Top 5 costly financial mistakes homeowners make with their mortgage

21st November 2017

 1. Not consolidating high interest debt into low interest mortgage. 2. Paying “fees” to get the lower rate 3. Not looking at their long term forecast 4. Taking a 5 year rate when 3-4 years can be cheaper 5. Having their mortgage with a lender that has high penalties and restrictive clauses. Not consolidating high […]

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Will OSFI regulations really strip consumers of choice?

20th November 2017

by Neil Sharma 31 Oct 2017 The Office of the Superintendent of Financial Institutions has been repeatedly excoriated by mortgage industry veterans for its intervention, but not everybody believes the lending regulations will spell doom and gloom. On the one hand, alternative lenders and mortgage investment corporations will see business surge, but on the […]

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10 things NOT to do when applying for a mortgage – buying a home or refinancing

20th November 2017

 Have you been approved for a mortgage and waiting for the completion date to come? Well, it is not smooth sailing until AFTER the solicitor has registered the new mortgage. Be sure to avoid these 10 things below or your approval status can risk being reversed!   1. Don’t change employers or job positions Any […]

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10th November 2017

The office of the Superintendent of Financial Institutions (OFSI) announced some regulatory changes on October 17, 2017.  There were 3 changes announced, but it was the introduction of a qualifying rate stress test to all non-insured mortgages that will have the most impact on consumers. Home Buyers with a down payment of 20% or more […]

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Fact and Fiction-Our House Magazine

7th November 2017

This story appeared in the Fall issue of Our House Magazine The restored Green Gables property in Prince Edward Island is a blend of Lucy Maud Montgomery’s real childhood home and the one of her fertile imagination.  Stepping into the house at 8521 Cavendish Road in Cavendish, P.E.I., is like walking back a couple of […]

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You just got a mortgage. Now what?

6th November 2017

 Mortgages are a funny thing. On the one hand they allow you to become a home owner without saving up enough money to purchase the home outright, which is a really good thing. On the other hand, even at today’s really low interest rates, as they are amortized over a really long time (most of […]

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The New Normal

2nd November 2017

 ’Tis the season… this was no surprise here! The latest round of mortgage guidelines has been announced by OSFI, or Office of the Superintendent of Financial Institutions. As of January 1, 2018, all conventional or uninsured mortgages will have to qualify at the Bank of Canada 5-year fixed rate or the contractual rate + 2%, […]

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How to Get a Mortgage After Bankruptcy

1st November 2017

 Bankruptcy is always the last resort-and it’s never easy or comfortable. However, sometimes it is the only option to turn to when life throws you something unexpected. The lasting impression it can have on one’s financial profile though can be overwhelming. If you have bankruptcy in your past, don’t fear-we have 6 steps to take […]

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5 Simple Steps to Owning Your Own Home

30th October 2017

Often, the route to owning your own home can seem like a trip to the moon and back. Really though, it comes down to five key steps: 1 – Manage your credit wisely. If there is one thing that will gum up the purchase of that perfect home, it’s an unwise purchase or extra credit […]

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Payment frequency, does it really make a difference?

26th October 2017

 It has been said that there are two certainties in life; death and taxes. Well, as it relates to your mortgage, the single certainty is that you will pay back what you borrowed, plus interest. However, how you make your mortgage payments, the payment frequency, is somewhat up to you! The following is a look […]

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Don’t ‘Fix’ It If It Isn’t Broken

25th October 2017

 By now the media, along with multiple mortgage brokers’ social media feeds, have likely let you know that more changes to your ability to get a mortgage are arriving soon. But so what? Should you care? SHORT VERSION; Probably Not. LONG VERSION; The five ’W’’s follow to help answer the above questions and more; Who […]

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Helping Children with A Down Payment

24th October 2017

 Although home prices in Toronto and Vancouver seem to have stabilized recently, they are still at historical levels. The average home price in these two major Canadian cities are still well over $1 Million. Unsurprisingly, first-time homebuyers are finding it increasingly difficult to get onto the “property ladder”. It is now harder than ever for […]

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And Then We Were Three

23rd October 2017

 This story appeared in the Fall issue of Our House Magazine for Dominion Lending Centres.   Considering adopting a child? Here are some things to keep in mind as you welcome a new family member into your home. November is Adoption Awareness Month in Canada. For Brianna Brash-Nyberg, the public relations coordinator for Adoptive Families […]

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New mortgage changes decoded

20th October 2017

 This week, OSFI (Office of the Superintendent of Financial Institutions) announced that effective January 1, 2018 the new Residential Mortgage Underwriting Practices and Procedures (Guidelines B-20) will be applied to all Federally Regulated Lenders. Note that this currently does not apply to Provincially Regulated Lenders (Credit Unions) but it is possible they will abide by […]

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Self-Employed? Here’s What You Need to Know About Mortgages

19th October 2017

 Why, why, why is it so challenging for entrepreneurs to obtain a mortgage in Canada? If you’re among the 2.7 million Canadians who are self-employed, regrettably your income is not as easy to document as someone who’s traditionally employed. Since 2008, mortgage regulations in Canada have made it more challenging for those who work for […]

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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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