How Much Would an Interest Rate Increase Hurt Your Budget?

EditorFinancial Tips, First Time Home Owner, General Interest, Housing Costs, Mortgage Insurance, Mortgage News, Mortgage Term, Mortgage Types, Residential Mortgages

According to a recent study by the Bank of Montreal, four in ten Canadians would feel the pinch if best rate mortgages saw a two percent interest rate increase. The study, which was compiled by Leger Marketing, found that 43 percent of Canadian homeowners believe an interest rate increase would either hamper their ability to pay their mortgage or leave … Read More

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