Susan

As expected, the Bank of Canada held its overnight rate. This announcement is good news for those who are looking for a mortgage or mortgage renewal in the near future. We continue to have competitive rates from our lenders. Key Highlights from the Bank of Canada: Housing market activity pulled […]

If you are feeling overwhelmed about the entire mortgage process, I want to tell you that it is simple. Your mortgage agent or broker should be doing all the work for you! (That’s my job!) There are 5 main steps in the process. Information Gathering – A phone call to […]

We often focus on the banks or credit unions as mortgage lenders. But for those that may not qualify under their rules, there is another option. Banks and credit unions are considered A-lenders. They are a first line lender for those that qualify under their rules. From there, we have […]

New job? Tax payments? Cell Phones? Credit cards? What do these items all have in common? They can affect your mortgage pre-approval and final approval! The simple way to think during the mortgage process is that anything that is financial in any way can affect your approval. It can be […]

The Bank of Canada has maintained its overnight rate. There is a positive outlook, although met with caution as we start opening up amid this pandemic. The maintaining of the rate is good news for those that are looking for a mortgage or looking to renew a mortgage in the […]

In my blog, I’m Pre-Approved … What’s the Rush?, I talked about the misconception of a pre-approval. Today, I’d like to advise you on two areas to consider that could affect pre-approval and final mortgage approval: Condition of the Property and the Condo Building. Condition of the Property The “DIY” shows […]

Bank of Canada announced today that it will hold its rate once again. You can read the full report HERE. Key Highlights: With COVID-19 cases falling in many countries and vaccine coverage rising, global economic activity is picking up. Growth remains uneven across regions, however. Renewed lockdowns associated with the […]

I wanted to share this announcement with you. You will most likely read a lot about the new mortgage stress test rules coming into effect. If you are considering a mortgage, let’s talk right away! — Announcement issued by Mortgage Professionals Canada Ministry of Finance follows OSFI’s uninsured mortgage announcement […]

I’ve noticed lots of social media posts lately about big changes to the mortgage rates and approval process. I would say the best way to look at this as a “state of flux”. With the pandemic still ongoing, vaccines being administered as quick as possible, and the economy working to […]

A pre-approval for a mortgage is a bit of a misconception. A pre-approval is more of a process than an approval. This is the time when a lender looks at your financial status and determines the maximum amount that they may lend you and what the interest rate would be. […]