June 1, 2021: New Mortgage Stress Test

Posted On May 21, 2021

It came as a surprise yesterday to hear that the minimum qualifying rate for ALL (insured & uninsured) mortgages will increase on June 1st. The new qualifying rate will be the greater of the borrower's mortgage contract rate plus 2 percent or 5...

The Term "Pre-approval" Can Be Misleading

Posted On May 07, 2021

Although going through the pre-approval process is more important than ever, pre-approvals are often misleading. Here's why you should have the condition "subject to financing" included on your offer to purchase.  A lender must review all...

Conditionally Approved vs Unconditionally Approved

Posted On Mar 16, 2021

Learn the difference between conditionally approved and unconditionally approved. These are two terms that you will hear once you make an offer on a home. Don't be confused by the meanings when the time comes to finalize your mortgage approval...

Put Your Tax Refund To Work!

Posted On Mar 09, 2021

With the average Canadian tax refund of around $1400, it's tempting to spend it carelessly. However, every financial advisor, banker and mortgage broker will tell you…STOP TREATING IT LIKE LOOSE CHANGE YOU FOUND IN YOUR OLD JEAN POCKETSA tax...

What Your Spending Habits Say About You

Posted On Feb 18, 2021

What do your spending habits say about you?According to a study done by the Association for Psychological Science, decisions on how you spend your money can signal critical traits about your personality. For instance, people who tend to be neurotics...

What You Need To Know Before Switching Your Mortgage

Posted On Jan 28, 2021

This is the ideal time for you to take a look at your mortgage and see if you could benefit from current market movements.You might be able to lower your interest rate or monthly mortgage payments, take cash out for home improvements, or consolidate...