Tag Archives: First Time Buyers

Flaherty Doesn’t Make Cents

Jim Flaherty is defending his decision to interfere in the mortgage market on the basis that he is preventing Canadians from borrowing more than they can afford.  This is nonsense.  After tightening mortgage rules 4 times in the past 4 years and enhancing the powers of the Office of the Superintendent of Financial Institutions (OSFI) to oversee prudent lending practices, we now have extremely conservative lending practices.  Anybody that still … Read More

Posted in Blog, Canadian Housing Market, Government Policy, Mortgage Rates | Tagged , , , , , , , | Leave a comment

Mortgage Gymnastics

Arranging a mortgage can be an exhausting process, especially if you aren’t familiar with the process.  By the time the whole thing is done you can be left feeling like you’ve just completed  a gymnastics competition. In order to ward off the potential pains and strains make sure you familiarize yourself with the process and work with a trusted mortgage professional. Although the steps are the same for all mortgages, … Read More

Posted in Blog, Personal Finance | Tagged , , | Leave a comment

Mortgage Rules Mean More Renters

The new tighter mortgage rules not only mean that we’ll have to pay-down our mortgages faster, but that 9% of potential home buyers will be kept out of the market completely.  Most Canadians are financially responsible and can support the idea of paying down our mortgages faster, even if it’s a practice enforced by the Department of Finance.  Although higher mortgage payments might cause some short term pain, the long … Read More

Posted in Blog, Canadian Housing Market | Tagged , , | Leave a comment

3 Tips to Boost your Credit Score

Having a good credit score is an essential part of not just getting a good mortgage rate, but also for qualifying for a mortgage in the first place.  If your score falls below 600 then some immediate action is needed.  Here are some steps you can take to boost you numbers. Make payments every month While this may sound like a no brainer some people don’t think that missing a … Read More

Posted in Blog, Personal Finance | Tagged , , | 4 Comments

Credit Score Determines Mortgage Rate

Your credit score is an essential component in qualifying for a mortgage and can determine your mortgage rate.   Main stream mortgage lenders are looking for a minimum credit score of 600.  Although an even higher score may allow you to qualify for a larger mortgage, it won’t get you a better mortgage rate. A score lower than 600 however will get you a significantly higher mortgage rate. Not only … Read More

Posted in Blog, Mortgage Rates, Personal Finance | Tagged , , | Leave a comment

CREA Resources for Buyers and Sellers

CREA – The Canadian real Estate Association – provides a number of different and useful resources to help the public buy or sell a home. A summary of the tips will be provided in a series of two articles. This first part will start with a summary of CREA’s advice for house buyers. Tip 1 – Before starting to search for a house: Consider what features do you need (number … Read More

Posted in Articles, Personal Finance | Tagged , , | 1 Comment