Sandra's Mortgage Blog
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
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 both mortgage rates and approval possibilities. The rates you obtain and whether you are approved for a mortgage can be greatly
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 simply because people feel daunted knowing they need to keep making monthly payments for years to come. Prepayment is a good
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 an existing house has numerous benefits for many purchasers, but there are drawbacks as well, particularly when it comes to money
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 distinctions between the two methods will help you make an educated decision depending on your lifestyle, financial situation, and long-term objectives.