In July 2020, with CEO Evan Siddall at the helm, the CMHC decided to tighten the rules for insured mortgages. With revisions like a much higher minimum credit score, and much lower maximums for gross and total debt service ratios, it instantly became much more difficult for Canadians to qualify for an insured mortgage. Unsurprisingly, this proved to be an unpopular move. So why did Siddall do it?Continue reading “The CMHC Takes a Step in the Right Direction”
The last year and a half has been challenging for many of us. But none have been more challenged than the brave frontline workers who put their lives at risk to save others. As a show of gratitude, many businesses have stepped up with discounts, free products, and other incentives. Unsurprisingly, many mortgage lenders have followed suit with promotional rates reserved just for those on the front lines.Continue reading “Special Incentives For Frontline Workers”
The pandemic has forced a lot of people to look at their careers more critically. Is my job fulfilling? Does it afford me work/life balance? Flexible hours? Decent time off? Now, with so much uncertainty behind us, people are finding the courage to make a change as part of a trend that many are calling “The Great Resignation.”
You might just want to start working at another company. Or start a business. Or, just take some time off. Whichever direction you decide to take, it’s important to understand how it could affect your mortgage.Continue reading “Rethinking Your Career? Here’s How It Could Affect Your Mortgage”
Picture this: you’re buying a home or refinancing your mortgage. You hire a lawyer to facilitate the transaction. You decide to go with a mortgage that is NOT through one of the big six banks, like hundreds of thousands of Canadians do every year. Suddenly, you get a call from your lawyer. They want to charge you an additional fee for not choosing TD, CIBC, Scotiabank, RBC, BMO or National Bank.
Is this common? Unfortunately, it’s more common than you think.
Is this legal? You bet it’s legal.
Is this acceptable? That’s for you to decide.Continue reading “Your Lawyer May Be Overcharging You”
“Save up to $3,000 on heating and cooling”
“No monthly payments for 3 months”
“No interest for 6 months”
Sound familiar? You’ve probably seen tons of offers like these on flyers and emails from your utility company. It sounds great on the surface. You can save some money, lock in low monthly payments, and avoid spending thousands of dollars at once on a furnace or air conditioner.
If it all sounds too good to be true, it’s because it is.Continue reading “How Financing a Furnace Can Affect Your Mortgage”