Mortgage Tips Information
Many Canadians are under the assumption their mortgage is as good as done once they have a mortgage pre-approval. But the truth is a buyer cannot expect a mortgage pre-approval will automatically translate into a mortgage. The lender now needs to consider the property itself, approve all the terms and review the documentation before you [&hellip…
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Canada’s banking regulator has proposed changes that would strengthen the stress test applied to uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) unveiled its proposed changes on Thursday, which would require borrowers applying for uninsured mortgages—typically those with more than a 20% down payment—to qualify at their mortgage contract rate plus two [&hellip…
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Despite the headwinds of a global pandemic, Canadians’ interest in real estate and the resulting rise in prices took even the most seasoned experts by surprise. This, of course, had major implications for the mortgage market. Mortgage Professionals Canada’s Annual State of the Residential Mortgage Market in Canada report provided a detailed look at borrower behaviour and [&hellip…
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