Credit rating and debt servicing a mortgage

18th October 2017

 It is great feeling buying your first home, but for most of us the first step is preparing to get a mortgage. Your credit rating and cash flow are based on a minimum of a two-year history. As mortgage rules continue to change, the credit rating is becoming even more important as a higher credit […]

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The Impact of Mortgage Rule Changes

17th October 2017

 The mortgage rule changes that were passed by the Ministry of Finance in October 2016 are still having their effect one year later. Higher qualification requirements and new bank capital requirements have split the industry into two segments – those who qualify for mortgage insurance and those who don’t.   Mortgages that qualify for mortgage […]

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Are you looking for a mortgage as if it were a commodity?

16th October 2017

 I’ve heard brokers say more than once that mortgages are a commodity, by definition a commodity is a basic good used in commerce that is interchangeable with other commodities of the same type. That doesn’t sound like mortgages to me.   While the core product is always the same, money lent that is secured by […]

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What is an interest rate differential (IRD)? How do you calculate it?

13th October 2017

 A mortgage in its simplest form is a contract. It has terms, conditions, rights and obligations for you and the lender. When you sign on the dotted line, you are agreeing to those terms for the length of time laid out in the contract. However, sometimes life throws us an unexpected event that brings around […]

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What You Need to Know Before You Borrow Money for Your Small Business Startup

12th October 2017

 Deciding to borrow money to launch your small business startup is a big decision. It’s the second biggest decision after deciding to start the business. Since it is a big decision, it requires much thought and research before taking the leap. There are multiple ways to fund a small business startup, and it’s important to […]

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Lessons from the Ashes

11th October 2017

 This story appeared in the Fall issue of Our House Magazine. The Fort McMurray fire and subsequent reconstruction demonstrates the necessity—but also the limitations—of home insurance in the face of natural disasters Tuesday, May 3, 2016, isn’t a day Lisa Reesik will soon forget. It started out beautifully, without a single cloud in the blue […]

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Knowing When Less Is More

10th October 2017

 No one wants to be told that they are not allowed to have something. We live in Canada; as Canadians, our focus has always been to strive for better and for more. That said, there appears to be a growing trend around co-sharing which means people are increasingly moving away from owning their own cars, […]

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Wages Growth Accelerates as Canada Adds Jobs For the 10th Straight Month

6th October 2017

Canadian Jobs Beat Expectation in March, But Wage Growth Is Sluggish While the headline net jobs gain was a disappointing 10,000–well below the average monthly increase in the past year–the underlying data in this morning’s StatsCanada release were quite robust. The jobless rate remained unchanged at 6.2 per cent as the acceleration in wage gains […]

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Time to lock in your rate? Make sure you have an exit strategy

6th October 2017

 Like many of you, I received a call last week, from my mortgage provider, asking whether I wanted to “lock in” a new five-year fixed rate. The rate was a special offer and would only last for the week, so I would need to make a decision quickly, with little time to think about the […]

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Go Green & Save!

5th October 2017

 We all do different things to go green in our day to day life: using reusable shopping bags, biking instead of driving, re-using water bottles… you name it. All of the various steps we take to minimize our environmental foot-print give us the satisfaction of knowing we are working towards a greener tomorrow-but how often […]

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Yes, You Can

4th October 2017

 This story is from the Fall edition of Our House Magazine Moving on up from condo to house, these young homeowners prove age is just a number For Jordan Rothwell and Karissa Roed, the timing to find their forever home couldn’t be more perfect. The couple, who recently moved to Mission, B.C., are expecting their […]

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Canadians tell their stories of how mortgage rules put the dream of home ownership out of reach

3rd October 2017

This letter will also appear as a full page ad in the Oct. 3 Globe and Mail. Dear Prime Minister Justin Trudeau and Finance Minster Bill Morneau; One year ago, your government introduced new mortgage rules that put the dream of home ownership out of reach for many Canadians. Although well intended, the changes have […]

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Paperwork You MUST Keep

29th September 2017

 As a mortgage professional there are things I wish more people were aware of which is why we are going to take a look into the paperwork we all need to hold onto to avoid frustration or even a decline when applying for a mortgage. Each of the following is taken from real life observations […]

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Getting Pre-Approved For A Mortgage

28th September 2017

 You’ve been squirreling away your bonus cheques, savings and reducing the amount of times you visit Starbucks so you can finally get into your own home to build solid equity for your future. Now that you know what you want and what you can afford, it’s time to visit your local Dominion Lending Centres mortgage specialist […]

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Bank of Canada Rate Change – Should I lock in?

