Refinancing Just Became a Whole Lot Harder

EditorAbout Mortgage Brokers, FamilyLending.ca, Financial Tips, Mortgage Term, Mortgage Types, Real Estate Advice, Refinancing my Property

Ottawa’s latest round of mortgage policies could have quite the impact on current homeowners, especially those shouldering a large amount of debt. If you have a mortgage and are planning to refinance or renew in the coming months, you could be in for a bumpy ride. The two factors that will most impact your experience? Whether or not you plan … Read More

Mortgage Rule Changes Not So Severe

EditorFinancial Tips, General Interest, Mortgage News, Mortgage Talk Canada, Mortgage Term, Mortgage Types, Real Estate Advice, Refinancing my Property, Residential Mortgages

The first round of changes to Canada’s mortgage rules were more bark than bite, according to a letter sent to the nation’s banks on Wednesday from the Office of the Superintendent of Financial Institutions. Earlier this year, mortgage experts speculated that new mortgage rules could have a dampening effect on hot real estate markets, as more and more mortgage applications … Read More

Half of Canadians Prefer Fixed Rate Mortgage Products

EditorFinancial Tips, First Time Home Owner, General Interest, Household Budget, Mortgage News, Mortgage Term, Mortgage Types, MortgageCanadaCalculator, Real Estate Advice, Refinancing my Property, Residential Mortgages

Fixed or variable? If you’re thinking about buying a home, it’s one of the most important decisions you’ll make. According to a recent poll conducted by CIBC, 50 percent of Canadian’s prefer to go with a fixed rate mortgage product – an increase of 39 percent over last year’s numbers. And while this isn’t surprising, given the convergence of fixed … 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

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