5 to 10% on loan amounts over $500,000.  What this means for you?  Well if you’re buying a house under 500k, nothing, if you’re buying a house over 500k?  Simple, instead of putting a down payment of 5% … Read More

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House Flipping Clause in Reverse Mortgage Stops Momentarily till 2014

Though momentary, the flipping regulation that had come to be in the circles of the Federal Housing Administration’s (FHA) rulebook will bear positively, for now, on those seeking to acquire financing for property that is, according to the rule, too tender to avail. The clause has gone under hiatus until the end of 2014 when it will, perforce, come back to life to hinder applicants after homes that have gone … Read More

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CREA Reports March 2012 Sales up From 2011

According to statistics released by CREA – The Canadian Real Estate Association – housing resale activity rose in March 2012 compared to the same month a year ago. The increase stood at 1.6% vs. March 2011, the smallest year-over-year increase since April 2011. It reflects moderate gains in a number of major centres, including Toronto, Calgary, Montreal, Ottawa, and Quebec City. Increases in these housing markets offset larger declines in … Read More

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Releasing the Equity in Your Home

If you’re one of the many homeowners who has a mortgage free or low mortgage home, then you can unlock a small fortune.  Although many homeowners look forward to the day when they can burn their mortgage, the fact is we will all will  release the equity in our homes as some point.  Whether it’s an inheritance to your loved ones, supplementing your income, providing  for some adventure or bailing … Read More

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2012 Federal Budget Silent on Mortgage Rules

Despite expectations from different sectors that the government will step in to tighten the mortgage rules driving the lending and housing markets, there was no mention of mortgage reforms in the budget. On this subject Canada’s Minister of Finance, Jim Flaherty, told reporters he would like the market to “correct itself”. The government did, however, promise to introduce legislation that would increase oversight of the Canada Mortgage and Housing Corporation … Read More

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Annual State of the Residential Mortgage Market – CAAMP Part 3

The Canadian Association of Accredited Mortgage Professionals (CAAMP) in its most recent annual report of the Residential Mortgage market in Canada (Nov 2011) provided an interesting outlook on three different topics: Consumer opinions on several issues related to housing and mortgages Consumer choices in the mortgage market and satisfaction level Outlook for the housing and mortgage markets A synopsis of this report is being presented in a series of three … Read More

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The Top 3 Benefits of Using a Mortgage Broker

The mortgage brokerage industry has grown by leaps and bounds over the past decade.  The only reason any industry can grow that quickly is because it’s adding value to consumers.  20 years ago mortgage brokers were relegated to helping consumers that couldn’t find a mortgage for themselves, but mortgage brokers began finding a new niche; finding better mortgages for all homeowners.  Here are the top 3 reasons a mortgage broker … Read More

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