With government announcements coming daily it can be hard to keep up. Here is a quick summary of what we know so far and what is still being clarified.Continue reading “Government programs for support during COVID-19 – what we know so far”
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.
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.
Would it surprise you to learn that your doctor uses a mortgage broker? Well, it’s true – doctors use mortgage brokers all the time.
In fact, I personally have an extensive list of medical professionals as clients, including family doctors, specialists, dentists, veterinarians… and the list goes on.
So, why would these high-income earners use a mortgage broker?
Did you file your 2017 taxes on time, yet your NOA is MIA? If so, you’re not alone!
I’ve had this happen with a few of my clients… as well as with my own tax return! That’s right! My accountant filed my personal tax return in April… and for months, I didn’t receive my NOA. Every time I called the Canada Revenue Agency (CRA), they either told me it was coming, they were working on it, or they reminded me they have up to four months to complete the return (FOUR MONTHS!?)!
Well, four months passed… and still nothing! Continue reading “Is the Gov’t Stalling on Your Tax Return? Here’s How I Handled it!”
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.”