Budget Overview: What It Means for CMHC

EditorFirst Time Home Owner, General Interest, Household Budget, Housing Costs, Mortgage Insurance, Mortgage News

From pennies to old age pensions, yesterday’s budget was full of unexpected quirks. What wasn’t surprising to best rate mortgage brokers was the government’s discomfort with the Canada Mortgage and Housing Corporation. Ottawa has voiced concern over the activities of the Crown corporation for months now, threatening to toughen its oversight of this important economic organization. Yesterday, the budget took … Read More

What Will the Budget Bring?

EditorAgricultural Mortgages, Commercial Mortgages, First Time Home Owner, Mortgage Down Payment, Mortgage Insurance, Mortgage News, Mortgage Term, Mortgage Types, Residential Mortgages

According to a report in the Globe and Mail, next week’s highly anticipated federal budget should only contain “modest” spending reductions and little to no intervention in the housing market. Finance Minister Jim Flaherty delivered these and other comments outside of a volunteer firefighter station in Ottawa last Thursday. During the announcement, Mr. Flaherty stated that he would like to … Read More

Draft Guidelines: Residential Mortgage Underwriting Practices and Procedures

EditorAbout Mortgage Brokers, Agricultural Mortgages, Commercial Mortgages, Financial Tips, General Interest, Mortgage News, Mortgage Term, Mortgage Types, Refinancing my Property, Residential Mortgages

More stringent mortgage qualifications are on the way. On Tuesday, the Office of the Superintendent of Financial Institutions in Canada released draft recommendations that would impact Canada’s banks and other federally regulated lenders. The 18 page document contained a slew of information, the majority of which make complete sense. However, there’s still great cause for concern in the financial sphere. According to this document, … Read More

Low Mortgage Rates = False Sense of Security?

EditorAbout Mortgage Brokers, Financial Tips, First Time Home Owner, General Interest, Household Budget, Housing Costs, Mortgage Insurance, Mortgage News, Mortgage Term, MortgageCanadaCalculator, Real Estate Advice, Residential Mortgages

Historically low interest rates are making it easier for Canadians to enter the real estate market. Why continue to rent when a mortgage payment could be less than your current monthly lease? If you’re considering the here and now, buying makes perfect sense. With the help of a seasoned mortgage broker, you can easily secure a best rate mortgage that’s … Read More

Changes Coming for Mortgage Penalties

EditorMortgage News, Mortgage Term, Mortgage Types, MortgageCanadaCalculator, Refinancing my Property

One of the easiest ways to ensure you’re getting the best mortgage rate around is to renegotiate your financing terms when interest rates are low. Which is great… except for one small problem: penalties. Banks are notorious for slapping borrowers with hefty penalties, especially those who are looking to wiggle their way out of a long-term fixed rate deal. It … Read More