Sandra's Mortgage Blog
The Role of Spousal Buyouts in Divorce: How a Mortgage Broker Can Help
Divorce or separation is a life-changing event that frequently results in financial difficulties, especially when it comes to distributing joint assets such as the family house. A spousal buyout can be an efficient way for one partner to maintain property ownership while compensating the other. However, this approach needs a
Breaking Down Mortgage Penalties: What You Need to Know Before Breaking Your Mortgage
Flexibility is an essential factor in homeownership. Life is full of unexpected events and circumstances, such as relocating for a new position or refinancing to benefit from lower rates. In these cases, you may need to terminate your mortgage agreement sooner than required. However, before you choose to do it
Refinancing for Secondary Suites – A Homeowner’s Perspective
A significant new financial option will be available to Canadian homeowners on January 15, 2025: the possibility to refinance up to 90% of the value of their home using default-insured mortgages to build secondary suites. Supporting homeowners in the face of growing expenses and increasing the supply of rental units
The New $1.5 Million Insured Mortgage Cap: A Game-Changer for Homebuyers in Canada
Canada’s housing market will majorly shift on December 15, 2024, when the federal government raises the insured mortgage ceiling to $1.5 million. This change aims to increase buyer opportunities, especially in places where growing housing prices have made ownership increasingly unaffordable. Despite these restrictions, the program is positioned to help
Extended 30-Year Amortizations: A Game Changer for First-Time Buyers and New Build Purchases
Beginning on December 15, 2024, the Canadian housing market is about to undergo a dramatic transformation. The federal government has declared that 30-year amortizations on insured mortgages will be available to first-time homebuyers and purchasers of newly built homes. Many prospective homeowners applaud this initiative’s goal of lowering monthly mortgage
Stress Test Removal for Uninsured Mortgage Switches: What It Means for Canadian Borrowers
Starting November 21, 2024, Canada’s banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), will eliminate the Minimum Qualifying Rate (MQR) requirement for straight switches of uninsured mortgages. This landmark policy change is a significant win for Canadian homeowners, granting them greater flexibility and negotiation leverage during mortgage