You just got a mortgage. Now what? Mortgages are a funny thing. On the one hand they allow you to become a home owner without saving up enough money to purchase the home outright, which is a really good thing. On the other hand, even at today’s really low interest rates, as they are amortized […]

19 Oct 2017 Self-Employed? Here’s What You Need to Know About Mortgages Why, why, why it is so challenging for entrepreneurs to obtain a mortgage in Canada? If you’re among the 2.7 million Canadians who are self-employed, regrettably your income is not as easy to document as someone who’s traditionally employed. Since 2008, mortgage regulations […]

20 Oct 2017 New mortgage changes decoded This week, OSFI (Office of the Superintendent of Financial Institutions) announced that effective January 1, 2018 the new Residential Mortgage Underwriting Practices and Procedures (Guidelines B-20) will be applied to all Federally Regulated Lenders. Note that this currently does not apply to Provincially Regulated Lenders (Credit Unions) but […]

CREDIT RATING AND DEBT SERVICING A MORTGAGE It is great feeling buying your first home, but for most of us the first step is preparing to get a mortgage. Your credit rating and cash flow are based on a minimum of a two-year history. As mortgage rules continue to change, the credit rating is becoming […]