Code, for bad news

Code, for bad news

Have you ever heard a statement like this?: “It appears that you have ‘bruised credit’, due to a ‘non-performing loan’.  Because of this, we can offer you a mortgage at a ‘non-prime’ rate.”   Here’s what it really means: “You’ve got a terrible credit rating, because you defaulted on a loan.  We can still offer you a mortgage, but it will be expensive.”  If you […]

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The New Mortgage Math

The New Mortgage Math

Huffington Post recently reported on a calculation by Dominion Lending Centre’s Len Lane, who estimated that someone who earns $85,000, bought a house for $500,000 and has $350 in monthly car payments would need to up their salary by $10,000 to afford the higher interest rates expected to be coming soon. Due to Canada’s new mortgage rules (Nov 30), insurance is costlier, rates will be higher, causing […]

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High Real Estate Prices? Relax, you have options.

High Real Estate Prices? Relax, you have options.

Maybe it’s because we’re not based in the currently super-heated GTA or Vancouver markets, that we’re able to see investing in real estate here from a slightly different perspective. We like to call it common sense. With average homes in the $800K-$1M range, they are clearly getting out of reach for even moderate-high earners who have other obligations in life – like putting their kids […]

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A Mortgage Renewal Fee?

A Mortgage Renewal Fee?

Yeah, this one seems clearly to be out of the ‘just doesn’t make sense’ category. Until you take a closer look, and poke it a bit. Yes, you probably have a mortgage renewal fee clause built into your mortgage agreement.  While you may be able to negotiate this away if you have a good TDSR and Credit Rating, it is in there specifically if you […]

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Canadian Mortgage: There’s an App for That

Canadian Mortgage: There’s an App for That

Financial Post calls it “the app everyone loves to talk about when it comes to mortgages” and indeed, it has already been used over 3 Million times and ranks as the #1 mortgage app in Canada. You can easily calculate your total home ownership cost, compare rates and determine your affordability to the penny. It comes with all kinds of goodies and features including: • […]

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Get ready for higher rates.

Get ready for higher rates.

Under new federal regulations that kicked-in on Nov. 30, low loan-to-value ratio mortgage insurance must meet stricter criteria that had previously only applied to high-ratio insured mortgages. The impact is that all lenders will incur higher costs to administer their loan portfolios – which will be passed along to consumers in the form of higher rates. Source: Canadian mortgage rates could rise under Ottawa’s new […]

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Wait – there’s a fee for that?

Wait – there’s a fee for that?

Maybe. These are some of the fees that can slip into mortgage contracts: Early payment fees Application fee Survey fee Title search fee Mortgage insurance Mortgage discharge fee (read this excellent article by the Globe and Mail) Prior to signing, you may also be on the hook for other items related to the property itself, the processing of the documents (legal fees, closing costs, and […]

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The Easiest Way to Save Money on Your Renewal

The Easiest Way to Save Money on Your Renewal

“Is it renewal time already?” “Didn’t we just renew the mortgage a while ago?” …well, yes, and yes – quite a while ago in fact. The easiest way to save money on your renewal is to put it out for bid before it comes due. So many of us (roughly 77%, based on some estimates), simply sign the renewal form and send it back, without […]

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