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 Mortgagebrokernews.ca 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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B20 DEMYSTIFIED

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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