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...
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,...
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...
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...
The Impact of Property Location on Mortgage Rates and Approval
Price, interest rates, and financial preparedness are some of the main considerations for many Ontario homebuyers. However, the location of the home is a crucial factor that frequently influences...
The Benefits of Mortgage Prepayment
For the majority of people managing their finances is crucial and getting rid of a mortgage is probably one of the greatest commitments they wish to achieve. This is...
Advantages and Disadvantages of Buying an Existing Home
One of the main choices you’ll have to make when thinking about buying a house is whether to acquire an existing one or go with a new one. Purchasing...
Purchasing an Existing Home vs. a New Build Home
One of the first choices you’ll have to make when purchasing a house in Ontario is whether to buy an existing one or a freshly constructed one. Knowing the...
The Role of a Mortgage Underwriter: What Happens Behind the Scenes
Getting a mortgage in Ontario can be a challenging process with several detailed steps included. Underwriting is one of the significant processes that must be followed before you get...
Land Transfer Taxes: What Homebuyers Need to Know
When a prospective homebuyer makes calculations for a home purchase it’s important to take into account several major costs including mortgage terms, home costs and of course other closing...
The Process of Transferring Your Mortgage to Another Property
When you make the decision to move to a new home, you might be worried about the status of your existing mortgage. The viable option of “porting” your mortgage—moving...
Co-Signing a Mortgage: Responsibilities and Risks
Have you ever been asked to co-sign someone’s mortgage by a friend or relative? Though it could be a charming way of enabling them to realize their dream of...