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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…

Continue reading “What Impact will the Stress Test have when Renewing Your Mortgage?”

Mortgage Awards of Excellence Marketing Campaign of the Year Finalist!

Steve Garganis Marketing Campaign of the Year Badge - Mortgage Awards of Excellence 2018

I’m honoured to be named a finalist for Marketing Campaign of the Year at the inaugural Mortgage Awards of Excellence 2018 for this news site!

Thank you to my amazing clients and loyal readers!

Winners will be announced live during the awards on May 3, 2018. Regardless of the outcome, I’m thrilled to be named a finalist for something I truly enjoy doing

This site continues to evolve because you want to learn more about the mortgage industry, and you have trusted me to offer facts and my true opinions since I started this site in 2009.

I enjoy helping educate Canadians on the value of using a mortgage broker when making among the largest purchases of your lifetime – buying real estate!

Continue reading “Mortgage Awards of Excellence Marketing Campaign of the Year Finalist!”

Self-employed and can’t prove all income? There’s a new mortgage solution.

approvedIT STARTED WITH 2008

In 2008, the world experienced the U.S. sub-prime mortgage crisis.  Financial markets and real estate values nose-dived around the world…. well, not everywhere.    Some countries, like Canada, held their own.   Most of Canada didn’t really suffer like the rest of the world.  Call it luck, govt intervention, maybe being 5 yrs behind the U.S. (that’s personally what I think it was),  or whatever.   Today, property values have never been higher!

Here’s the strange thing.  Our Federal govt has made several mortgage rule changes that makes getting a mortgage tougher.  Yet, those changes were made AFTER the crisis.  In fact, they have made annual changes since 2009, including 2013.   Somehow, our real estate market remains red-hot.  (That’s something to discuss another day).

The govt demanded higher credit scores, more proof of income, larger down payments, shorter amortizations and reduced how much your can borrow against your house.   Yes, all these changes were made AFTER the 2008 crisis and are as recent 2013.  And that’s what so amazing our current real estate market..  it’s resilient.  It’s continued to grow and climb even with all the govt tinkering.   Continue reading “Self-employed and can’t prove all income? There’s a new mortgage solution.”

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