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Tag Archives: Mortgage Tips

How the new mortgage ‘stress test’ will affect homebuyers

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TORONTO — In an attempt to try and cool down the overheated housing market, the federal government is making it tougher to get a mortgage starting June 1. The new stress test was announced by the Office of the Superintendent of Financial Institutions on May 20. Starting Tuesday, the new calculation of the minimum qualifying rate [&hellip…

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Struggling to Qualify for a Mortgage? Do This!

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Recently, the National Bank of Canada (NBC) released some grim data. Only 5% of Canadians have the minimum household income required (around $130,000) to qualify for a mortgage on a typical home (non-condos). For many prospective homebuyers that news can feel overwhelming, especially as low mortgage rates have never made buying a home feel more affordable. If [&hellip…

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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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