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Tagmortgage qualification

50+ with little or no Mortgage? You Need a Line of Credit!

Blog Image, Line of Credit, May 2019

Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money.

The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend as needed. Many successful investors have been doing this for decades. Borrowing to invest makes smart financial success. Don’t let anyone tell you differently.

We’re seeing more reasons for Canadians to get a secured line of credit now: Age; Income; and Qualification.

Continue reading “50+ with little or no Mortgage? You Need a Line of Credit!”

BIG NEWS: Mortgage includes Self-Employed Business Income and Best Rates!

Happy self-employed designer of clothes drawing model of trendy

This is probably the biggest positive mortgage lending change in 10 years. A major lender has just announced a new program for self-employed individuals!

For the last several years, mortgage lenders were not including any business income when qualifying for a mortgage.

Continue reading “BIG NEWS: Mortgage includes Self-Employed Business Income and Best Rates!”

What Impact will the Stress Test have when Renewing Your Mortgage?

Blog Image, Stress Test at Renewal, February 2019

So, your mortgage is coming up for renewal this year. You’ve probably been in your mortgage for at least three years – but likely closer to five, as this is the most common term.

Does the mortgage stress test affect you? Absolutely! And, here’s how…

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What’s the TRUE Impact of Policy Changes on the Canadian Mortgage Market?

Boc Mortgage Rule Impacts, Dec 2018

It’s certainly not what the Bank of Canada (BoC) is claiming!

The BoC recently released a document detailing what it believes to be a positive report on the Canadian Mortgage Market, but this article clearly shows how out of touch our government is.

The BoC is applauding their statistics… yet, these numbers show that the government appears to be measuring affordability as a multiple of one’s income – and not by the proven, standard method of debt servicing ratios. This is very odd and, quite frankly, I find it absurd.

Continue reading “What’s the TRUE Impact of Policy Changes on the Canadian Mortgage Market?”

Buying a home is cheaper than renting. Don’t be intimidated!

Buy Or Rent?

Could 2018 be the year where the pessimists finally get their way? I hate to admit it, but this could be the year where buying a home may not be a good idea.

OK, just kidding!!!

But after years of seeing countless articles and posts about rising interest rates, housing affordability issues, mortgage stress tests disqualifying some people from being able to buy, higher personal debt levels, NAFTA economic fears and Donald Trump (ok, Trump has nothing to do with this, but you can’t write an article these days without blaming him, right?!), does it still make sense to buy a home?

Yes! There is positive news. You can still buy a home. And you can still qualify for a mortgage.

Continue reading “Buying a home is cheaper than renting. Don’t be intimidated!”

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