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A Pre-Approval Does Not Guarante…

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Tag Archives: Credit & Debit

A Pre-Approval Does Not Guarantee a Mortgage Approval

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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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Homebuyers to Face More Stringent Mortgage Stress Test After June 1

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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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Mortgages Lead Credit Growth as Delinquency Rates Decline

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Mortgage credit grew in the fourth quarter of 2020 as Canadian consumers took steps to reduce all other forms of debt, according to new data from TransUnion. The credit agency’s Q4 Industry Insights Report showed mortgage credit grew 5.6% year-over-year, while the average balance of mortgage loans outstanding rose 5.7% to $292,863. Meanwhile, new originations [&hellip…

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