CMHC Announcement

Effective June 1, 2015 the premiums charged for high ratio mortgage insurance is increasing for those borrowers with less than 10% down. The new premium will be 3.60% of the mortgage amount, up from 3.15% previously charged. For a $400,000 mortgage this will add less than $10 to the monthly payment and therefore, should have […]

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More Money in your pocket in 2015?

On January 21st the Bank of Canada (BoC) made a surprise announcement cutting the overnight lending rate by ¼% from 1% to 0.75%. This is the first change in over 4 years and dispels all the rumours and predictions that rates would soon begin to rise. At the time of writing, the major banks have […]

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Latest Round of Mortgage Rules – B21 – The Sky is NOT Falling

Earlier this month, the Federal Government released the final version of B21 which covers new rules for mortgage insurers in Canada. The final document is virtually the same as the discussion draft issued in the spring, so there are no big surprises. The new rules are really a continuation of the previous legislation (B20) that […]

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Tips to avoid making a bad loan choice

Many first-time buyers make the same five mistakes when selecting a personal mortgage by Ryan Starr, Special to The Star, April 17, 2014 Real estate and mortgage specialist George Christopoulos knows all too well the mistakes first-time buyers can make when it comes to shopping for home loan. “They do some research on the Internet […]

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Protecting Yourself Against Fraud

Consumer fraud is a big as ever and in today’s fast paced lifestyle it is easy to let your guard down. Here are some best practices you can use to protect yourself:   Never give away personal information over the phone Only use trusted web sites and answer only trusted emails Shred all personal information before […]

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New CMHC Premiums

The Federal Government continues to tweak mortgage lending to ensure that the Canadian Real Estate market remains healthy. After many years of loosening the lender guidelines the Bank of Canada is tightening up guidelines. If the past few years we have seen Self Employed Borrowers face a tighter market and amortizations lowered from a high […]

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