27th September 2017

 This month, the Bank of Canada increased their lending rate for the 2nd time in as many months. The changes in the Prime Lender Rates means that those with a variable mortgage rates will have seen that their mortgages rates adjusted alongside the changes to Prime Rate. For those of you with variable rates, the […]

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Credit Scores: Here’s what you need to know

26th September 2017

 The interest rate you pay on loans for every major purchase you make throughout your lifetime depends on various factors, and is dependent on your creditworthiness – everything from the mortgage on your home to your car loan or line of credit.   And, given today’s ever-changing mortgage requirements and rising interest rate environment, your […]

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Avoiding “Sticker Shock” When It Comes to Mortgage Renewal

21st September 2017

 Imagine that, a few years from now, the time has come to renew your mortgage.   Several years back, you got a $350,000 at the then great rate of 2.24%. Your mortgage payments are $1522 per month. Because we are now in what the financial brainboxes call “ an escalating rate environment “ – normal […]

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Mortgage Basics- Mortgage Types and Penalties

20th September 2017

 This is part two of our mortgage basics series. It is a good idea to revisit the basics when looking at a complex thing like a mortgage. There can be misunderstandings which crop up. The mortgage process can be very stressful as you wait for some anonymous entity top decide whether or not you are […]

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Mortgage Basics – Types of Insurance

19th September 2017

 In part one of this two-part series, we will look at the types of insurances you will hear about during the mortgage process. Sometimes it is a good idea to revisit the basics when looking at a complex thing like a mortgage. There can be misunderstandings which crop up. The mortgage process can be very […]

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Fighting with your spouse? A 2nd mortgage might fix your marriage and your money

18th September 2017

 Did you know that 30% – 40% of couples who get divorced do so over money. Divorce isn’t cheap either, so now is the time to fix your fighting and your finances! Are second mortgages a good idea? Sure, as long as you have an exit strategy and how it will get paid off at the least amount of […]

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How to Invest in Canadian Real Estate-From abroad

15th September 2017

 Just because you are a Canadian citizen living abroad doesn’t mean that you are exempt from the rules for foreigners buying real estate in Canada. Foreign ownership applies if: • You don’t reside in Canada for more than 6 months a year (even if you are Canadian) • You don’t report your working income to […]

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Saving for a down payment

15th September 2017

 What prevents many potential homeowners from buying a home is the lack of a down payment. Many first-time home buyers are receiving down payment gifts from family. Unfortunately, many are not in this position and need to plan to save their own down payment. When you can visualize the benefits of owning your own home […]

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Gather Your Mortgage’s Down Payment

13th September 2017

For many people, saving enough for a down payment on a house is not an easy task. (You can’t rely on finding One-Eyed Willy’s treasure like they did in the Goonies movie, either!) Once you have an idea as to how much you can afford on your home, relative to your salary and monthly costs, […]

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The True Cost of Downsizing

12th September 2017

 In the midst of the booming real estate market in Canada (mainly in Vancouver and Toronto), many Canadians are entertaining the idea of downsizing in order to sell their homes at a high value and purchase a smaller home or condo at a lower price.   Is downsizing the way to go? What are the […]

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Mortgage basics to keep you in the Know – Property Taxes

11th September 2017

 Sometimes it is a good idea to revisit the basics when looking at a complex thing like a mortgage.  There can be misunderstandings which crop up.   The mortgage process can be very stressful as you wait for some anonymous entity to decide whether or not you are able to buy the home of your dreams.  […]

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It’s never a bad time to plan

8th September 2017

 Do successful entrepreneurs just open their doors for business without a business plan? Does a chef open a restaurant without a menu? Do pilots depart the hanger without a flight plan? Can you build a house without architectural plans?…I could go on forever! The answer is NO to all the above. I’m a planner. Whether it’s […]

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10 steps to home sweet home

7th September 2017

 Congratulations – you are moving into your new home! Whether you are starting with a plain new build or an older resale home, there’s no better way to make it yours than by putting your stamp on it. Invest a weekend or two into warming up a featureless space or refreshing someone else’s old homestead. […]

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Can You Afford That Business Loan? Tips to Figuring It Out

6th September 2017

 Figuring out whether you can afford to borrow money for your business is a crucial step in the loan process and one you should definitely take before approaching potential lenders. But determining if you have the resources to make your loan payments can be a bit tricky. Think Outside The Borrower’s Box If you want […]

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Bank of Canada Takes Action

6th September 2017

The Bank of Canada raised the target overnight rate another 25 basis points to 1.0% making it two hikes in a row following seven years of increasing monetary stimulus. The outsized 4.5% growth in GDP in the second quarter precipitated this action, despite two offsetting factors: the recent surge in the Canadian dollar, up more […]

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Thinking about putting in a firm offer? Make sure you read this first

5th September 2017

 The market is constantly changing these days, so if you asked me about affordability just a few weeks ago, I would have had a different answer, as the seller’s market has quickly shifted to a buyer’s market – for now, anyway.   This spring, many first-time homebuyers were quickly being priced out of the market […]

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