Qualifying for a mortgage with less than 20% down, rules have changed for CMHC insured mortgages

CMHC MAKES IT HARDER TO QUALIFY FOR AN INSURED MORTGAGE Once again, the Canadian Mortgage and Housing Corporation (CMHC) is tightening the criteria to get a mortgage with less than a 20% down payment. Any potential home buyer with less than a 20% down payment must purchase default insurance on their loan and have a […]

Canada’s economy on Life Support

BANK OF CANADA PUTS THE ECONOMY ON LIFE SUPPORT Bank of Canada Stands Ready To Do Whatever It Takes On the heels of a devastating decline in the Canadian economy, the Bank of Canada is taking unprecedented actions. With record job losses, plunging confidence and a shutdown of most businesses, this month’s newly released Monetary […]

Bank of Canada drops prime lending rate

INTEREST RATES NOSEDIVE AS BANK OF CANADA CUTS RATES 50 BPS The Bank of Canada Brings Out The Big Guns Following yesterday’s surprise emergency 50 basis point (bp) rate cut by the Fed, the Bank of Canada followed suit today and signalled it is poised to do more if necessary. The BoC lowered its target […]

TD Bank Lowers qualifying rate

TD LOWERS QUALIFYING MORTGAGE RATE 35 BPS TO 4.99% CANADIAN QUALIFYING MORTGAGE RATE LOWERED TO 4.99% Market interest rates have fallen sharply since the coronavirus-led investor flight to the safety of government bonds. The 5-year government bond yield–a harbinger of conventional mortgage rates–now stands at 1.34%, down sharply from the 1.60+% range it was trading […]

Bank of Canada Holds overnight rate

Bank of Canada Holds Steady Despite Economic Slowdown In a more dovish statement, the Bank of Canada maintained its target for the overnight rate at 1.75% for the tenth consecutive time. Today’s decision was widely expected as members of the Governing Council have signalled that the Bank still believes that the Canadian economy is resilient, […]

Verifying your downpayment for buying a home in Canada

HOW TO VERIFY YOUR DOWN PAYMENT WHEN BUYING A HOME Saving for a down payment is one of the biggest challenges facing people wanting to buy their first home. To fulfill the conditions of your mortgage approval, it’s all about what you can prove (hard to believe – but some people have lied in the […]

The New First Time Home Buyers Incentive Program

FIRST TIME HOME BUYERS INCENTIVE PROGRAM The new First Time Home Buyer Incentive program from CMHC (Canadian Mortgage and Housing Corporation) was officially released on September 2. This program was met with mixed reactions across the mortgage industry, but we wanted to take a minute to give you the facts regarding the program. Below are […]

Insights on October Data on Housing from DLC’s Chief Economist

OCTOBER DATA CONFIRM THAT HOUSING IS IN FULL REBOUND Statistics released today by the Canadian Real Estate Association (CREA) show that national home sales rose for the eighth consecutive month. Activity held steady in October at the relatively robust September pace following a string of monthly increases that began in March. Existing home sales are […]

Mortgage Payments are Comprised of Principal and Interest.

Principal and interest are the two components that make up a mortgage payment. Principal is the portion of your payment that goes towards paying down the outstanding balance of your mortgage. Interest is the other portion of your payment which goes directly into the pockets of your lender and does not contribute to paying down […]

Before signing your mortgage renewal, some things to consider

Mortgage renewals with the same lender are on the rise, but should you just sign on the dotted line? If you’re in a mortgage that’s coming up for renewal in the coming months and you’re considering just staying with your current lender, you wouldn’t be alone. According to the Canadian Mortgage and Housing Corporation’s (CMHC) […]

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“I just wanted to take a moment to write a quick testimonial regarding the service I received from Charlene Elliot throughout my home buying process. Everything went great! I must say that there were times when it looked a little shady due to me being a contractor and the banks not totally in love with my “short term work status”, however Charlene went HARD to get me approved. I had a very small deadline and she pushed the banks hard and was able to get me in on time, and trust me it really looked to be an unachievable date, and wasn’t looking good for me, it was stressful and Charlene kept me in the loop at every minute of the whole ordeal. I was recommend to go to Charlene by another friend that had also been done well by her, and I will always say that she’s a hard worker and I will always recommend her as well. I’m very glad I chose Charlene to help me out (and not just because of the delish brownies she had sent to my house afterwards, hah!) Brass Tacks: All around great friendly service that may be hard to find one to compare. Thanks” Charlene.

Cory Chafe; Fort McMurray, Alberta