Blog

- keeping you updated on all things "Mortgage"

Are you planning to use your RRSP for a down payment on a house? Under the federal government’s Home Buyer’s Plan (HBP), if you are a first time home buyer, you can borrow up to $35,000 from your RRSP savings to help finance a home...

With the introduction of the stress test and higher interest rates, qualifying for a mortgage became a challenging process. So, what is the alternative?  Most Canadians may not know this, but one of the alternatives to being able to own a home, even if you don’t...

People who work for themselves often run into problems in the mortgage market because income is variable and unpredictable. As of October of last year, buying a home became easier for the self-employed to secure a mortgage. According to CMHC, the self-employed make up about...

In a previous post, we talked about the difference between A and B lenders, as well as private mortgage lenders. (Read here).  Many of our clients have inquired if these were the only options to alternative financing. Well, there are a few other options.  If you...

Many mortgage borrowers are unfamiliar with this term or think that it is the same as a mortgage insurance or life insurance. They are different. (To know more about mortgage or life insurance, check out this previous blog post). So, what is CMHC mortgage insurance?...

When dealing with clients that already have a mortgage, we often encounter this questions: should I refinance my mortgage? It is something to consider, especially if rates drop. CMHC (the Canadian Mortgage and Housing Corporation) defines refinancing mortgages as a type of financing that allows...

It will take effect in September of this year and it was introduced in this year’s federal government’s budget. It is known as the “First-time home buyer incentive” and it serves the purpose of lowering mortgage costs for eligible Canadians. Essentially, this incentive program -...

It is no secret that the family home is the most significant asset many families have.  So, what happens to this home if the couple ends up getting a divorce? Most couples begin saving for the down payment of this home as soon as they...

In a previous blog, we explained what “appraised value” means when it comes to a home as well as how the entire process is done. This blog addresses the other side of the equation: when is this appraisal required? Remember that an appraisal is a...

Are you currently working as a mortgage agent for a bank? Would you ever consider making the transition from the branch to the brokerage? There are many advantages in taking this step. As usual, we like using real life examples to demonstrate each topic we...