When you buy an existing property, securing a mortgage approval before you commit to actually proceeding with the purchase takes a few steps. First, you would enter into a conditional purchase agreement with the current owner or builder at an agreed upon purchase price. The agreement would include a subject to financing, giving you […]

B.C. enhances consumer protection for homebuyers A new homebuyer protection period will protect people in B.C. looking to buy a home from being pressured into high-risk sales. The period is the first of its kind in Canada and marks the first key action the Province is taking based on the B.C. Financial Services Authority’s (BCFSA) report […]

Debt: To consolidate or not to consolidate? That is the question…  If you are a Canadian living in debt, you are not alone. According to Statistics Canada: Household debt grew faster than income last year, with Canadians owing $1.83 for every dollar of household disposable income to debt(1) Canadian households use almost 13.48% of income […]

Increasing Rates With the rapid increases in interest rates this year, borrowers with static payment variable rate mortgages (VRM) won’t see increases to their regular payments, but those with adjustable rate mortgages (ARM) will.  Both still have the certainty they won’t have higher penalties as they may if they had fixed rate mortgages, but only […]

Transform your vacation rental into a welcoming oasis, on a budget. Are you dreaming of buying a vacation rental property, have just bought one, or are strongly considering it? If so, your mind is probably abuzz with design ideas and thoughtful touches you could add to the home. In order to make a rental property […]

  How Bridge Financing Works. In life, things don’t always go as planned. This is especially true when it comes to real estate! When it comes to buying a new home, in a perfect world, most of us would like to take possession of their new residence before having to move out of the old […]

                The Governing Council of the Bank of Canada raised its target for the overnight policy rate by a full percentage point to 2-1/2%. The Bank is also continuing its policy of quantitative tightening (QT), reducing its holdings of Government of Canada bonds, which puts additional upward pressure […]

  Calculating Income.  Part Two In our last post, part one of our two part article on calculating income, we looked at full- and part-time employment income requirements when applying for a mortgage.  In part two, we’re reviewing what self-employment income verification may entail as lenders calculate your income in their review of your mortgage […]

Calculating Income.  Part One Being prepared to apply for a mortgage to purchase or refinance property can save you time and may make things easier when the time comes to verify your income.  In part one of this two-part series, we’ll look at what lenders need when calculating your income for a mortgage approval. full-time […]

9 Reasons Borrowers Break Their Mortgage Term Early. Did you know approximately 60 percent of mortgages are broken before the term expires? While this is not necessarily avoidable, most homeowners are blissfully unaware of the penalties that can be incurred when they break their mortgage contract. Unfortunately, these penalties can be painfully expensive at times, […]